Editing Joseph Stiglitz (section)

===''Stability with Growth'' (2006)===
In ''Stability with Growth: Macroeconomics, Liberalization and Development'', Stiglitz, [[José Antonio Ocampo]] (United Nations Under-Secretary-General for Economic and Social Affairs, until 2007), Shari Spiegel (managing director, Initiative for Policy Dialogue{{snd}} IPD), [[Ricardo Ffrench-Davis]] (Main Adviser, Economic Commission for Latin America and the Caribbean{{snd}} [[ECLAC]]) and [[Deepak Nayyar]] (Vice Chancellor, University of Delhi) discuss the current debates on macroeconomics, capital market liberalization and development, and develop a new framework within which one can assess alternative policies. They explain their belief that the [[Washington Consensus]] has advocated narrow goals for development (with a focus on price stability) and prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenges these policies by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives. The third part presents a similar analysis for capital market liberalization.