Part C Directions: Answer questions 71-80 by referring to the following games. Note: Answer each question by choosing A, B or C and mark it on ANSWER SHEET 1. Some choices may be required more than once. Note: Answer each question by choosing A, B, C or D and mark it on ANSWER SHEET 1. Some choices may be required more than once. A = BOOK REVIEW 1 B = BOOK REVIEW 2 C = BOOK REVIEWS 3 D = BOOK REVIEW 4 Which book review(s)contain(s)the following information? Comparison of the significance of two economic books. 71.______ Stiglitz' s prestige in the field of economics. 72.______ Stiglitz' s criticism of those who exaggerated the power of markets in developing countries. 73.______ Policy making should consider local conditions. 74. ______ The intervention of government is the way to assist globalization. 75.______ Stiglitz' s dedication to the development of poor countries. 76.______ Stiglitz' s preference of one type of economic policy over another one. 77.______ More people joined Stiglitz in criticizing free trade and globalization. 78.______ Stiglitz' s points have been supported by what actually happened in the country. 79.______ Mainly gives positive comments on Stiglitz and his new book. 80.______ A The main point of the book is simple: globalization is not helping many poor countries. Incomes are not rising in much of the world, and adoption of market-based policies such as open capital markets, free trade, and privatization are making developing economies less stable, not more. Instead of a bigger dose of free markets, Stiglitz argues, what' s needed to make globalization work better is more and smarter government intervention. While this has been said before, the ideas carry more weight coming from someone with Stiglitz' s credentials. In some ways, this book has the potential to be the liberal equivalent of Milton Friedman' s 1962 classic Capitalism and Freedom, which helped provide the intellectual foundation for a generation of conservatives. But Globalization and Its Discontents does not rise to the level of capitalism and freedom. While Stiglitz makes a strong case for government-oriented development policy, he ignores some key arguments in favor of the market. ' The book' s main villain is the International Monetary Fund, the Washington organization that lends to troubled countries' , Stiglitz' contempt for the IMF is boundless, 'It is clear that the IMF has failed in its mission, ' he declares. 'Many of the policies that the IMF pushed have contributed to global instability. ' B While parts of this book are disappointingly shallow, Stiglitz' s critique of the market-driven 90' s still resonates, especially when the business page is full of stories about white-collar crime and the stock market seems stuck in a perpetual rut. Even the United States cannot blithely assume that financial markets will work on autopilot. It is testament to the salience of Stiglitz' s arguments that many economists—even some Bush Administration officials—now embrace his view that economic change in the developing world must evolve more with local conditions, not on Washington' s calendar. Without a thorough makeover, globalization could easily become a quagmire. Stiglitz shared a Nobel Prize last year for his work analyzing the imperfections of markets. His main complaint a-gainst Rubin and Summers, who served as Treasury Secretaries, and against Fischer, the NO. 2 official and de facto chief executive of the international Monetary Fund, is that they had too much faith that markets could transform. poor countries overnight. He labels these three men market fundamentalists, who fought to maintain financial sta