pervasiveness of market failures, and a staunch conviction that governments can and will make things better. You call us"market fundamentalists. "We do not believe that markets are al ways perfect, as you accuse but we do believe there are many instances of government failure as well and that, on the whole, government failure is a far bigger problem than market failure in the developing world Both World Bank President Jim Wolfensohn and IMF Managing Director Horst Kohler have frequently pointed to the fundamenta importance of governance and institutions in development. Again, your alternative medicines, involving ever-more government intervention, are highly dubious in many real-world settings I haven 't had time, Joe, to check all the facts in your book, but I de have some doubts On page 1 12, you have Larry Summers(then Deputy U.s ecretary)giving a"verbal"tongue lashing to former World Bank Vice-President Jean-Michel Severino But. Joe these two have never met. How many conversations do you report that never happened? You give an example where an IMF Staff report was issued prior to the country visit. Joe, this isn't done; I'd like to see two, Stan Fischer, implying that Citibank may have dangled al0 your documentation On page 208, you slander former IMF numb offer in front of him in return for his cooperation in debt renegotiations. Joe, Stan Fischer is well known to be a person of unimpeachable integrity. Of all the false inferences and innuendos in this book, this is the most outrageous. I'd suggest you should pull this book off the shelves until this slander is corrected Joe, as an academic, you are a towering genius. like your fellow Nobel Prize winner, John Nash, you have a"beautiful mind. As a policymaker, however, you were just a bit less impressive Other than that, I thought it was a pretty good book Sincerely yours Ken L Used as opening remarks at a June 28 discussion of Mr. Stiglitz's book at the World Bank, organized by the World Banks Infoshop For example: "It was not just that IMf policy might be regarded by softheaded liberals as inhumane. Even if one cared little for those who faced starvation, or the children whose growth had been stunted by malnutrition, it was simply bad economics. Joseph Stiglitz, Globalization and Its Discontents, p 119.pervasiveness of market failures, and a staunch conviction that governments can and will make things better. You call us "market fundamentalists." We do not believe that markets are always perfect, as you accuse. But we do believe there are many instances of government failure as well and that, on the whole, government failure is a far bigger problem than market failure in the developing world. Both World Bank President Jim Wolfensohn and IMF Managing Director Horst Köhler have frequently pointed to the fundamental importance of governance and institutions in development. Again, your alternative medicines, involving ever-more government intervention, are highly dubious in many real-world settings. I haven't had time, Joe, to check all the facts in your book, but I do have some doubts. On page 112, you have Larry Summers (then Deputy U.S. Treasury Secretary) giving a "verbal" tongue lashing to former World Bank Vice-President Jean-Michel Severino. But, Joe, these two have never met. How many conversations do you report that never happened? You give an example where an IMF Staff report was issued prior to the country visit. Joe, this isn't done; I'd like to see your documentation. On page 208, you slander former IMF number two, Stan Fischer, implying that Citibank may have dangled a job offer in front of him in return for his cooperation in debt renegotiations. Joe, Stan Fischer is well known to be a person of unimpeachable integrity. Of all the false inferences and innuendos in this book, this is the most outrageous. I'd suggest you should pull this book off the shelves until this slander is corrected. Joe, as an academic, you are a towering genius. Like your fellow Nobel Prize winner, John Nash, you have a "beautiful mind." As a policymaker, however, you were just a bit less impressive. Other than that, I thought it was a pretty good book. Sincerely yours, Ken 1 Used as opening remarks at a June 28 discussion of Mr. Stiglitz's book at the World Bank, organized by the World Bank's Infoshop 2 For example: "It was not just that IMF policy might be regarded by softheaded liberals as inhumane. Even if one cared little for those who faced starvation, or the children whose growth had been stunted by malnutrition, it was simply bad economics." Joseph Stiglitz,Globalization and Its Discontents, p 119