Central Bank of Barbados

General Press Releases

Press Release November, 2007

Nobel Prize Laureate, Professor Joseph Stiglitz to Deliver
Sir Winston Scott Memorial Lecture

Nobel Prize Laureate in economics, Professor Joseph Stiglitz, will deliver the 32nd Sir Winston Scott Memorial Lecture at the Frank Collymore Hall on Monday, November 26, 2007 at 8:00 p.m.

Professor Stiglitz, who won the Nobel Prize in 2001 for his analyses of markets with asymmetric information and who is now University Professor, at Columbia University, will speak on the topic “Making Globalization Work For Developing Countries”.

Professor Stiglitz, whose study of history, specifically the discussions of the encounters between different civilizations, helped to shape his thinking about globalization more than three decades later, writes and speaks extensively on the topic today.

In his work, he surveys the iniquities of the global economy, and the mechanisms by which developed countries exert an excessive influence over international economic and financial developments. He also exposes the problems, which result from how globalization is currently being managed, the vested interests behind the decision-making and the prospects for negotiating fairer terms for the most vulnerable groups. Furthermore, he argues that transparent institutions are needed to make globalization favour the world’s poorest, and to address the democratic deficit that is so much in evidence across the world.

Professor Stiglitz has also been involved in policy-making at the highest level, having served in the Clinton Administration as Chair of the Council of Advisers. In addition, he has an intimate knowledge of the workings of the World Bank where he was the Chief Economist and Senior Vice-President for three (3) years.

He has written several textbooks that have been translated into more than a dozen languages, including “Globalization and Its Discontents” which has been translated into 35 languages and has sold more than one million copies worldwide.  Throughout his career, Professor Stiglitz has been a voice for the underprivileged countries in the international community and has offered many a prescription for dealing with globalization.

Governor, Dr. Marion Williams observed that the Bank was honoured to have attracted the distinguished scholar to deliver the Sir Winston Scott Memorial Lecture. “The Bank is pleased to have Professor Stiglitz on the occasion of the 32nd Sir Winston Scott Memorial Lecture.  His topic is most timely because Barbados and other Caribbean countries are still negotiating responses to globalization.  I invite all Barbadians to hear an insightful and fascinating lecture by an outstanding advocate of fair treatment for the poorer nations in the context of globalization.”

The Sir Winston Scott Memorial Lecture, which is sponsored by the Central Bank of Barbados, is held in November each year in honour of Barbados’ first native Governor General and in celebration of the country’s Independence.


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