Joseph Stiglitz: Economist
Joseph Eugene Stiglitz is an American economist and a professor at Columbia University
He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank, and is a former member and Chairman of the Council of Economic Advisers. He is known for his critical view of the management of globalization, free-market economists, and some international institutions like the International Monetary Fund and the World Bank.
In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, has been a University Professor since 2003, and is the Co-Chair of the University’s Committee on Global Thought. He also chairs the University of Manchester’s Brooks World Poverty Institute as well as the Socialist International Commission on Global Financial Issues and is a member of the Pontifical Academy of Social Sciences. Stiglitz has over 40 honorary doctorates and at least eight honorary professorships, as well as an honorary deanship. In 2009 the President of the United Nations General Assembly Miguel d’Escoto Brockmann, appointed Stiglitz as the Chairman of the U.N. Commission on Reforms of the International Monetary and Financial System, where he oversaw suggested proposals, and Commissioned a report on reforming the international monetary and financial system.
Stiglitz is one of the most frequently cited economists in the world, and in 2011 he was named by Time magazine as one of the 100 most influential people in the world. Stiglitz’s work focuses on income distribution, asset risk management, corporate governance, and international trade, and is the author of ten books, with his latest, The Price of Inequality (2012), hitting The New York Times best seller list.
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Stiglitz is the author of books including:
The Price of Inequality: How Today’s Divided Society Endangers Our Future, W.W. Norton and Company, Inc. (2012)
A forceful argument against America’s vicious circle of growing inequality by the Nobel Prize–winning economist.
The top 1 percent of Americans control 40 percent of the nation’s wealth. And, as Joseph E. Stiglitz explains, while those at the top enjoy the best health care, education, and benefits of wealth, they fail to realize that “their fate is bound up with how the other 99 percent live.”
Stiglitz draws on his deep understanding of economics to show that growing inequality is not inevitable: moneyed interests compound their wealth by stifling true, dynamic capitalism. They have made America the most unequal advanced industrial country while crippling growth, trampling on the rule of law, and undermining democracy. The result: a divided society that cannot tackle its most pressing problems. With characteristic insight, Stiglitz examines our current state, then teases out its implications for democracy, for monetary and budgetary policy, and for globalization. He closes with a plan for a more just and prosperous future.
Freefall: America, Free Markets, and the Sinking of the World Economy, W.W. Norton and Company, Inc. (2010)
The New York Times bestseller: “A lucid account” (New York Times) of the recent financial crisis and the way forward by the Nobel Prize-winning economist, with a new afterword.
The Great Recession, as it has come to be called, has impacted more people worldwide than any crisis since the Great Depression. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences. The crisis has sparked an essential debate about America’s economic missteps, the soundness of this country’s economy, and even the appropriate shape of a capitalist system.
Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is “an insanely great economist, in ways you can’t really appreciate unless you’re deep into the field” (Paul Krugman, New York Times). In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those “too big to fail,” while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference. The system is broken, and we can only fix it by examining the underlying theories that have led us into this new “bubble capitalism.”
Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges—in health care, energy, the environment, education, and manufacturing—and Stiglitz penetratingly addresses each in light of the newly emerging global economic order. An ongoing war of ideas over the most effective type of capitalist system, as well as a rebalancing of global economic power, is shaping that order. The battle may finally give the lie to theories of a “rational” market or to the view that America’s global economic dominance is inevitable and unassailable.
For anyone watching with indignation while a reckless Wall Street destroyed homes, educations, and jobs; while the government took half-steps hoping for a “just-enough” recovery; and while bankers fell all over themselves claiming not to have seen what was coming, then sought government bailouts while resisting regulation that would make future crises less likely, Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.