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Joseph E. Stiglitz

Joseph E. Stiglitz
Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University.

Recent blog posts

  • A Light Unto Cities
    Last month, a remarkable gathering occurred in Medellín, Colombia. Some 22,000 people came together to attend the World Urban Forum and discuss the future of cities. The focus was on creating “cities for life” – that is, on promoting equitable development in the urban environments in which a majority of the world’s citizens already live, and in which two thirds will reside by the year 2050.
  • Reforming China’s State-Market Balance
    No country in recorded history has grown as fast – and moved as many people out of poverty – as China over the last thirty years. A hallmark of China’s success has been its leaders’ willingness to revise the country’s economic model when and as needed, despite opposition from powerful vested interests. And now, as China implements another series of fundamental reforms, such interests are already lining up to resist. Can the reformers triumph again?
  • Advanced Malaise
    Economics is often called the dismal science and, for the last half-decade, it has come by its reputation honestly in the advanced economies. Unfortunately, the year ahead will bring little relief.
  • An Agenda to Save the Euro
    It has been three years since the outbreak of the euro crisis, and only an inveterate optimist would say that the worst is definitely over. Some, noting that the eurozone’s double-dip recession has ended, conclude that the austerity medicine has worked. But try telling that to those in countries that are still in depression.
  • South Africa Breaks Out
    International investment agreements are once again in the news. The United States is trying to impose a strong investment pact within the two big so-called “partnership” agreements, one bridging the Atlantic, the other the Pacific, that are now being negotiated. But there is growing opposition to such moves.
  • Five Years in Limbo
    When the US investment bank Lehman Brothers collapsed in 2008, triggering the worst global financial crisis since the Great Depression, a broad consensus about what caused the crisis seemed to emerge. A bloated and dysfunctional financial system had misallocated capital and, rather than managing risk, had actually created it. Financial deregulation – together with easy money – had contributed to excessive risk-taking. Monetary policy would be relatively ineffective in reviving the economy, even if still-easier money might prevent the financial system’s total collapse. Thus, greater reliance on fiscal policy – increased government spending – would be necessary.

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