In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it.
In this crucial expansion and update of his landmark bestseller, renowned economist and Nobel Prize winner Joseph E. Stiglitz addresses globalization’s new discontents in the United States and Europe.
This collection of essays influenced by Stiglitz’s work celebrates his career as a scholar and teacher and his aspiration to put economic knowledge in the service of creating a fairer world.
Contributors discuss the measurement of growth, the transformations necessary to sustain it, and issues around equity and well-being. They consider topics such as the distribution of income gains from growth; the extent to which economic growth has resulted in improvements in employment, poverty, and security; structural transformations of the economy and diversification of the sources of growth; environmental sustainability; and management of urbanization.
The concept of counter-cyclical macroeconomic policies had been marginalized from the lexicon of mainstream economics for many years. Some of us maintained this concept as the center of our analysis, emphasizing that a good counter-cyclical macroeconomic policy has to start during booms to avoid the accumulation of unsustainable indebtedness, public or private, and, in the case of emerging and developing countries, of unsustainable external debt positions.
Many voices have been heard since 2009 on the need to reform the global monetary system. The most prominent ones have been those of the Chinese central bank governor and the Commission of Experts convened by the President of the UN General Assembly on Reform of the International Monetary and Financial System, chaired by Joseph E. Stiglitz. Before the crisis, there were significant concerns about the implications of global imbalances and escalating U.S. net liabilities with the rest of the world, and a heated debate on its implications for global financial stability, but few saw a significant problem in the global monetary system as such.
There is by now widespread agreement that climate change represents an existential threat, that only by global action can the accumulation of greenhouse gases in the atmosphere be stymied, and that there has to be some appropriate form of burden sharing.
Neoliberalism – the idea that markets, left alone, are efficient and the best way to achieve prosperity – has been the predominant ideology of the past 40 years. The theory has been referred to as market fundamentalism, the late twentieth and early twenty-first century version of laissez-faire.
The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries. In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the “resource curse.” Countries with large endowments of natural Read more…
In this policy brief, the co-conveners of the Pardee Center Task Force on Managing Capital Flows for Long-Run Development argue that capital account regulations (CARs) should be viewed as an essential tool in the macroeconomic policy toolkit.