Joseph Stiglitz

Joseph Stiglitz

Joseph E. Stiglitz is University Professor at Columbia University. His most recent book is The Price of Inequality: How Today's Divided Society Endangers Our Future. Among his many other books, he is the author of Globalization and Its Discontents, Free Fall: America, Free Markets, and the Sinking of the World Economy, and (with co-author Linda Bilmes) The Three Trillion Dollar War: The True Costs of the Iraq Conflict. He received the Nobel Prize in Economics in 2001 for research on the economics of information.

Articles by this author

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Thursday, May 06, 2010
Can the Euro be Saved?
NEW YORK – The Greek financial crisis has put the very survival of the euro at stake. At the euro’s creation, many worried about its long-run viability. When everything went well, these worries were forgotten. But the question of how adjustments would be made if part of the eurozone were hit by a strong adverse shock lingered. Fixing the exchange rate and delegating monetary policy to the European Central Bank eliminated two primary means by which national governments stimulate their economies to avoid recession. What could replace them?
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Thursday, March 11, 2010
The Dangers of Deficit Reduction
NEW YORK - A wave of fiscal austerity is rushing over Europe and America. The magnitude of budget deficits -- like the magnitude of the downturn -- has taken many by surprise. But despite protests by yesterday's proponents of deregulation, who would like the government to remain passive, most economists believe that government spending has made a difference, helping to avert another Great Depression.
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Wednesday, January 13, 2010
Moral Bankruptcy: Why Are We Letting Wall Street Off So Easy?
It is said that a near-death experience forces one to reevaluate priorities and values. The global economy has just escaped a near-death experience. The crisis exposed the flaws in the prevailing economic model, but it also exposed flaws in our society. Much has been written about the foolishness of the risks that the financial sector undertook, the devastation that its institutions have brought to the economy, and the fiscal deficits that have resulted.
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Friday, January 08, 2010
Overcoming the Copenhagen Failure
Pretty speeches can take you only so far. A month after the Copenhagen climate conference, it is clear that the world’s leaders were unable to translate rhetoric about global warming into action.
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Tuesday, September 15, 2009
For All Obama's Talk of Overhaul, the US Has Failed to Wind in Wall Street
What went wrong? Have the right lessons been learned? Could it happen again? The anniversary of the Lehman Brothers' bankruptcy and the freezing of the credit markets that followed is an occasion for reflection. I fear that our collective response has been mistaken and inadequate - that we may just have made matters worse.
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Tuesday, July 07, 2009
Adding Up the True Costs of Two Wars
Last week the U.S. "stood down" in Iraq, finalizing the pullout of 140,000 troops from Iraqi cities and towns -- the first step on the long path home. After more than six years, most Americans are war-weary, even though a smaller percentage of us have been involved in the actual fighting than in any major conflict in U.S. history.
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Thursday, June 25, 2009
A Global Recovery for a Global Recession
This is not only the worst global economic downturn of the post-World War II era; it is the first serious global downturn of the modern era of globalization. America's financial markets failed to do what they should have done--manage risk and allocate capital well--and these failures have had a major impact all over the world. Globalization, too, did not work the way it was supposed to. It helped spread the consequences of the failures of US financial markets around the world.
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Tuesday, June 09, 2009
Break the Banks, for the Good of the People
With all the talk of "green shoots" of economic recovery, America's banks are resisting efforts to regulate them.
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Monday, May 11, 2009
Green Shoots? Don't Speak Too Soon
As spring comes to America, optimists are seeing "green sprouts" of recovery from the financial crisis and recession. The world is far different from what it was last spring, when the Bush administration was once again claiming to see "light at the end of the tunnel". The metaphors and the administrations have changed, but not, it seems, the optimism .
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Wednesday, April 01, 2009
Obama’s Ersatz Capitalism
The Obama administration's $500 billion or more proposal to deal with America's ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win - and taxpayers lose. Treasury hopes to get us out of the mess by replicating the flawed system that the private sector used to bring the world crashing down, with a proposal marked by overleveraging in the public sector, excessive complexity, poor incentives and a lack of transparency.
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