Joseph Stiglitz at Asia Society New York (Photo credit: Asia Society)

This is an excellent, MUST READ article by Joe Stiglitz, the Nobel Prize winning economist, published by Project Syndicate. Check it out!

via The Vultures’ Victory by Joseph E. Stiglitz – Project Syndicate.

Here is the Project Syndicate bio profile on Joe Stiglitz:

Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, was Chairman of President Bill Clinton’s Council of Economic Advisers and served as Senior Vice President and Chief Economist of the World Bank. His most recent book is The Price of Inequality: How Today’s Divided Society Endangers our Future.

Personally, I tend to agree with Joe Stiglitz. Since the financial collapse of 2008, we have seen time and time again that the big banks, their executives and shareholders have been given preferential treatment. This reinforces the argument in favor of the increasing inequality in modern society; on the one hand, we have the super-wealthy 1%, who are the power behind many governments and on the other hand, we have the 99%, the “great unwashed”. Even now, as economies recover from excessive austerity, it is the 99% or the “great unwashed” who are still struggling from excessive austerity; the 1% have continued to prosper strongly on the back of rising financial markets.

Personally, I had hoped that we would see a “third wave” of neoliberalism, with a touch of compassion for the less fortunate. Sadly, the “I’m OK Jack attitude”  still prevails, especially it seems in the US, and we have the IMF riding shotgun to protect the interests of the 1%.

Any thoughts?

Related articles

• Joseph Stiglitz reviews ‘Keynes’ by Robert Skidelsky – LRB (dralfoldman.com)
• BBC World Service – Exchanges: The Global Economy, Exchanges: The Global Economy, Joseph Stiglitz (dralfoldman.com)
• Joseph Stiglitz Sees Bleak Future for America If We Don’t Reverse Inequality (3quarksdaily.com)
• Needed: A New Economic Paradigm | Joe Stiglitz – The Institute for New Economic Thinking (dralfoldman.com)
• Stiglitz and Other Heavyweight Champion Economists in Epic Battle Over Austerity Policies That Devastate Millions | Alternet (dralfoldman.com)
• How Dr. King Shaped Joseph Stiglitz’ Work in Economics (economistsview.typepad.com)
• The Paranoid Style in Economics by Raghuram Rajan – Project Syndicate (dralfoldman.com)
• We need a fair system for restructuring sovereign debt | Joseph Stiglitz (theguardian.com)
• Here’s The Thing: Joseph Stiglitz (ritholtz.com)
• Stiglitz: The Price of Inequality (economistsview.typepad.com)