What happened to America, land
of opportunity? In his new book, which hit the shelves yesterday, Nobel
Prize-winning economist Joseph Stiglitz takes up that burning question.
Taking a long, hard look at the global specter of inequality, Stiglitz
describes what causes it, why the trend endangers our future and what to
do about it. Stiglitz begins by describing the broader failures of our
economic system and how these failures have led to a widespread sense of
unfairness and reduced opportunity for most of us. [Reprinted from The Price of Inequality by Joseph Stiglitz. Copyright © 2012 by Joseph Stiglitz. With the permission of the publisher, W.W. Norton & Company, Inc.]
The failure of markets
Markets
have clearly not been working in the way that their boosters claim.
Markets are supposed to be stable, but the global financial crisis
showed that they could be very unstable, with devastating consequences.
The bankers had taken bets that, without government assistance, would
have brought them and the entire economy down. But a closer look at the system showed that this was not an accident; the bankers had incentives to behave this way. READ MORE
No comments:
Post a Comment