Joseph Stiglitz: The Price of Inequality

Noble Prize winning, and highly influential, economist Joseph Stiglitz explains why our economic system is failing most Americans.

June 11, 2012

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

Are Public Schools Safe for Black Children?

THE RESULTS OF A STUDY BY THE U.S.
DEPARTMENT OF EDUCATION SHOW THAT
AFRICAN-AMERICAN CHILDREN RECEIVE
LESS RESOURCES AS COMPARED TO
CHILDREN OF OTHER RACES.
(PHOTO: JAN-GEPHARDT.BLOGSPOT.COM)

By Lynette Holloway, 

The Root

09 March 12

n Tuesday the U.S. Department of Education released the Civil Rights Data Collection sample, which found that public school educators unfairly punish minority students. The Associated Press had previously reported on a preliminary release of the report.

The survey of 7,000 school districts and 72,000 schools was conducted during the 2009-2010 school year. It also found that African-American children were less likely to be exposed to high-level curriculums and experienced teachers.

"The data portend a very disturbing picture," Assistant Secretary for Civil Rights Russlynn Ali explained during a conference call on Tuesday. "They tell us that across the country, African Americans, Latinos, students with disabilities and English-language learners continue to receive less than their fair share of our most important resources."

For example, while African-American children represent 18 percent of the sample in the study, they represent 35 percent of the number of students suspended once, 46 percent of those suspended more than once and 39 percent of all students expelled, the report shows.   READ MORE