14 November 2018

Joseph E. Stiglitz

Joseph E. Stiglitz is the winner of the 2001 Nobel Memorial Prize in Economic Sciences. His most recent book is Globalization and its Discontents Revisited: Anti-Globalization in the Era of Trump.
  • America’s ideals of freedom, democracy, and justice for all may never have been fully realized, but now they are under open attack, says Joseph Stiglitz. Photo: Reuters

    Can American democracy come back?

    - Nov 7, 2018 9:38am
    The United States has long held itself up as a bastion of democracy. It has promoted democracy around the world. It fought, at great cost, for democracy against fascism in Europe during World War II. Now...
  • Progressives like Alexandria Ocasio-Cortez have managed to present an attractive message to the voters whom Democrats must mobilize to win. Photo: Reuters

    People vs money in America’s midterm elections

    - Oct 12, 2018 11:11am
    All eyes are on the United States as November’s Congressional elections approach. The outcome will answer many alarming questions raised two years ago, when Donald Trump won the presidential election. Will the US electorate declare that...
  • Flawed economic policies could lead to a situation where the majority of US citizens will see their incomes stagnate even if the nation’s GDP expands, some observers say. Photo: Bloomberg

    The myth of secular stagnation

    - Aug 29, 2018 10:36am
    In the aftermath of the 2008 financial crisis, some economists argued that the United States, and perhaps the global economy, was suffering from “secular stagnation,” an idea first conceived in the aftermath of the Great Depression....
  • File picture shows Chinese leader Xi Jinping with US President Donald Trump in Beijing  on Nov. 8, 2017. China has offered face-saving ways for Trump to leave the battlefield and declare victory, but he refuses to take them up. Photo: AFP

    The US is at risk of losing a trade war with China

    - Jul 31, 2018 9:40am
    What was at first a trade skirmish – with US President Donald Trump imposing tariffs on steel and aluminum – appears to be quickly morphing into a full-scale trade war with China. If the truce agreed...
  • The euro was supposed to bring shared prosperity, which would enhance solidarity and advance the goal of European integration. In fact, it has done just the opposite, slowing growth and sowing discord. Photo: AFP

    Can the euro be saved?

    - Jun 14, 2018 3:14pm
    The euro may be approaching another crisis. Italy, the eurozone’s third-largest economy, has chosen what can at best be described as a Euroskeptic government. This should surprise no one. The backlash in Italy is another predictable...
  • US President Donald Trump should realize that what matters is the multilateral trade deficit, not bilateral trade deficits with any one country. Photo: Reuters

    Trump’s trade confusion

    - Apr 9, 2018 10:42am
    The trade skirmish between the United States and China on steel, aluminum, and other goods is a product of US President Donald Trump’s scorn for multilateral trade arrangements and the World Trade Organization, an institution that...
  • US President Donald Trump pictured on stage on Jan. 26 as he attended the World Economic Forum (WEF) event in Davos, Switzerland. Photo: Reuters

    Post-Davos depression

    - Feb 2, 2018 10:47am
    I’ve been attending the World Economic Forum’s annual conference in Davos, Switzerland – where the so-called global elite convenes to discuss the world’s problems – since 1995. Never have I come away more dispirited than I...
  • Trump's 'tax reform' will lead to a more unequal society, say critics. Photo: Bloomberg

    The US Donor Relief Act of 2017

    - Jan 3, 2018 9:41am
    Never has a piece of legislation labeled as both a tax cut and a reform been received with as much disapproval and derision as the bill passed by the US Congress and signed into law by...
  • Globally, manufacturing jobs are on the decline, simply because productivity growth has outpaced growth in demand. Photo: Bloomberg

    The globalization of our discontent

    - Dec 6, 2017 9:30am
    Fifteen years ago, I published Globalization and Its Discontents, a book that sought to explain why there was so much dissatisfaction with globalization within the developing countries. Quite simply, many believed that the system was “rigged”...
  • US President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the US Federal Reserve, speaks at the White House. Photo: Reuters

    Has Trump captured the Fed?

    - Nov 6, 2017 10:38am
    One of the important powers of any US president is to appoint members and heads of the many agencies that are responsible for implementing the country’s laws and regulations and, in many cases, governing the economy....
  • What President Donald Trump is offering is a tax plan that provides the overwhelming share of benefits not to the middle class but to America’s millionaires and billionaires. Photo: Reuters

    Déjà voodoo

    - Oct 6, 2017 12:36pm
    Having failed to “repeal and replace” the 2010 Affordable Care Act (Obamacare), US President Donald Trump’s administration and the Republican congressional majority have now moved on to tax reform. Eight months after assuming office, the administration...
  • As with financial crises, there is a need for preventive collective action to mitigate the impact of climate change. Photo: AFP

    Learning from Harvey

    - Sep 11, 2017 9:57am
    Hurricane Harvey has left in its wake upended lives and enormous property damage, estimated by some at US$150-180 billion. But the storm that pummeled the Texas coast for the better part of a week also raises...
  • President Donald Trump is counting on lower taxes and deregulation to make America great again. Will these work? Photo: Reuters

    Why tax cuts for the rich solve nothing

    - Jul 31, 2017 12:23pm
    Although America’s right-wing plutocrats may disagree about how to rank the country’s major problems – for example, inequality, slow growth, low productivity, opioid addiction, poor schools and deteriorating infrastructure – the solution is always the same:...
  • U.S. President Donald Trump is wrecking the global economic architecture manifested by his withdrawal from the 2015 Paris climate agreement. Photo: Bloomberg

    Trump’s rogue America

    - Jun 5, 2017 10:31am
    Donald Trump has thrown a hand grenade into the global economic architecture that was so painstakingly constructed in the years after the end of World War II. The attempted destruction of this rules-based system of global...
  • The likely victory of Emmanuel Macron in the French presidential election has elicited a global sigh of relief. Photo: Bloomberg

    Lessons from the anti-globalists

    - May 2, 2017 10:01am
    The likely victory of Emmanuel Macron in the French presidential election has elicited a global sigh of relief. At least Europe is not going down the protectionist path that President Donald Trump is forcing the United...
  • It is now clear that what US President Donald Trump says and tweets must be taken seriously. Photo: Reuters

    How to survive the Trump era

    - Feb 21, 2017 9:17am
    In barely a month, US President Donald Trump has managed to spread chaos and uncertainty — and a degree of fear that would make any terrorist proud — at a dizzying pace. Not surprisingly, citizens and...
  • Donald Trump may well understand that what he proposes will violate World Trade Organization rules, but he may also know that it will take a long time for the WTO to rule against him. Photo: Reuters

    Trumpian uncertainty

    - Jan 11, 2017 3:32pm
    Every January, I try to craft a forecast for the coming year. Economic forecasting is notoriously difficult; but, notwithstanding the truth expressed in Harry Truman’s request for a one-armed economist (who wouldn’t be able to say...
  • The rise of China and India, along with technology advances, imply that  Donald Trump cannot bring well-paying manufacturing jobs back to the US. Photo: Reuters

    What Trump can do to the US economy

    - Nov 15, 2016 4:08pm
    Donald Trump’s astonishing victory in the United States presidential election has made one thing abundantly clear: too many Americans — particularly white male Americans — feel left behind. It is not just a feeling; many Americans...
  • Support for Donald Trump is based, at least partly, on the widespread anger stemming from loss of trust in government. Photo: Reuters

    Why Trump?

    - Oct 17, 2016 9:16am
    As I have traveled around the world in recent weeks, I am repeatedly asked two questions: Is it conceivable that Donald Trump could win the US presidency? And how did his candidacy get this far in...
  • A statue of 18th century Scottish economist Adam Smith stands outside the institute named after him. Smith proposed the concept of market competition. Photo:

    Monopolies making a killing in new era

    - May 16, 2016 9:25am
    For 200 years, there have been two schools of thought about what determines the distribution of income — and how the economy functions. One, emanating from Adam Smith and 19th century liberal economists, focuses on competitive...

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