Date
20 August 2019

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.
  • If, under US President Donald Trump, it takes trillion-dollar annual deficits to keep the economy going in good times, what will it take when things are not so rosy? Photo: Bloomberg

    Trump’s deficit economy

    - Aug 12, 2019 10:25am
    In the new world wrought by US President Donald Trump, where one shock follows another, there is never time to think through fully the implications of the events with which we are bombarded. In late July,...
  • The value of Facebook's Libra currency will be fixed in terms of a global basket of currencies and 100 percent backed – presumably by a mix of government treasuries. Photo: Reuters

    Thumbs down to Facebook’s cryptocurrency

    - Jul 3, 2019 9:54am
    Facebook and some of its corporate allies have decided that what the world really needs is another cryptocurrency, and that launching one is the best way to use the vast talents at their disposal. The fact...
  • US President Donald Trump’s “Make America Great Again" agenda embodies and celebrates unbridled selfishness and self-absorption, writes Joseph E. Stiglitz. Photo: Reuters

    Trump’s most worrisome legacy

    - Apr 10, 2019 10:47am
    Kirstjen Nielsen’s forced resignation as US Secretary of Homeland Security is no reason to celebrate. Yes, she presided over the forced separation of families at the US border, notoriously housing young children in wire cages. But Nielsen’s...
  • According to the Congressional Budget Office’s latest projections, the federal budget deficit will reach US$900 billion this year, and will surpass the US$1 trillion mark every year after 2021. Photo: Reuters

    Market concentration is threatening the US economy

    - Mar 12, 2019 10:10am
    The world’s advanced economies are suffering from a number of deep-seated problems. In the United States, in particular, inequality is at its highest since 1928, and GDP growth remains woefully tepid compared to the decades after...
  • Globalization has enabled large multinationals such as Apple, Google and Starbucks to avoid paying tax. Photo: AFP, Reuters, Bloomberg

    How can we tax footloose multinationals?

    - Feb 14, 2019 10:13am
    In the last few years, globalization has come under renewed attack. Some of the criticisms may be misplaced, but one is spot on: globalization has enabled large multinationals, like Apple, Google, and Starbucks, to avoid paying...
  • Protesters clash with police in Paris on Jan 5. Given people’s gross mistrust in governments and politicians, authorities around the world are finding that asking the public for sacrifices today in exchange for the promise of a better life tomorrow has be

    From Yellow Vests to the Green New Deal

    - Jan 8, 2019 11:46am
      It’s old news that large segments of society have become deeply unhappy with what they see as “the establishment,” especially the political class. The “Yellow Vest” protests in France, triggered by President Emmanuel Macron’s move...
  • Under the massive US tax cut enacted by the Trump administration last year, ordinary Americans must bear a tax increase, and millions will lose health insurance, in order to finance a tax cut for billionaires and corporations. Photo: AFP

    Beyond GDP

    - Dec 4, 2018 10:27am
    Just under ten years ago, the International Commission on the Measurement of Economic Performance and Social Progress issued its report, Mismeasuring Our Lives: Why GDP Doesn’t Add Up. The title summed it up: GDP is not...
  • 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:...

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