22 February 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.
  • 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...
  • With a negative interest rate, older savers who depend on interest income cut their consumption more deeply than those who benefit from from it increase theirs. Photo: Mirror

    Why negative interest rates are doing more harm than good

    - Apr 14, 2016 9:46am
    I wrote at the beginning of January that economic conditions this year were set to be as weak as in 2015, which was the worst year since the global financial crisis erupted in 2008. And, as...
  • Young people will not find a smooth path into the job market unless the economy is performing much better. Photo: Internet

    Intergenerational unfairness our young face

    - Mar 17, 2016 10:14am
    Something interesting has emerged in voting patterns on both sides of the Atlantic: Young people are voting in ways that are markedly different from their elders. A great divide appears to have opened up, based not...
  • The stockpile of foreign reserves may partly explain why huge outflows have not triggered a full-blown financial crisis in developing countries. Photo: Reuters

    This is what developing countries are most worried about

    - Feb 19, 2016 11:27am
    Developing countries are bracing for a major slowdown this year. According to the UN report World Economic Situation and Prospects 2016, their growth will average only 3.8 percent this year — the lowest rate since the...
  • A debate is on in China as to whether supply-side or demand-side measures will help restore growth. Photo: Bloomberg

    China’s bumpy new normal

    - Jan 28, 2016 11:19am
    China’s shift from export-driven growth to a model based on domestic services and household consumption has been much bumpier than some anticipated, with stock-market gyrations and exchange-rate volatility inciting fears about the country’s economic stability. Yet...
  • Middle-aged white Americans are dying younger. Photo:

    When inequality kills

    - Dec 8, 2015 9:47am
    This week, Angus Deaton will receive the Nobel Memorial Prize in Economics “for his analysis of consumption, poverty, and welfare”. Deservedly so. Indeed, soon after the award was announced in October, Deaton published some startling work...
  • Nobel prize-winning economist Joseph Stiglitz, the author of this article, speaks during a demonstration by the Fed Up coalition at Jackson Hole last month. Photo: Bloomberg

    Fed up with the Fed

    - Sep 8, 2015 10:31am
    At the end of every August, central bankers and financiers from around the world meet in Jackson Hole, Wyoming, for the US Federal Reserve’s economic symposium. This year, the participants were greeted by a large group...

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