Joseph Stiglitz on the Great Divide

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Inequality is an increasing problem in the Western world, leaving everyone – the rich as well as the poor – worse off. The dream of a socially mobile society is becoming an ever more unachievable myth. That’s the view of Nobel Prize-winning economist Joseph Stiglitz, who came to the Intelligence Squared stage for a rare London appearance in May 2015. Stiglitz argued that inequality is not inevitable but a choice – the cumulative result of unjust policies and misguided priorities.

Stiglitz exposed the neoliberal policies, such as deregulation and tax cuts for the rich, which he claims are causing many people to fall further and further behind. He proposed real solutions: increasing taxes on corporations and the wealthy; helping homeowners instead of banks; investing in education, science, and infrastructure; and, most importantly, doing more to restore full employment. Stiglitz drew on lessons from America – the inequality leader of the developed world – as well as Scandinavia, Singapore, and Japan. And he argued against what he sees as the tide of unnecessary, destructive austerity that is sweeping across Europe.

While many believe we are faced with a choice between growth and fairness, Stiglitz believes that with the right policies, we can have both.

[peterchieshe]

Listening to Joseph Stiglitz is like guzzling in real knowledge; pure Economic knowledge. He is brilliant and has Professional oratory.

[linardzb]

when you do not watch the speking, you would think George W Buch has come to senses...

[luismartinezcayturo]

Maybe Stiglitz has not deepened about difference between inequality of outcome and inequality of opportunities, which is a main theme accross the world. Of course most liberal-wing economists advocate inequality of opportunities in order to lower the gap. But one thing is for sure, beyond all phraseology: lower-income people need an improvement of salaries to take-off in the USA. Then and only then we may talk about issues on inequality.

[danielscheinhaus]

Joseph Stiglitz is a brilliant economist, but I've come to realize that he is an apologist for Western domination. I still read his thoughts and conclusions, yet I realize that much of what he says is wrong because he does have ideology coloring his conclusions.

[imageinkdesign]

To imagine that you are somehow maverick in describing the divide..you are apparently unaware of the dozens of authors and groups that decades beforehand have more honestly, and specifically depicted our 'condition'. See Professor Carol Quigley, Even at the Doors, Tupper Saucy's Rulers of Evil.

[MarkGendala]

TWO QUESTIONS... #1... Could Stiglitz Call Center give me an example of any IDEA he peddles in the West at $250 an hour that I couldn't import from via LIVE VIDEO-LINK from an Asian Call Center for $25 an hour? #2... Would Stiglitz Call Center still support free trade if it included FREE TRADE IN IDEAS? Mark Gendala, Melbourne, AU

[mohamedchawkiabid]

La Grande Fracture
Joseph Stiglitz, prix Nobel d’économie préconise que l’aggravation des inégalités rend plus difficile une reprise solide. 1 % de la population de la planète détient aujourd’hui près de la moitié de la fortune mondiale. Si on mettait 80 multimilliardaires dans un autobus, il contiendrait une fortune équivalente à celle de la moitié la plus pauvre de l’humanité. L’inégalité massive qui émerge aux Etats-Unis et dans beaucoup de pays avancés est devenue tellement frappante qu’elle fait l’objet de nombreuses images et métaphores. Elle est également le sujet de l’ouvrage de Joseph Stiglitz, La Grande Fracture. Un sujet qui peut paraître galvaudé, mais auquel économistes et politiques ne se seraient intéressés que trop récemment, n’ayant pas réussi à saisir les conséquences de l’ascension de l’inégalité et à élaborer des politiques qui auraient pu permettre de changer de cap.
Pour M.Stiglitz, ‘‘crise financière et inégalité sont inextricablement mêlées’’: « l’inégalité a contribué à provoquer la crise; la crise a exacerbé les inégalités préexistantes; et leur aggravation a plombé l’économie et rendu encore plus difficile une reprise robuste ». Stiglitz estime que les Européens « ont oublié » que la dette est « l’assurance de la prospérité future, quand elle finance des investissements clés ».

[stephencyang]

Ronald Reagan's trickle-down economics started the downward trend in income equality that persisted up through today. Obama did not achieve any reversal of that trend.

[firstal]

He is a front line economist but he is too political. He compromises his economic knowledge to be alarmist and urgent.

[mikesmith]

I have noticed something very particular about these guys at "upper" institutions. And to be quite honest, I come from an "upper" institution, but I do not carry this sense of arrogance around. They literally believe that they should "determine" the "right amount of inequality" that a society should have.

God, their envy and jealousness of rich people shines right through.

We live in a world of scarcity. Like the commissar orders coming down from your "elites" should determine how much someone should have. What a joke.

There's only one of two options with these people. Either they know what they say is a joke and are not being genuine and want to make more money by selling more stuff. Or they actually believe that the government is somehow going to set the level of inequality so that the people (which people I don't know) are "better off" and just the right amount of "equality" that a society should have.

All that we should have is EQUALITY UNDER THE LAW. The law should treat all people EQUALLY, not "determine" if someone should be given more or less, or "determine" other affairs of FREE MEN. People are perfectly able to do that by themselves.

[seanechoarmando]

The materialistic flood bailly fail because wall perplexingly shave next a rabid answer. spurious, grateful gratis kenneth

[alancrandall]

People of greater ability will out perform those of lesser ability. Pareto Principle at work.

[dickhamilton]

I'm sorry, Joe, but I find you impossible to listen to, and I ought to be somewhere in your natural constituency. You seem unprepared. Try harder.

[徐孝游-gb]

In a free enterprise capitalist system USA.almost all the people are living in a comfortable life.
And I am strongly believe FREEDOM is more important than anything in life!