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Inside this Book – That things are not going well in the US and in many other advanced countries is a mild understatement. There is widespread discontent in the land. It wasn’t supposed to be this way, according to the dominant thinking in American economics and political science in the last quarter century. After the fall of the Berlin Wall on November 9, 1989, Francis Fukuyama declared The End of History, as democracy and capitalism at last had triumphed. A new era of global prosperity, with faster-than-ever growth, was thought to be at hand, and America was supposed to be in the lead. 1 By 2018, those soaring ideas seem finally to have crashed to Earth. The 2008 financial crisis showed that capitalism wasn’t all that it was supposed to be—it seemed neither efficient nor stable. Then came a rash of statistics showing that the main beneficiaries of the growth of the last quarter century were those at the very top. And finally, anti-establishment votes on both sides of the Atlantic—Brexit in the United Kingdom and the election of Donald Trump in the United States—raised questions about the wisdom of democratic electorates. Our pundits have provided an easy explanation, correct as far as it goes. The elites had ignored the plight of too many Americans as they pushed for globalization and liberalization, including of financial markets, promising that all would benefit from these “reforms.” But the promised benefits never materialized for most citizens. Globalization hastened deindustrialization, leaving behind a majority of citizens, especially the less educated, and of these, especially the men. Financial market liberalization led to the 2008 financial crisis, the worst economic downturn since the Great Depression that began in 1929.
Inside this book –People, Power, and Profits PDF Book by Joseph E. Stiglitz – Something began happening to America’s powerful economic engine around 1980: growth slowed and, much more importantly, the growth in incomes slowed, or often declined. It happened almost without our recognizing it. Indeed, even as the economy was failing to deliver prosperity for large parts of the population, the champions of a new era of financialization, globalization, and technological advances were bragging about the “new economy” that was destined to bring ever-greater prosperity, by which they seemed to mean simply a higher level of GDP. Some of our economic leaders —including successive heads of the Federal Reserve—bragged about the “great moderation,” how we had finally tamed the business cycle, the fluctuations in output and employment that had marked capitalism from the start. 1 The financial crisis of 2008 showed that our seeming prosperity had been built on a house of cards, or more precisely, a mountain of debt. As new data came in giving a deeper picture of the economy, it became increasingly clear that there were long-standing and deep-seated problems. The growth that had been championed turned out to be far slower than that of the decades after World War II. Most disturbing, what growth occurred went to a few people at the top. If GDP goes up because Jeff Bezos’s income goes up—but everyone else’s income stagnates—the economy is not really doing well.
People, Power, and Profits by Joseph E. Stiglitz PDF : eBook Information
- Full Book Name – People, Power, and Profits
- Author of this Book – Joseph E. Stiglitz
- Language – English
- Book Genre – Non-Fiction, Business, Economics, Finance
- Download Format – PDF
- Size – 1.8 MB
- eBook Pages – 298
- Price – Free