No one can say they weren’t warned. A decade ago, newly sacked from his job as chief economist at the World Bank, Joseph Stiglitz laid bare. An incisive look at the global economic crisis, our flawed response, and the implications for the world’s future Great Recession. In this forthright and incisive book, Nobel Laureate Joseph E. Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the rest .
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Freefall | W. W. Norton & Company
He consequently considers regulation a requirement for solid recovery and expressed concern regarding economic policy as performed during Barack Obama’s first months as president in an interview with The New York Times:. Stiglitz argues that deregulated markets and a toxic mix had led financial failure.
In the first chapter, Stiglitz mentions that on one hand: Regularly Stiglitz is an expert testifier in the halls of Congress, but this book provides more information than can be relayed in a few minute testimony. Apr 01, Edwile Mbameg added it Shelves: But perhaps, if we can at least learn and remember what these bastards have done by reading books like this, to remember what they have gotten away with, perhaps then we can move from empty hope to positive action.
It was not easy reading for me, as I have no background in economics. Markets may not be self correcting; trust in the institution might be now all but gone; so, law must replace common sense and moral principle.
I find economics to be an incredibly boring subject and my eyes usually glaze freecall whenever I have to read about it. The book which is “rife with So, not bad, not great.
It was Summers, incensed by the constant criticism of the Washington consensus, who orchestrated Stiglitz’s departure from the World Bank. Freefall feefall generally well received by critics, although some expressed doubts as to the feasibility of Stiglitz’s proposals for change. The huge, unprecedented bailout strained even the world’s strongest economy to the limit.
Materialism has outweighed moral commitment, the needs of the environment have been ignored, and there has been a catastrophic break down in trust. Some of the targets are obvious enough — corporate welfare for Wall Street, George Bush’s tax breaks for the rich, the failed nostrums from the Chicago school of free-market economists.
This is a lucid book, it is a book that challenges the existing assumptions particularly neoliberal economic assumptions and presents a way forward for a more stable, ecologically sustainable and more just society.
Freefall: America, Free Markets, and the Sinking of the World Economy
In still other areas, deregulation will continue apace, shocking as it may seem: View all 3 comments. In contrast to managing risk an allocating stoglitz, the structure and policies of global capitalism had encouraged the creation of risk and misallocation of capital. I am still trying to understand the causes of the Great Recession.
Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the josepj of the world, only freedall cobble together a haphazard and ineffective response when the markets finally seized up.
He points to the normative role neoliberal economics plays — saying that the more time people spend in business school and economics classes the more selfish and let’s not be cute repulsive they become. Here Stiglitz is especially critical. Published January 18th by W.
A Library of Books. Well, Joseph Stiglitz knows what he’s talking about and he’s blames the bankers.
Freefall: America, Free Markets, and the Sinking of the World Economy by Joseph E. Stiglitz
I am ‘mostly’ conservative and very much into holding on tight to my faith. He shot to fame after his damning critique of the response by the IMF and World Bank to the East Asian Financial Cr Capitalism can’t work if private rewards are unrelated to social returns.
Feb 13, Caren rated it really liked it Shelves: None of this will ever come to pass, because the forces arrayed against change are too powerful.
Stigllitz was talking to a banker friend and he was complaining that people who don’t know what they’re talking about are blaming the bankers for the whole mortgage crisis. I’m sure the author is correct, but Joaeph not convinced that his suggestions would have been administratively practical.
Freefall is an instant classic, combining an enthralling whodunit account of the current crisis with a bracing discussion of the broader economic issues at stake.
So, naturally, when the bubble popped and the concomitant defaults began rolling in, in tsunami like effect, the whole edifice began to crumble at a worrying speed.
There were alternative responses that held open at least an equal chance of success, but which put taxpayers less at risk: In my opinion, thoroughly debunks the stiiglitz fundamentalism and efficient markets theory promoted by Milton Friedman and the Chicago School.