Joseph E. Stiglitz

Joseph E. Stiglitz's picture

Joseph E. Stiglitz
About the author:

Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".

Is Africa Sowing Seeds Of Its Own Subprime Crisis?: Joseph Stiglitz & Hamid Rashid

Date: 26 June 2013

There are no easy, risk-free paths to development and prosperity but borrowing money from international financial markets is a strategy with huge downside risks. It is no secret that sovereign bonds carry significantly higher borrowing costs than concessional debt does, so why are an increasing number of developing countries, particularly Sub-Saharan economies, resorting to sovereign-bond issues? And why have lenders suddenly found these countries desirable?

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What Africa Can Learn from East Asia’s Developmental Success: Joseph E. Stiglitz

Date: 4 June 2013

The world has changed markedly since East Asia began its remarkable developmental transition more than a half-century ago: Their development policies worked while all too often, those that followed the neo-liberal “Washington Consensus” policy prescriptions failed miserably. In the decade to come, African countries will benefit from reflecting on these successes and failures, and on what they mean for their own development strategies.

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Gene Patents Are Sacrificing Human Lives For Profits: Joseph Stiglitz

Date: 7 May 2013

The US Supreme Court recently began deliberations in a case that will determine whether human genes may be patented. But we already know that permitting gene patents results in inefficiencies – including monopoly profits and a failure to maximize the use of knowledge – that impede the pace of innovation.

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Japan’s Gamble on Growth: Joseph Stiglitz

Date: 8 April 2013

Despite persistent deflation and tepid economic growth, things are looking up for Japan under the new Prime Minister. Shinzo Abe’s Keynesian-inspired reform programme is essentially a replay of what Takahashi Korekiyo achieved in the 1930s, when Japan escaped the Great Depression with a triple-barrelled blast of monetary, fiscal and structural stimulus. 

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Europe’s Austerity ‘Cure’ Will Never Work: Joseph Stiglitz

Date: 5 March 2013

While Europe’s leaders shy away from the word, the reality is that much of the European Union is in depression. Indeed, it will now take a decade or more to recover from the losses incurred by misguided austerity policies – a process that may eventually force Europe to let the euro die in order to save itself.

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The Davos Disappointment – Growing Complacency in a Leaderless World?: Joseph Stiglitz

Date: 7 February 2013

Despite the global economy’s myriad of problems, leaders at the World Economic Forum in Davos, particularly those from Europe, seemed more interested in celebrating the euro’s survival, rather than in tackling long-term concerns. Over the last 25 years, our world has moved from one dominated by two superpowers to being dominated by just one, and now to a leaderless, multi-polar world. While we may talk about the G-7, or G-8, or G-20, the more apt description is G-0.

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Why Mitt Romney’s Tax Returns Matter To Not Just Americans: Joseph Stiglitz

Date: 5 September 2012

Mitt Romney may not be a tax evader, but he certainly is a tax avoider on a grand scale. And the problem is not just Romney; writ large, his level of tax avoidance makes it difficult to finance the public goods without which a modern economy cannot flourish – and weakens the bonds of trust that hold a society together.

 

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Can Africa Break Its Resource Curse?: Joseph Stiglitz

Date: 8 August 2012

Resources should be a blessing, not a curse; yet contrary to common sense, resource-rich countries in Africa have tend to experience less economic growth in the long run than those deprived of natural riches. The new discoveries of natural resources in several African countries – including Ghana, Uganda, Tanzania, and Mozambique – thus raises an important question: will these newly enriched countries be able to avoid the “resource curse”? 

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A Global Health Care Remedy – Why We Must Fix High Drug Prices: Joseph Stiglitz

Date: 22 May 2012

The pharmaceutical industry today is a broken intellectual-property regime, which holds back on the development and availability of cheap drugs for the sake of profit maximisation. But it doesn’t have to be this way. An international effort by the World Health Organisation may now represent a once-in-a-generation opportunity to remedy a long-standing and egregious inequity in health care.

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Europe’s Man-Made Disaster – An Austerity Tragedy: Joseph Stiglitz

Date: 9 May 2012

Europe’s single-minded focus on austerity is a result of a misdiagnosis of its problems; and the fact that so many economies are vulnerable to natural disasters only makes the man-made disaster of austerity all the more tragic. Accordingly, the pain that Europe, especially its poor and young, is suffering as a result of its leaders’ willful ignorance of the lessons of the past is entirely unnecessary.

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America’s Perverse Control Over The World Bank: Joseph Stiglitz

Date: 11 April 2012

Rumours suggest that the US is likely to insist on maintaining the perverse selection process in which it gets to pick the World Bank’s president. But while Jim Yong Kim may be a good candidate, no single country should effectively decide who gets the job. Should America continue to insist on controlling the selection process, it is the Bank itself that would suffer. 

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Think 2011 Was Bad? 2012 Will Be Even Worse: Joseph Stiglitz

Date: 17 January 2012

The pragmatic commitment to growth that one sees in Asia and other emerging markets today stands in contrast to the West’s misguided policies, which, driven by ideology and vested interests, almost seem to reflect a commitment not to grow. As a result, global economic rebalancing is likely to accelerate, almost inevitably giving rise to political tensions.

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