Joseph E. Stiglitz


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".

Stories by the author

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


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?

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


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.

Japan’s Gamble on Growth: Joseph Stiglitz


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.

TOKYO – Japanese Prime Minister Shinzo Abe’s programme for his country’s economic recovery has led to a surge in domestic confidence. But to what extent can “Abenomics” claim credit?

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


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.

NEW YORK – The outcome of the Italian elections should send a clear message to Europe’s leaders: the austerity policies that they have pursued are being rejected by voters.

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


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.

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


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.

NEW YORK – Mitt Romney’s income taxes have become a major issue in the American presidential campaign. Is this just petty politics, or does it really matter? In fact, it does matter – and not just for Americans.

Can Africa Break Its Resource Curse?: Joseph Stiglitz


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”?