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The Non-Existent Hand

Joseph Stiglitz: How to Save Capitalism, 22 April 2010

Keynes: The Return of the Master 
by Robert Skidelsky.
Allen Lane, 213 pp., £20, September 2009, 978 1 84614 258 1
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... It has become a commonplace to say, in the aftermath of the Great Recession, that ‘we are all Keynesians now.’ If this is so, then Keynes’s great biographer, Robert Skidelsky, should have much to say about the recession, its causes and the appropriate cures. And so indeed he does. I share with Skidelsky the view that, while most of the blame for the crisis should reside with those in the financial markets, who did such a poor job both in allocating capital and in managing risk (their key responsibilities), a considerable portion of it lies with the economics profession ...

The Money

Adam Shatz: What the War is Costing, 6 March 2008

... if not free. The Iraq war has been expensive – very expensive. In the ‘best-case’ scenario, Joseph Stiglitz and Linda Bilmes report in The Three Trillion Dollar War, it will cost over $2 trillion; their ‘realistic-moderate’ estimate rises to almost $5 trillion.* And that’s just the cost to the United States. Gordon Brown reserved £1 billion ...

Searchers, not Planners

Joe Perkins: Globalisation, 7 June 2007

Making Globalisation Work: The Next Steps to Global Justice 
by Joseph Stiglitz.
Allen Lane, 358 pp., £20, September 2006, 0 7139 9909 8
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The Next Great Globalisation: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich 
by Frederic Mishkin.
Princeton, 310 pp., £17.95, October 2006, 0 691 12154 0
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The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good 
by William Easterly.
Oxford, 380 pp., £16.99, September 2006, 0 19 921082 9
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... between the two institutions has recently blurred. In Globalisation and Its Discontents (2002), Joseph Stiglitz found more to object to than to approve in this system, denouncing, for example, the IMF’s doctrinaire response to the financial crises that overwhelmed East Asian countries in the late 1990s. Now, in Making Globalisation Work, he ...

Stiffed

David Runciman: Occupy, 25 October 2012

The Occupy Handbook 
edited by Janet Byrne.
Back Bay, 535 pp., $15.99, April 2012, 978 0 316 22021 7
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... to be the person who inspired the slogan of Occupy Wall Street: ‘We are the 99 per cent.’ Joseph Stiglitz thinks it might be him, on the back of an article he wrote for Vanity Fair in 2011 entitled: ‘Of the 1 per cent, by the 1 per cent, for the 1 per cent.’ Others think it was the economist Emmanuel Saez, who helped popularise the idea that ...

The Inequality Problem

Ed Miliband, 4 February 2016

... of the economy itself, redistribution on its own will have you running up the down escalator. Joseph Stiglitz, whose essays and articles of the last ten years – since just before the onset of the financial crisis – are gathered together in The Great Divide, is another writer who resists the argument that increased inequality is a corollary of ...

Don’t Just Do Something, Talk

Slavoj Žižek: the financial crisis, 9 October 2008

... us to make them; or, as John Gray has put it: ‘We are forced to live as if we were free.’ Joseph Stiglitz recently wrote that, although there is a growing consensus among economists that any bailout based on Henry Paulson’s plan won’t work, ‘it is impossible for politicians to do nothing in such a crisis. So we may have to pray that an ...

Diary

Tariq Ali: In Athens, 30 July 2015

... has happened. When capitalism went into crisis in 2008, the scale of the disaster was such that Joseph Stiglitz was convinced it was the end of neoliberalism, that new economic structures would be needed. Wrong, alas, on both counts. The EU rejected any notion of stimulus, except for the banks whose recklessness, backed by politicians, had been ...

Whose Republican Front?

Jeremy Harding, 20 April 2017

... an older activist asked of the Mélenchon manifesto. A programme derived from Keynes via Joseph Stiglitz, it was mild, he thought, by comparison with the ‘common programme’ that brought Mitterrand to power in 1981. His young comrades were inspired, they told me, as they hadn’t been by candidates in previous elections. They would stay in ...

Corbyn’s Progress

Tariq Ali, 3 March 2016

... military expenditure is echoed by some prominent US economists in relation to their own country. Joseph Stiglitz (a Corbyn adviser on the economy) and Linda Bilmes have argued that America’s spending on wars since 2003, estimated now at nearly $8 trillion, is crippling the country. ‘A trillion dollars,’ they note, could have built eight million ...

Tempestuous Seasons

Adam Tooze: Keynes in China, 13 September 2018

In the Long Run We Are All Dead: Keynesianism, Political Economy and Revolution 
by Geoff Mann.
Verso, 432 pp., £20, January 2017, 978 1 78478 599 4
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... from Keynes himself, modern day economists of a reformist disposition, such as Thomas Piketty and Joseph Stiglitz, nonetheless reprise the sensibility typical of Keynesianism. Keynes​ was the paradigm, but was he the first Keynesian? Mann’s answer is bold. If Keynesianism is a constructive liberal response to revolution, a response that seeks to ...

Getting Rich

Pankaj Mishra: In Shanghai, 30 November 2006

... thinkers on political economy – John Stuart Mill, Braudel, Karl Polanyi, Immanuel Wallerstein, Joseph Stiglitz – in their critique of the neo-liberal model of growth. In recent years, Cui’s articles in Dushu, a monthly journal of ideas co-edited by Wang Hui, the New Left author of a history of modern Chinese thought, have influenced a significant ...

The Fastidious President

David Bromwich: The Matter with Obama, 18 November 2010

... of Goldman Sachs executives, might have done better if mixed with economists of other views like Joseph Stiglitz and Paul Krugman. Obama knew little economics, however, and he took the word of the orthodox. It would have been wiser, from a merely prudential standpoint, to consult Summers behind a screen. But Obama has always craved legitimacy in a ...

How Much Is Too Much?

Benjamin Kunkel: Marx’s Return, 3 February 2011

The Enigma of Capital: And the Crises of Capitalism 
by David Harvey.
Profile, 296 pp., £14.99, April 2010, 978 1 84668 308 4
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A Companion to Marx’s ‘Capital’ 
by David Harvey.
Verso, 368 pp., £10.99, March 2010, 978 1 84467 359 9
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... values unsustainably. Why was so much capital so badly misallocated? In the LRB of 22 April 2010, Joseph Stiglitz observed that the savings glut ‘could equally well be described as an “investment dearth”’, reflecting a scarcity of attractive investment opportunities. Stiglitz suggests that global warming ...

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