American - Economist | February 9, 1943 -
Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.'
Joseph Stiglitz
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High levels of economic inequality lead to imbalances in political power, as those at the top use their economic weight to shape our politics in ways that give them more economic power.
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We share a common planet, and the world has learned the hard way that we have to get along and work together. We have learned, too, that cooperation can benefit all.
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Under the rule of law, if the government wants to prevent firms from outsourcing and offshoring, it enacts legislation and adopts regulations to create the appropriate incentives and discourage undesirable behaviour. It does not bully or threaten particular firms or portray traumatised refugees as a security threat.
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When you have a highly divided society, it's hard to come together to make investments in the common good.
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In the end, the politics of the euro zone weren't strong enough to create a fully integrated fiscal union with a common banking system, etc.
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America's role in the global economy inevitably was going to diminish; we're smaller relative to - as China, India, other emerging markets grow.
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The diminishing economic role of the United States in the global economy means that global political power will also become more dispersed. The world will become multipolar. By clumsily re-asserting a wish for U.S. dominance, Donald Trump is accelerating the opposite.
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I knew that discrimination existed, even though there were many individuals who were not prejudiced.
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I, like many members of my generation, was concerned with segregation and the repeated violation of civil rights.
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Trump assumed office promising to 'drain the swamp' in Washington, D.C. Instead, the swamp has grown wider and deeper.
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The notion that every well educated person would have a mastery of at least the basic elements of the humanities, sciences, and social sciences is a far cry from the specialized education that most students today receive, particularly in the research universities.
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