American - Economist | February 9, 1943 -
The bank bailout should have been more focused on helping small and medium sized banks, on helping homeowners. I think the trade agreements are a disaster.
Joseph Stiglitz
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When you don't have equality of opportunity because you don't have equal access to education, it just seems so outrageous. It weakens our economy and leads to more inequality.
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We have a locale-based education system; we have increasing economic segregation. We clearly need a larger federal program to try to help disadvantaged districts.
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The diversity of Europe is its strength. But for a single currency to work, over a region with enormous economic and political diversity, is not easy.
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The euro zone was driven by the neoliberal view that markets are always efficient. That in itself is political. There was no pressing economic need that the euro was required to solve, but leaders believed that it would foster growth.
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It isn't inevitable that we have a globalization which is used by the corporations not to pay taxes. It is not inevitable that we have a form of globalization in which corporations use the threat of moving jobs abroad to lower wages. None of this is inevitable.
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We could have managed globalization in ways that ordinary citizens would have benefited rather than just the corporations. Trade is beneficial. There are gains to be had from taking advantage of comparative advantage and specialization. That's true, if you manage globalization right.
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Some people say we have this inequality because some people have been contributing much more to our society, and so it's fair that they get more. But then you look at the people who are at the top, and you realize they're not the people who have transformed our economy, our society.
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One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.
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European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries.
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There is a broad consensus, not only in the United States but in most of the world, that if you are in an economic downturn, you need to stimulate. Germany seems to be an exception.
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It's very clear that TPP was promoted by corporate interests, it was driven by ideology, not by economic science. And when they started looking at the net trade benefits, they are miniscule.
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