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M Scandinavia Singapore and Japan and he argues against the tide of unnecessary destructive austerity that is sweeping across EuropeUltimately Stiglitz believes our choice is not between growth and fairness; with the right policies we can choose both His complaint is not so much about capitalism as such but how twenty first century capitalism has been perverted His is a call to confront America's economic ineuality as the political and moral issue that it is If we reinvest in people and pursue the other policies that he describes America can live up to the shared dream of a prosperous eual socie. Stiglitz is an important voice in economics and he is working hard to help non economists understand that capitalism comes in many different varieties depending on the policy decisions made by the people in power where it is practiced This collection of material much of it previously published in a variety of columns and articles in business and policy journals centers on the way capitalism as currently practiced in the United States has moved our economy toward a two tier reality without much room for a benefit to the middle class His main point is that we don t have to abandon capitalism to improve the efficiency and essential fairness of our economy

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The Great Divide

In The Great Divide Joseph E Stiglitz expands on the diagnosis he offered in his best selling book The Price of Ineuality and suggests ways to counter America’s growing problem With his signature blend of clarity and passion Stiglitz argues that ineuality is a choice the cumulative result of unjust policies and misguided prioritiesGathering his writings for popular outlets including Vanity Fair and the New York Times Stiglitz exposes in full America's ineuality its dimensions its causes and its conseuences for the nation and for the world From Reagan era to the Great Recession and its long aft. Sorry I cannot recommend this book First if you re looking for scholarship this is not it Rather it is nearly totally a collection of newspaper columns and of course we cannot expect good references for those Some of them are many years old and clearly outdated There is a little additional information some of which is documented but very littleAnother problem I find bothersome is that the book lacks an index That for a non fiction book is a major offenseThe author assumes with some but not nearly enough reasoning that disparity between the top and bottom of the income levels is a major problem In a country where most of the poor have air conditioning big screen TVs cars cell phones etc that is a bit much Clearly most of us would prefer to see the poor get good jobs and take themselves out of poverty However his assumption that government can do that for them is uestionable at bestStiglitz correctly points out the education problem among the poor However he fails to even mention any possible cause other than money Broken families abetted by the war on poverty that subsidized single motherhood crime and the ghetto idea that getting an education is acting white all go unmentionedThis is clearly a statist publication assuming that government should fix all our problems Stiglitz ignores any non government ideas that would fix the problem Worse the author comes close to outright lying in some cases For example he several times refers to the Bush tax cut for the rich That was a general tax cut including a major increase in child credit which primarily benefited the lower and middle classes He also lists tax cuts in absolute dollars rather than percentages There is no way to give the middle class a tax cut in dollars as great as for those with money since they do not pay that much in taxes in the first place He also claims that the scientists and venture capitalists who support technology advances do not get much money for their contributions That is completely false most get stock options or other ownership many enough to become uite wealthy I know because I worked in that industry and got some of those options He also criticizes speculation but venture capital is speculation and helps the economy a great deal He fails to discriminate between that type of speculation and the speculation some banks engaged in which did cause problems

Joseph E. Stiglitz ã 5 Summary

Ermath Stiglitz delves into the irresponsible policies deregulation tax cuts and tax breaks for the 1 percent that are leaving many Americans farther and farther beyond and turning the American dream into an ever unachievable myth With formidable yet accessible economic insight he urges us to embrace real solutions increasing taxes on corporations and the wealthy; offering help to the children of the poor; investing in education science and infrastructure; helping out homeowners instead of banks; and most importantly doing to restore the economy to full employment Stiglitz also draws lessons fro. Nice collection for Stiglitz fansThe growing disparity in income and wealth between the richest Americans and the rest of us is very much in the news these days but Nobel Prize winning economist Joseph Stigliz has been writing about it for a long time This book brings together short pieces that appeared in publications such as Vanity Fair and the New York Times warning of the dangers of ineuality as long ago as 2007The book is in nine sections The first section he calls a Prelude because it discusses the 2007 2008 recession and the response to it that built the background for the increasing ineuality seen today The middle sections contain articles describing the disparity personal reflections from Stiglitz s life dimensions of ineuality such as student debt and health care causes for ineuality such as a tax system that favors the elite and conseuences of the ineuality The later sections elaborate on his argument that such ineuality is not inevitable but is a political choice and explore the international picture in countries like Japan Australia Spain China Singapore Scotland and even Mauritius The final section consists of articles in which Stiglitz outlines the kinds of actions America should take to combat ineuality In an Afterword Vanity Fair editor Cullen Murphy interviews Stiglitz responding to conservative critics who claim that the rich create jobs Each of the nine sections of the book is preceded by a lengthy introduction providing an overview of the topic of that sectionThis anthology format has strengths and weaknesses It allows for the presentation of a broad range of topics relating to ineuality and it is interesting to see how the topics develop over the course of the time period in which the articles were written On the other hand since the articles are generally short Many were op ed pieces readers new to a topic may feel they need for data or a longer explanation In addition because they were written at different times for different publications there was a great deal of repetition eg Thomas Piketty s book Capitalism in the Twenty first Century is discussed at length in at least two of the articles as well as the introduction to Part I Readers who want in depth presentation of Stiglitz s thinking would probably be happier reading one of his other books such as The Price of Ineuality that contain data and a comprehensive exposition of his ideas but those who want a broad survey or who already admire him and want to hear from this influential thinker will welcome this book


10 thoughts on “The Great Divide

  1. says:

    Imagine an economist who doesn't have his head up his butt That's Stiglitz This is a collection so some of the stuff is from the Bush years Still much of it is classic

  2. says:

    Sorry I cannot recommend this book First if you're looking for scholarship this is not it Rather it is nearly totally a collection of newspaper columns and of course we cannot expect good references for those Some of them are many years old and clearly outdated There is a little additional information some of which is documented but very littleAnother problem I find bothersome is that the book lacks an index That for a non fict

  3. says:

    The book is a collection of Stiglitz's writings in popular media My low ratings owe mainly to the repetitiveness of the m

  4. says:

    If you've read one you've read them all Stiglitz's the Price of Ineuality did a better job detailing his argument

  5. says:

    Nice collection for Stiglitz fansThe growing disparity in income and wealth between the richest Americans and “the rest

  6. says:

    Dr Stiglitz is a very accomplished economist with a decidedly liberal point of view His focus on income ineuality

  7. says:

    I bought this book in hope to discover Stiglitz's conjecture on ineuality hoping to do so by reading his latest book His promotion of it on Bloomberg might have precipitated this choice If only I knew this would be a mere collection of articles of his most of which are freely available online and an interview Not that the positions he espouses in this book are particularly alien to me; I just felt a bit ripped off to bu

  8. says:

    Economy might be a boring subject for the majority of readers however a number of economists have been trying to popularise importa

  9. says:

    Stiglitz is an important voice in economics and he is working hard to help non economists understand that capitalism comes in many different varieties depending on the policy decisions made by the people in power where it

  10. says:

    A great read on the subject of ineuality and how politics and policies are behind the stagnation in real wages of the middle class and lower Eye opening and informative on the central thesis of the book that ineuality is not a natural outcome