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ebook / Ebook The Great Divide ✓ Joseph E. Stiglitz

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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. Economy might be a boring subject for the majority of readers however a number of economists have been trying to popularise important debates on economic issues Such arguments have caught the imaginations of several citizens concerned with their economic prospects Joseph E Stiglitz Nobel Laureate and former chief economist of the World Bank has raised serious concerns about the distribution of wealth in the USA in particular and across the world in general in his latest book uite provocatively yet aptly titled The Great Divide It is a compilation of articles written for The New York Times over the past seven yearsThe concept of income ineuality is not a new one However it has long been neglected by mainstream economists and policymakers Income ineuality refers to the uneven distribution of wealth in a society which results in a widening gulf between the rich and the poor Stiglitz has explained that conservative economists have focused only on increasing the size of the economy or GDP The distribution of wealth was considered a uestion of politics despite having enormous economic implications This is why Stiglitz states that while GDP was growing the incomes of most Americans were stagnating This stagnating income of the middle class meant stagnant demand and that resulted in economic slowdown Therefore according to Stiglitz taxing the rich does not cause an economic slowdown rather stagnating incomes of the middle class cause economic slowdown This is how Stiglitz challenges the basic tenet of trickle down economicsThe failure of market economies to fairly distribute wealth has caused several analysts particularly those on the left of the politico economic spectrum to uestion the very basis of the system ie capitalism On the eve of the global financial crisis that started in 2007 Marx s critiue of capitalism was once again analysed thoroughly in an attempt to find a cure for the ills which haunt our global economic model Such rethinking also gave rise to political agitations such as in the form of the Occupy Wall Street movement The history of capitalism has been marred by successive recessions and a persistent existence of ineuality in the distribution of wealth Stiglitz points out that in the aftermath of the 2008 crisis hundreds of billions went to save the banks and little went to help homeowners What sparked this rebellion on both academic and practical planes were the shocking statistics revealed by economic measures Hence the global rallying for capitalism v20 was not as much ideologically motivated as it was grounded in economic dataStiglitz has backed his arguments with hard facts The average wage of male high school leavers has declined by 12pc in the past 25 years while CEOs salaries have swelled from 30 times the average worker s wage to 300 times The concern is not only limited to the historical comparison of the US s economy it also extends to the decline of these measures in comparison to other global statistics The economic and employment prospects of top performing students from poor families in the US are now lower than those of the weakest performing students from families in the top economic uartile A bus with some 85 billionaires has as much wealth as the bottom half of the world s population some three billion peopleComparing the economic performance of USA with China Stiglitz states that China moved some 500 million out of poverty over the same period that stagnation seized America s middle class Further he informs readers that we USA had become the advanced country with the highest level of ineuality and we had among the lowest levels of euality of opportunity Keeping in mind the prevailing politico economic system it was Stiglitz who in a Vanity Fair essay in 2011 coined the catchphrase of the 1pc by the 1pc for the 1pc which aptly encompasses his main contentionsStiglitz has argued that successive governments in the US have not only been complicit in worsening the situation but that through their fiscal and monetary policies they have actively contributed towards it Big businesses large banks and financial regulators have also collaborated with these administrationsStiglitz s efforts to popularise these economic issues did not begin with this book In his 2012 book The Price of Ineuality he introduced concepts such as the 99pc and the 1pc Popular awareness of these issues in Stiglitz s opinion is the first step towards solving them Following this trend a number of books on the subject have been penned by other contemporary economists One such book is Thomas Piketty s Capital in the Twenty First Century a remarkable treatise which became an unlikely bestseller Everyone now understands that a large percentage of wealth is amassed by the elite class and that the gap between rich and poor is widening day by dayStiglitz is not just a doomsday prophet He has along with criticising the current economic policies suggested remedial measures too He vehemently states that widening and deepening ineuality is not driven by immutable economic laws but by laws we have written ourselves His central message is that any government can address the issue of ineuality by astutely utilising the economic tools on hand such as finding the right placement for the burden of taxation effective monitoring and regulation of financial institutions investing in human resources to gain long term benefits providing for the essential needs of its citizens etc Moreover he cites the example of free university education introduced in Mauritius which according to him should also be adopted by the USThe central theme of the book is also relevant to the economic issues and policy making in Pakistan Although Pakistan s GDP has been increasing over the last 25 years a larger share of income is concentrated in the hands of a few According to figures released by the government the reported income of the richest 20pc of households has been almost 7pc higher than the poorest 20pc households over the last 25 years To improve this situation important lessons can be learnt from the ideas proposed by Stiglitz We need to create a fairer economic regime and a political system that treats everyone euallyThe strength of this book is that although it has been written for the layperson it addresses such issues in a way that can be useful to economists and policymakers as well Stiglitz weaves his narrative in an easy to comprehend style The central message of the book is very clear the level of ineuality in America is not inevitable it is not the result of inexorable laws of economics It is a matter of policies and politics

characters ✓ eBook or Kindle ePUB ↠ Joseph E. Stiglitz

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. The book is a collection of Stiglitz s writings in popular media My low ratings owe mainly to the repetitiveness of the main themes and arguments in various chapters It gets very boring to read Sectional introductions are written pretty well and reading just them is sufficient in my opinion the chapters don t add much value after the sectional introductions

Joseph E. Stiglitz ↠ 3 free download

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. Dr Stiglitz is a very accomplished economist with a decidedly liberal point of view His focus on income ineuality and the necessity of addressing the issue is very timely What I don t understand is his insistence on demonizing those who may not agree with him or believe there are other solutions to the problem In recent articles I ve read it s clear there are some 1%ers and even some of those crass and greedy bankers who agree with his conclusions But Dr Stiglitz s gratuitous demeaning descriptions of those who disagree with him will only make it difficult to resolve the issue and detracts from the positions he is advocating


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

  3. says:

    The book is a collection of Stiglitz's writings in popular media My low ratings owe mainly to the repetitiveness of the main themes and arguments in various chapters; It gets very boring to read Sectional introd

  4. says:

    If you've read one you've read them all Stiglitz's the Price of Ineuality did a better job detailing his arguments clearly and succinctly His solutions were also very reasonable and straightforward Here there are or less v

  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 and the necessity of addressing the issue is very timely What I don't understand is his insistence on demonizing those who may not agree with him or believe there are other solutions to the problem In recent articles I've read it's clear there are some 1%ers and even some of those crass and greedy bankers who

  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 rippe

  8. says:

    Economy might be a boring subject for the majority of readers however a number of economists have been trying to popularise important debates on economic issues Such arguments have caught the imaginations of sever

  9. says:

    Stiglitz is an important voice in economics and he is working hard to help non economists understand that capitalism comes in many

  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 of capitalismsskill biased technological change but is an outcome of our politicspolicies The book i