People, Power, and Profits

From Nobel Prize-winning economist and bestselling author Joseph Stiglitz, this account of the dangers of free market fundamentalism reveals what has gone so wrong, but also shows us a way out.

We all have the sense that our economy tilts toward big business, but as Joseph E. Stiglitz explains in People, Power and Profits,a few corporations have come to dominate entire sectors, contributingto skyrocketing inequality and slow growth. This is how the financialindustry has managed to write its own regulations, tech companies haveaccumulated reams of personal data with little oversight, and governmenthas negotiated trade deals that fail to represent the best interests ofworkers. Too many have made their wealth through exploitation of othersrather than through wealth creation. If something isn't done, newtechnologies may make matters worse, increasing inequality andunemployment.

Stiglitz identifies the true sources of wealth andincreases in standards of living, based on learning, advances inscience and technology, and the rule of law. He shows that the assaulton the judiciary, universities, and the media undermines the veryinstitutions that have long been the foundation of economic prosperityand democracy.

Helpless though we may feel today, we are farfrom powerless. In fact, the economic solutions are often quite clear.We need to exploit the benefits of markets while taming their excesses,making sure that markets work for people and not the other way around.If enough rally behind this agenda for change, we can create aprogressive capitalism that will recreate a shared prosperity. Stiglitzshows how a decent middle-class life can once again be attainable byall.

Değerlendirmeler

Urgent ... Unless rising inequality caused by mismanaged globalization, financial liberalization, and destabilizing technological change is addressed, Stiglitz argues, nostrum-peddling demagoguery will find a receptive audience