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The global financial system is not working well, and it is especially not working well for developing countries. Money is flowing uphill, from the po… - Joseph E. Stiglitz
" "The global financial system is not working well, and it is especially not working well for developing countries. Money is flowing uphill, from the poor to the rich. [...] With nearly two-thirds of reserves being held in dollars, the United States is, in this sense, the major recipient of these benefits. If the interest rate America has to pay is just one percentage point lower than it otherwise would be on these $3 trillion of loans from poor countries, what America received from the developing countries via the global reserve system is more than it gives to the developing countries in aid.
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About Joseph E. Stiglitz
Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and author. He is the winner of the John Bates Clark Medal in 1979 and the Nobel Memorial Prize in Economics in 2001, which he shared with George Akerlof and Michael Spence. Stiglitz previously served as Chief Economist of the World Bank between 1997 and 2000.
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Joseph Eugene Stiglitz
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Joseph Stiglitz
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Additional quotes by Joseph E. Stiglitz
The neoclassical paradigm, through its incorrect characterization of the market economies and the central problems of resource allocation, provides a false sense of belief in the ability of market socialism to solve those resource allocation problems. To put it another way, if the neoclassical paradigm had provided a good description of the resource allocation problem and the market mechanism, then market socialism might well have been a success. The very criticisms of market socialism are themselves, to a large extent, criticisms of the neoclassical paradigm.
Growing up in Gary Indiana gave me, I think, a distinct advantage over many of my classmates who had grown up in affluent suburbs. They could read articles that argued that in competitive equilibrium, there could not be discrimination, so long as there are some non-discriminatory individuals or firms, since it would pay any such firm to hire the lower wage discriminated-against individuals, and take them seriously. I knew that discrimination existed, even though there were many individuals who were not prejudiced. To me, the theorem simply proved that one or more of the assumptions that went into the theory was wrong.
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