The IMF has been encouraging, sometimes even forcing (as condition of assistance), countries to have their central banks focus only on inflation. Eur… - Joseph E. Stiglitz

TRIPs imposed on the entire world the dominant intellectual property regime in the United States and Europe, as it is today. I believe that the way that intellectual property regime has evolved is not good for the United States and the EU; but even more, I believe it is not in the interest of the developing countries.

In short, whether for the obvious reason that in the absence of futures markets the price system cannot perform its essential coordinating role with respect to future-oriented activities, such as investments, or for the more subtle reasons just discussed, that in the absence of futures markets, extending infinitely far into the future, the market economy is likely to exhibit dynamic instabilities there is no reason to believe that even with rational expectations it will converge to the steady state; there is no presumption that markets, left to themselves, will be efficient. For advocates of market socialism, the implication of this analysis seems clear: There is a need for the kind of government control of the allocation of investment envisaged in market socialism.

At the core of the failure of the socialist experiment is not just the lack of property rights. Equally important were the problems arising from lack of incentives and competition, not only in the sphere of economics but also in politics. Even more important perhaps were problems of information. Hayek was right, of course, in emphasizing that the information problems facing a central planner were overwhelming. I am not sure that Hayek fully appreciated the range of information problems. If they were limited to the kinds of information problems that are at the center of the Arrow-Debreu model consumers conveying their preferences to firms, and scarcity values being communicated both to firms and consumers then market socialism would have worked. Lange would have been correct that by using prices, the socialist economy could "solve" the information problem just as well as the market could. But problems of information are broader.