After 40 years of market fundamentalism, America and like-minded European countries are failing the vast majority of their citizens. At this point, only a new social contract – guaranteeing citizens health care, education, retirement security, affordable housing, and decent work for decent pay – can save capitalism and liberal democracy.
Three years ago, US President Donald Trump’s election and the United Kingdom’s Brexit referendum confirmed what those of us who have long studied income statistics already knew: in most advanced countries, the market economy has been failing large swaths of society.Giving "market failure" new meaning.
Project syndicate
The Economy We Need
Joseph Stiglitz | University Professor at Columbia University and Chief Economist at the Roosevelt Institute
2 comments:
This analysis is completely fraudulent. Thanks to "progressive" legislation, the government completely overides the market and can and does grab and "regulate" every inch of what used to be private property thereby creating massive wealth shifts for the benefit of the rich. At the center of this looting process is the central bank and fiat money creation. Blaming these invariably bad outcomes on the market comes naturally to "progressives" but it is simply lying.
We aren't the the gold standard anymore!!! But let's blame it anyway.
Project Syndicate articles used to be free, but they are now behind a paywall. Given that PS publishes stuff exclusively by senior and established members of the economics profession, e.g. idiots like Kenneth Rogoff, I have no intention of paying them a penny.
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