Thursday, May 30, 2019

Joseph Stiglitz - Neoliberalism must be pronounced dead and buried. Where next?

For decades the US and others have pursued a free-market agenda which has failed spectacularly

Joseph Stiglitz described how horrible neoliberalism is, which is about rent seeking, monopoly power, and corporate control of governments.

By contrast, the third camp advocates what I call progressive capitalism, which prescribes a radically different economic agenda, based on four priorities. The first is to restore the balance between markets, the state and civil society. Slow economic growth, rising inequality, financial instability and environmental degradation are problems born of the market, and thus cannot and will not be overcome by the market on its own. Governments have a duty to limit and shape markets through environmental, health, occupational safety and other types of regulation. It is also the government’s job to do what the market cannot or will not do, such as actively investing in basic research, technology, education and the health of its constituents.

The Guardian

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