Power, People and Profits - Joseph E. Stiglitz
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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, contributing to
skyrocketing inequality and slow growth. This is how the financial
industry has managed to write its own regulations, tech companies
have accumulated reams of personal data with little oversight, and
government has negotiated trade deals that fail to represent the
best interests of workers. Too many have made their wealth through
exploitation of others rather than through wealth creation. If
something isn't done, new technologies may make matters worse,
increasing inequality and unemployment. Stiglitz identifies the
true sources of wealth and increases in standards of living, based
on learning, advances in science and technology, and the rule of
law. He shows that the assault on the judiciary, universities, and
the media undermines the very institutions that have long been the
foundation of economic prosperity and democracy. Helpless though we
may feel today, we are far from 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 a progressive capitalism that
will recreate a shared prosperity. Stiglitz shows how a decent
middle-class life can once again be attainable by all.
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Joseph E. Stiglitz
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