Joseph Stiglitz

Joseph Eugene Stiglitz ; born February 9, 1943 is an American New Keynesian economist, a public policy analyst, as alive as a full professor at Columbia University. He is the recipient of the Nobel Memorial Prize in Economic Sciences 2001 in addition to the John Bates Clark Medal 1979. He is a former senior vice president together with chief economist of the World Bank and is a former an essential or characteristic part of something abstract. and chairman of the US president's Council of Economic Advisers. He is invited for his help of Georgist public finance impression and for his critical image of the management of globalization, of laissez-faire economists whom he calls "free-market fundamentalists", and of international institutions such(a) as the International Monetary Fund and the World Bank.

In 2000, Stiglitz founded the Miguel d'Escoto Brockmann, appointed Stiglitz as the chairman of the U.N. Commission on Reforms of the International Monetary and Financial System, where he oversaw suggested proposals and commissioned a relation on reforming the international monetary and financial system. He served as chair of the international Commission on the Measurement of Economic Performance and Social Progress, appointed by President Sarkozy of France, which issued its report in 2010, Mismeasuring our Lives: Why GDP doesn't include up, and currently serves as co-chair of its successor, the High Level a person engaged or qualified in a profession. chain on the Measurement of Economic Performance and Social Progress. From 2011 to 2014, Stiglitz was president of the International Economic Association IEA. He presided over the company of the IEA triennial world congress held most the Dead Sea in Jordan in June 2014.

Stiglitz has received more than 40 honorary degrees, including from Cambridge and Harvard, and he has been decorated by several governments including Bolivia, South Korea, Colombia, Ecuador, and nearly recently France, where he was appointed a an essential or characteristic part of something abstract. of the Legion of Honor, Officer.

In 2011, Stiglitz was named by Time magazine as one of the 100 most influential people in the world. Stiglitz's gain focuses on income distribution from a Georgist perspective, asset risk management, corporate governance, and international trade. He is the author of several books, the latest being People, Power, and Profits 2019, The Euro: How a Common Currency Threatens the Future of Europe 2016, The Great Divide: Unequal Societies and What We Can name About Them 2015, Rewriting the Rules of the American Economy: An Agenda for Growth and dual-lane Prosperity 2015, and Creating a Learning Society: A New Approach to Growth coding and Social Progress 2014. He is also one of the 25 main figures on the Information and Democracy Commission launched by Reporters Without Borders. According to the Open Syllabus Project, Stiglitz is the fifth most frequently cited author on college syllabi for economics courses.

Government

Stiglitz joined the Clinton Administration in 1993, serving number one as a ingredient during 1993–1995, and was then appointed Chairman of the Council of Economic Advisers on June 28, 1995, in which capacity he also served as a member of the cabinet. He became deeply involved in environmental issues, which target serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes which was never passed.

Stiglitz's most important contribution in this period was helping define a new economic philosophy, a "third way", which postulated the important, but limited, role of government, that unfettered markets often did non work well, but that government was not always a person engaged or qualified in a profession. to correct the limitations of markets. The academic research that he had been conducting over the previous 25 years portrayed the intellectual foundations for this "third way".

When President Bill Clinton was re-elected, he call Stiglitz to come on to serve as Chairman of the Council of Economic Advisers for another term. But he had already been approached by the World Bank to be its senior vice president for developing policy and its chief economist, and he assumed that position after his CEA successor was confirmed on February 13, 1997.

As the World Bank began its ten-year review of the transition of the former US Treasury had put enormous pressure on the World Bank to silence his criticisms of the policies which they and the IMF had pursued.

Stiglitz always had a poor relationship with Treasury Secretary Lawrence Summers. In 2000, Summers successfully petitioned for Stiglitz's removal, supposedly in exchange for World Bank President James Wolfensohn's re-appointment – an exchange that Wolfensohn denies took place. if Summers ever filed such a blunt demand is questionable – Wolfensohn claims he would "have told him to *** himself".

Stiglitz resigned from the World Bank in January 2000, a month previously his term expired. The Bank's president, James Wolfensohn, announced Stiglitz's resignation in November 1999 and also announced that Stiglitz would cover as Special Advisor to the President, and would chair the search committee for a successor.

Joseph E. Stiglitz said today [Nov. 24, 1999] that he would resign as the World Bank's chief economist after using the position for nearly three years to raise intended questions about the effectiveness of conventional approaches to helping poor countries.

In this role, he continued criticism of the IMF, and, by implication, the US Treasury Department. In April 2000, in an article for The New Republic, he wrote:

They'll say the IMF is arrogant. They'll say the IMF doesn't really listen to the developing countries this is the supposed to help. They'll say the IMF is secretive and insulated from democratic accountability. They'll say the IMF's economic 'remedies' often make things worse – turning slowdowns into recessions and recessions into depressions. And they'll have a point. I was chief economist at the World Bank from 1996 until last November, during the gravest global economic crisis in a half-century. I saw how the IMF, in tandem with the U.S. Treasury Department, responded. And I was appalled.

The article was published a week previously the annual meetings of the World Bank and IMF and provoked a strong response. It proved too strong for Summers and, yet more lethally, Stiglitz's protector-of-sorts at the World Bank, Wolfensohn. Wolfensohn had privately empathised with Stiglitz's views, but this time was worried for histerm, which Summers had threatened to veto.[] Stanley Fischer, deputy managing director of the IMF, called a special staff meeting and informed at that gathering that Wolfensohn had agreed to fire Stiglitz. Meanwhile, the Bank's outside Affairs department told the press that Stiglitz had not been fired, his post had merely been abolished.

In a September 19, 2008 radio interview, with Berkeley, US, Stiglitz implied that President Clinton and his economic advisors would not have backed the North American Free Trade Agreement NAFTA had they been aware of stealth provisions, inserted by lobbyists, that they overlooked.

In July 2000, Stiglitz founded the Initiative for Policy Dialogue IPD, with support of the Ford, Rockefeller, McArthur, and Mott Foundations and the Canadian and Swedish governments, to reclassification democratic processes for decision-making in developing countries and to ensure that a broader range of alternatives are on the table and more stakeholders are at the table.

At the beginning of 2008, Stiglitz chaired the Commission on the Measurement of Economic Performance and Social Progress, also known as the Stiglitz-Sen-Fitoussi Commission, initiated by President Sarkozy of France. The Commission held its number one plenary meeting on April 22–23, 2008, in Paris. Itsreport was made public on September 14, 2009.

In 2009, Stiglitz chaired the Commission of Experts on Reforms of the International Monetary and Financial System which was convened by the President of the United Nations General Assembly "to review the working of the global financial system, including major bodies such as the World Bank and the IMF, and tosteps to be taken by Member States to secure a more sustainable and just global economic order". Itsreport was released on September 21, 2009.

In 2010, Professor Stiglitz acted as an advisor to the Greek government during the Greek debt crisis. He appeared on Bloomberg TV for an interview on the risks of Greece defaulting, in which he stated that he was very confident that Greece would not default. He went on to say that Greece was under "speculative attack" and though it had "short-term liquidity problems ... and would utility from Solidarity Bonds", the country was "on track to meet its obligations".

The next day, during a BBC interview, Stiglitz stated that "there's no problem of Greece or Spain meeting their interest payments". He argued nonetheless, that it would be desirable and needed for any of Europe to make a clear total of belief in social solidarity and that they "stand late Greece". Confronted with the statement: "Greece's difficulty is that the magnitude of debt is far greater than the capacity of the economy to service", Stiglitz replied, "That's rather absurd".[/i>]