China, with its large emerging middle class, is among the big beneficiaries of globalization. Joseph Stiglitz More Quotes by Joseph Stiglitz More Quotes From Joseph Stiglitz The problem with NAFTA was with what we wanted. And there, the agenda had been set by our corporations. So what is true is that workers in the United States and workers in the developing countries were often disadvantaged. They were worse off. The big winners were our corporations. Joseph Stiglitz winnerproblemcountry Temporary nationalization of the banks that are in very bad shape would mean basically that the government is the temporary owner. I always believe that the government should focus on its comparative advantages, and banking is not one of them. It should, therefore, if it nationalizes banks, sell them back to the private sector. Joseph Stiglitz governmentmeanbelieve Wall Street banks have used the same tactic that Bush used in the war on terror - fear - and they've basically said that if you don't do what we tell you, the sky will fall. If you don't do what we tell you, it will be the end of capitalism as we know it. The failure of Lehman Brothers lent some credence to those fears. Joseph Stiglitz wallbrotherwar If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system? Joseph Stiglitz stabilityefficiencyassurance For 60 years, since World War II, we have been trying to create a rules-based system, a global economic system. We understand that what makes our economy function is what we call the rule of law, and what is true domestically is also true internationally. It is important to have rules by which we govern our relations with other countries. Joseph Stiglitz importantwarcountry You saw on your TV what happened in New Orleans after Hurricane Katrina. The Reserves or National Guard are usually the people we use for those national emergencies. They weren't here, they were over in Iraq, and so we were less protected. Joseph Stiglitz iraqnew-orleanspeople The fact that the government had to put up hundreds of billions of dollars to Citibank in guarantees was a public declaration that Citibank was a mess. Making Citibank go through financial restructuring would not have conveyed any more different information. So it's very hard to see why it would have had that kind of a panic if it were done well. Joseph Stiglitz dollarsgovernmentdifferent In debate, one randomly was assigned to one side or the other. This had at least one virtue - it made one see that there was more than one side to these complex issues. Joseph Stiglitz debateissuessides We noted the psychological problems facing many of the returning from Iraq veterans - of the 700,000 returning veterans, more than a 100,000 have been diagnosed with problems, but the numbers are likely to get worse, as those with multiple deployments return. We should have valued the loss of life as a result of these suicides, using the same procedures we used for the loss of those who died in combat. Joseph Stiglitz deploymentsuicideloss I find it scandalous not only that there was so little discussion of the costs of the Iraq war before we went to war - this was, after all, a war of choice - but even five years into the war, the Administration has not provided a comprehensive accounting of the war. Joseph Stiglitz iraq-warchoiceswar Policies seemed almost deliberately designed to suppress new enterprise and job creation. How many Americans will start a business if the interest rates are 150 percent? Joseph Stiglitz enterprisecreationinterest Neo-liberal market fundamentalism was always a political doctrine serving certain interests. It was never supported by economic theory. Nor, it should now be clear, is it supported by historical experience. Joseph Stiglitz The fall of Wall Street is for market fundamentalism what the fall of the Berlin Wall was for communism. Joseph Stiglitz What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources. Joseph Stiglitz separatesgapresourcesknowledge We could have managed globalization in ways that ordinary citizens would have benefited rather than just the corporations. Trade is beneficial. There are gains to be had from taking advantage of comparative advantage and specialization. That's true, if you manage globalization right. Joseph Stiglitz truejustyouglobalization If there is a silver lining in the Trump cloud, it is a new sense of solidarity over core values such as tolerance and equality, sustained by awareness of the bigotry and misogyny, whether hidden or open, that Trump and his team embody. Joseph Stiglitz newequalitytoleranceteam President Trump sees the world in transactional and zero-sum terms - if something is good for China, it must be bad for the U.S. By contrast, economists see the world in much more nuanced ways: if globalization is well-managed, it can be a positive-sum game, where both the U.S. and China gain; if it is badly managed, it can be negative-sum. Joseph Stiglitz gamegoodglobalizationworld To maximise global social welfare, policymakers should strongly encourage the diffusion of knowledge from developed to developing countries. Joseph Stiglitz encouragewelfaresocialknowledge Society can't function without shared prosperity. Joseph Stiglitz withoutfunctionprosperitysociety Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.' Joseph Stiglitz betterglobalizationvotepolitics
