I knew that discrimination existed, even though there were many individuals who were not prejudiced. Joseph Stiglitz More Quotes by Joseph Stiglitz More Quotes From Joseph Stiglitz Our economy has not served large fractions of our population. Trump grasped that. And rather than saying, "What have we not done right?" he said, "It's those foreigners. Let's build a wall." He says globalization is unfair to the United States. Joseph Stiglitz economy wall done I often felt myself the lone voice in discussions suggesting that basic democratic principles be followed. I recommended that not only should workers' voices be heard, but they should actually have a seat at the table. You have the old boys' club discussing how the old boys' club should be reformed. Joseph Stiglitz lone discussion democratic When you think of policies that are going to address inequality of wealth, you have to be very thoughtful about what economists call "incidence of taxes." If most of the savings is being done by capitalists, and you tax the return on capital, then they will have less to invest. That would mean, over the long run, that the rate of interest would go up. That would therefore undo some of the intent to lower the income of capitalists. Joseph Stiglitz running mean thinking Finance ministers and central bank governors have the seats at the table, not labor unions or labor ministers. Finance ministers and central bank governors are linked to financial communities in their countries, so they push policies that reflect the viewpoints and interests of the financial community and barely hear the voices of those who are the first victims of dictated policies. Joseph Stiglitz voice community country Trump said we got snookered. That those agreements like NAFTA were the worst agreements ever and suggested that our trade negotiators were snookered by these smart negotiators from Mexico or Africa. It is laughable. I have watched these trade negotiations. We got what we wanted. Joseph Stiglitz negotiation worst smart Economists often like startling theorems, results which seem to run counter to conventional wisdom. Joseph Stiglitz results wisdom running The national debt will have increased by approximately 50% in just eight years! We will have created a new unfunded entitlement - disability and health care benefits for the huge number of disabled veterans returning from the Iraq war. Joseph Stiglitz veteran care war In the U.S., you couldn't have job creation with interest rates of 30 or 40 percent. They had a philosophy that said job creation was automatic. I wish it were true. Just a short while after hearing, from the same preachers, sermons about how globalization and opening up capital markets would bring them unprecedented growth, workers were asked to listen to sermons about "bearing pain." Wages began falling 20 to 30 percent, and unemployment went up by a factor of two, three, four, or ten. Joseph Stiglitz pain philosophy fall If you get a flow of credit increasing, as we've seen in the last few years - that flow of credit didn't go to more wealth accumulation as we normally use the term in economics, as capital goods. What you got is an increase in bubbles of one kind or another. Joseph Stiglitz wealth term kind There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists. Joseph Stiglitz winner air firsts We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation. Joseph Stiglitz giving people promise Now it is unambiguously clear that trickle-down economics does not work. But what does that mean? That means we have to structure our economic policies to make sure that we have shared prosperity. And you don't do that by giving a tax cut to the big winners and raising taxes on those who have not done very well. Your economic policy has to respond to the way our economic system has been working. Joseph Stiglitz cutting giving mean For the United States, our political system is clearly distorted. We have gerrymandering so that there is a situation where a million more voters who vote for Democrats, yet the House is controlled by the Republicans. So clearly, the way our Congress operates is important. The other big issue is the influence of money in politics. It's not only campaign contributions. People like Trump - either you become very dependent on your benefactors or you are very rich. Joseph Stiglitz political house people The analysis in the era of Ronald Reagan and Margaret Thatcher was that government was interfering with the efficiency of the economy through protectionism, government subsidies, and government ownership. Once the government "got out of the way," private markets would allocate resources efficiently and generate robust growth. Development would simply come. Joseph Stiglitz efficiency economy growth As a rich country, we can, in some sense, "afford" the war. But spending money on the war means that we are not spending money on other things that we could have spent the money on. Joseph Stiglitz war mean country Countries were told they had no incentives because of social ownership. The solution was privatization and profit, profit, profit. Privatization would replace inefficient state ownership, and the profit system plus the huge defense cutbacks would let them take existing resources and an increase in consumption. Worries about distribution and competition or even concerns about democratic processes being undermined by excessive concentration of wealth could be addressed later. Joseph Stiglitz competition worry country The proposal for a new global reserve currency - or Special Drawing Rights - is a good idea for many reasons. Yes, for the Chinese it would cushion any fall in the value of the dollar per se because it would only be part of a basket of other currencies, including the yen and the euro. Joseph Stiglitz chinese special fall Trump is particularly unfit to serve because he approaches these without any view of what the truth is, and he approaches these with an enormous amount of prejudice. You cannot begin saying we want to solve the problem when you have a mindset that is against the Mexicans, against Islamists. Joseph Stiglitz truth-is prejudice problem Anybody who knows about capitalism knows that bankruptcy is an essential part of capitalism. Joseph Stiglitz bankruptcy capitalism essentials Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them. Joseph Stiglitz inquiring poverty unemployment
