This devastating and inspiring book, by one of the world's leading economic thinkers, lays out not only the course of the financial crisis which began in 2007, but its underlying causes, and shows why much more radical reforms are needed than are currently being contemplated if we are to avoid similar 'systemic' crises in the future. It shows why the bailout has been only marginally effective and how it could have been much more so, and outlines the enormous opportunity - not yet taken - to design a new global financial architecture. It is highly critical of many of the actions not only of George Bush's administration, but also of Barack Obama's. It shows why the bulk of the cost of recovery should be borne by those in the financial sector - not just for reasons of natural justice, but for compelling economic reasons also. More than any of this, it reminds readers to think constantly about what economies are for, and the human purposes they serve.
Freefall is an instant classic, combining an enthralling whodunit account of the current crisis with a bracing discussion of the broader economic issues at stake.
"…In the circumstances, it is hardly surprising that Freefall reeks of "I told you so". Stiglitz has waited a long time for his views to be vindicated and was not going to spurn the opportunity to settle some scores. Some of the targets are obvious enough – corporate welfare for Wall Street, George Bush's tax breaks for the rich, the failed nostrums from the Chicago school of free-market economists. But he also finds time for some personal revenge.
…He concludes the book by asking: "Will we seize the opportunity to restore our sense of balance between the market and the state, between individualism and the community, between man and nature, between means and ends?" Faced with a similar set of circumstances in the 30s, the New Deal generation of Roosevelt proved ready to meet the challenge. Stiglitz clearly doubts whether Obama is made of the same stern stuff.” – Larry Elliott, The Guardian, Saturday 30 January 2010
Joseph E. Stiglitz
Joseph Eugene Stiglitz, (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.
In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has been a University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Stiglitz is an honorary doctor of Durham Business School, an honorary doctor at the Charles University, an honorary professor at Tsinghua University School of Public Policy and Management and a member of the Executive and Supervisory Committee (ESC) of CERGE-EI in Prague. Stiglitz is one of the most frequently cited economists in the world.
Личен сайт: http://www.josephstiglitz.com/