The attacks on democracy and freedom 'have never been greater in my lifetime,' warns Nobel Prize-winning economist Joseph Stiglitz.
It's a question Joseph Stiglitz , winner of the Nobel Memorial Prize in Economic Sciences, is asking everyone, in this fraught moment in history."My ultimate objective in this book is to understand what kind of an economic, political, and social system is most likely to enhance the freedoms of most citizens, including by appropriately drawing the right boundaries on freedoms, constructing the right rules and regulations, and making the right trade-offs," he writes.
In 2011, 13 years ago, he explained how the severe growth in wealth inequality, if left unchecked, would keep feeding on itself and drive further inequality and division in politics."As our economic system is seen to fail for most citizens, and as our political system seems to be captured by moneyed interests, confidence in our democracy and in our market economy will erode along with our global influence," he warned.
He talks about the importance of someone's "opportunity set" — the set of options available to someone during their life, given the resources at their disposal — and how it determines theirand what can be gained by good economic and social systems that provide someone with the freedom to live up to their potential.
"The system that evolved in the last quarter of the twentieth century on both sides of the Atlantic came to be called"'Liberal' refers to being 'free', in this context, free of government intervention including regulations. The 'neo' meant to suggest that there was something new in it. "Hayek's famous book The Road to Serfdom claimed that a too-big state was paving the way to our loss of freedom.
"This battle for hearts and minds is everywhere. I firmly believe that democracies and free societies can provide for their citizens far more effectively than authoritarian systems. However, in several key areas, most notably in economics, our free societies are failing. Aussie Sinead Diver out injured after a kilometre of women's marathon to kick off final day of Paris Olympics
Milton Friedman Friedrich Hayek Nobel Prize In Economics Wealth Inequality Neoliberalism Income Inequality Fascism Populism Economic Populism John Maynard Keynes The Road To Freedom Economic Freedom
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