The top 1 percent of Americans control 40 percent of the nation's wealth. And, as Joseph E. Stiglitz explains, while those at the top enjoy the best health care, education, and benefits of wealth, they fail to realize that "their fate is bound up with how the other 99 percent live."
Stiglitz draws on his deep understanding of economics to show that growing inequality is not inevitable: moneyed interests compound their wealth by stifling true, dynamic capitalism. They have made America the most unequal advanced industrial country while crippling growth, trampling on the rule of law, and undermining democracy. The result: a divided society that cannot tackle its most pressing problems. With characteristic insight, Stiglitz examines our current state, then teases out its implications for democracy, for monetary and budgetary policy, and for globalization. He closes with a plan for a more just and prosperous future.
©2012 Joseph E. Stiglitz (P)2012 Tantor
I can think of little I gained from this listen. Most of us know why inequality is a problem. This author fails to project humility and that makes it hard to accept his ideas. I get the impression that if we gave this guy total control of our economy, he would be happy to take over. And then he would have a whole list of pedantic excuses for what went wrong when his policies failed. Like many elites, he seems prepared to do unjust things to achieve desired results--damn the repercussions. He thinks huge national debts are no problem. He may be the only economist who thinks that. He sees no reason to worry about runaway inflation. He thinks economic forces like that can always be brought under control and he sounds annoyed by people who think of economics in the traditional way. The reader is left feeling that economics is mysterious except to people like him.
The widening economic gap between the top 1% and the bottom 99% can be felt not just in America but also around the world.
Stiglitz' analysis of inequality that is made worse by rent-seeking, restricted social mobility and erroneous macroeconomic policies are enlightening.
I'm not an economics practitioner, but I greatly appreciate this Stiglitz' masterpiece.
The book makes a lot of good points, asks good questions and instead of just complaining offers solutions.
But it could have been shorter. Several times I'd stop to double check that I somehow didn't rewind the book because I'd heard that section before.
This book remains a very important analysis of the economic malfeasance of the US banking sector and the failure of oversight by government. It is tough going because Stiglitz is writing for an informed audience and expects his readers to keep up. He comes across as partisan but doles out equal blame onto the Reagan, Clinton, Bush, and Obama administrations -- the last one for its utter failure in the banks bail-out in 2008. He is equally critical of the Federal Reserve with its preference for large corporate and financial institutions rather than people.
Everyone should read this, and Americans should vote Sanders as the best chance of getting any of it implemented.
I would have enjoyed this better if the author discussed the impact on the lower class from a socio-economic standpoint vs. economic only.
The bullet points presented were very one sided, I understand where the author is coming from and sympathize with many of the points but I was looking for more of a non-skewed presentation versus opinion.
there a lot to this book. i like some of it and some of it scary me. that being said this book should be read.
Accessible to both the academic and layperson, this book critiques American political economy, the devastating and anti-democratic effects of our vast inequality, and outlines corrective measures that could be taken.
If you liked Krugman's "Conscience of a Liberal" or "End this Depression Now," you will likely enjoy this book.
The reading is well-done and lively--no droning monotone here.
Stiglitz lays out a compelling view of our increasingly unequal society. Causes, implications, and how we might address the problems are discussed with clarity. While this issues from the "liberal" side of the political spectrum - it is one to read if a balanced view of our current political debate is desired.
This is a very subjective piece that attacks Capitalism and Republicans and generally exonerates the left.There is plenty of blame to go around. The author starts with his conclusion and justifies it with selected facts. I was hoping for an objective piece and this was very disappointing.
The whiney narration emphasized the tone of the book!
I struggled in the sixties to get a college education, barely graduated, spent a life in the phone company as a technician in a call center.
Well-researched, well-written, well-read. The book covers every important area of the USA that is in the current events, every major problem of the existing democracy, every cause of the problems, and gives many good solutions.
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