Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your email address or mobile phone number.
As an economic adviser to President Clinton and a World Bank official, Nobel Prize winner Stiglitz (Globalization and Its Discontents) had a front-row seat for the financial boom of the 1990s. He discusses how, contrary to all theory, reducing the national deficit led to the economic upswing, but his interest lies not in how the bubble happened but in those qualities that eventually led to its collapse. One of his chief arguments is that although efficient markets depend upon the free flow of information, deregulation enabled corporations like Enron to present distorted financial data, "stealing money from their unwary shareholders" in the process. Financial analysts also withheld frank assessments from investors to maintain their insider status, and the "conflicts of interest gone out of control" inevitably led to disaster. The book suggests Federal Reserve chairman Alan Greenspan could have slowed things down, but failed to back up tentative public remarks with firm action. The Clinton administration also comes in for some of the blame for pressuring foreign countries to adopt policies it wouldn't apply to its own economy. But the largest portion of the blame is doled out to George W. Bush for mishandling the initial stages of the recession, allowing it to spiral dangerously in the name of free markets. Instead, Stiglitz calls for just enough regulation to promote what he dubs "Democratic Idealism," a fairly standard liberal platform of social justice and economic reform. Whatever one thinks of his long-term goals, the straightforward and well-reasoned summation of the last decade's market trends has a convincing ring of truth.
Copyright 2003 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Stiglitz, a Nobel Prize-winning economist and academic who served in the Clinton administration, reflects on his experiences in Washington and what he learned there. Among his many themes, he declares his beliefs that government should play a major (if limited) oversight role in the markets and that it should be an advocate for social justice. He feels that the rule of finance in the 1990s was supreme and government deferred too much to Wall Street; the prosperity and growth of that decade laid the foundation for today's economic problems, including too much deregulation, inadequate accounting standards, and pandering to corporate greed. Issues of globalization concern him greatly, and he analyzes the current situation in America and other developed countries and suggests future action. Although critical of Clinton-era policies, he reserves much harsher analysis for both Bush administrations. Stiglitz believes that citizens must understand the basic issues confronting our society and the way their government works; this book^B is an excellent primer. Mary Whaley
Copyright © American Library Association. All rights reserved --This text refers to an out of print or unavailable edition of this title.
The first few chapters are very engaging. As a finance student, I particularly enjoyed the first chapter on Clinton's budget cut policy and how it helped recover the economy. Read morePublished 4 months ago by K
This book is particularly important to understand part of the financial situation the world is living under nowadays. Read morePublished 17 months ago by Wolver
The main (and very important critique) of this book is its lack of an explanation as to how and why the economy of the nineties evolved and how and why it eventually led to a... Read morePublished on March 2, 2009 by Yoda
Joseph Stiglitz, formerly Chief Economist at the World Bank, has written a fierce attack on finance capital. Read morePublished on January 15, 2009 by William Podmore
A nice critique of Rubinomics from the worlds best liberal economist. A little dated now, but as a history of Bill Clinton's economic policy, it works well. Read morePublished on February 17, 2008 by Dave G
That is what the 90's was all about according to this book; specifically easy money that came about due to speculation, easy credit laws, and loosened federal regulations of the... Read morePublished on July 8, 2006 by Newton Ooi
Joseph Stiglitz's analysis of the national and international social and economic policies of the Bush II governments is devastating. Read morePublished on February 23, 2006 by Luc REYNAERT
Stiglitz's book is delighful and easy reading. He has a boyish, if not at times a child-like, self-absorbed style which entertains but also becomes too often repetitive. Read morePublished on January 18, 2006 by Siegfried Sutterlin
All together an absolutely riveting book put together by someone who's seen it all and been there. Few academics, indeed very few, have had the ringside view as Joseph Stiglitz... Read morePublished on January 5, 2006 by Sutirtha Bagchi