![Globalization and Its Discontents by Stiglitz, Joseph E. 1st (first) Edition [Paperback(2003)]](https://images-na.ssl-images-amazon.com/images/I/517r4xKdrgL._AC_UL160_SR160,160_.jpg)
To his credit Stieglitz paints an all too accurate picture of the failings of globalism including the exacerbation of wealth accumulated on the banking, investment, multinational side of the market. Thomas Piketty describes these investment dollars growing faster than income as well, but neither fully appreciate the sized of the liquidity drain from the consumer side off the market.
Stieglitz takes the optimistic position that globalism can be fixed and fixed in such a way as to protect those who are adversely effected by the outsourcing of jobs and manufacturing including services and loss of discretionary purchasing power. He would do so with tax credits and entitlements, however. That alone confirms that globalism is not just a contemporary failure but structurally flawed and unsustainable.
The book contains extensive and I would say unsubstantiated slanderous accusations against President Trump that clouds the otherwise credible evaluations of the economy. Don’t get me wrong, this appears to be the only economist willing to acknowledge the actual damage done by globalism.
In listing solutions to the problems with globalization, Stieglitz faces the issue of maldistribution of capital and suggests tax reform. He does not go to the extent of taxing capital as per Piketty’s current campaign in France, but he does voice the need to tax high income, capital gains and inheritance.
“Taxation is not just a matter of fairness: carrying out other parts of a successful government program to combat the adverse affects of globalization will require more revenues.”
This updated analysis of globalization remains a must read for credible acknowledgement of the problems with globalism in its present form and for any appreciation for the reasons for its demise.
It’s not anti imagination neo-tribalism or uneducated populism but a democratic election for an end to what has not worked for over 44 years. Populism among citizens expressed at the pols equals democracy
Free trade in the time of Adam Smith did not include unbalanced trade or high tech strategic concerns, nor did he say it would work in all cases; however, It did include colonialism. Globalism has been from the start just another way for banks and multinationals to engage in the basic art of pillage and plunder. Our own citizens were victims with a massive transfer of wealth from the consumer’s market liquidity to the new oligarchs of the manufacturing and investment side — a must read.
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