- Hardcover: 256 pages
- Publisher: W. W. Norton & Company; 1 edition (October 1, 2003)
- Language: English
- ISBN-10: 0393058522
- ISBN-13: 978-0393058529
- Product Dimensions: 9.8 x 6.7 x 1.4 inches
- Shipping Weight: 1.6 pounds
- Average Customer Review: 27 customer reviews
- Amazon Best Sellers Rank: #1,317,686 in Books (See Top 100 in Books)
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 mobile phone number.
Other Sellers on Amazon
+ $3.99 shipping
The Roaring Nineties: A New History of the World's Most Prosperous Decade Hardcover – October 1, 2003
This month's Book With Buzz: "The Lying Game" by Ruth Ware
From the instant New York Times bestselling author of blockbuster thrillers "In a Dark, Dark Wood" and "The Woman in Cabin 10" comes Ruth Ware’s chilling new novel, "The Lying Game." See more
Customers who viewed this item also viewed
Customers who bought this item also bought
From Publishers Weekly
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.
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
Top customer reviews
It is an excellent book with honest views, though it fails to consider two variants in its political economy equation: 1. The large role of media in feeding hypes (and who owns the media); and 2. Where the Venture Capital money was coming from. Since the book comments more on the macroeconomic effects of public policies of financial deregulation, it does not get much into the zeitgeist of the west coast digital frenzy and "high-tech evangelist" talk in connection with the "suits", an important aspect of the psychological (cultural) side of economics. This I find now reading Capital and Language, by Christian Marazzi.
The Roaring Nineties is a great chapter of the political economy of the end of the twentieth century, giving us a great basis to reflect upon the developments thereafter in the XXI Century, such as the 2007/2008 financial meltdown whose bad effects still linger today in many places in the world, seven years later.
Stiglitz deserves commendation for describing the institutionalized theft on part of Enron, WorldCom et al. and Wall Street. He makes the case that the recovery under Clinton was not the result of deficit reduction, describes the massive accounting frauds, deals with globalizations and informs us of the various improvements under Clinton as well as its failures and the many causes of the stock market bubble of the roaring nineties. He attempts a balanced and fair approach, yet misses one of the major causes of the economic expansion of the nineties, namely the massive reallocation of resources away from military spending to non-military spending in the form of tax reduction allowing more consumer spending and in the form of redirecting gov't spending to refurbishing infrastructure. This involved hundreds of billions of dollars and fueled the roaring nineties. In other words, the Clinton adminstration, as a result of the collapse of communism, was able to put the priority on domestic development while the Bush II administration again put the priority on foreign policy over domestic policy which will continue and accelerate the relative economic decline of America.
Even Ireland's GDP is now 20 percent above the U.S. and Norway's is close to 60 percent wealthier than the U.S. Stiglitz misses this major element that the U.S. economy never has been anywhere as wealthy nor as capitalistic as we all assume it to have been. The private sector has always been heavily socialistic-collectivistic in the U.S. while the European public sector, though more socialistic-collectivistic, has nevertheless allowed more truly capitalistic processes to make the masses wealthier and allow them to live in far nicer human habitation than those who live in slumerica in hovels, shacks, trailer homes and decayed towns and cities. And this is achieved with far fewer resources in the advanced economies of Europe and Japan. Any cursory examination of comparative family/household net worth, which has not been growing at all in the U.S. for many decades, will show that EU net worth outmatches America's by far and has been growing in spite of lower GDP growth and far fewer resources.
Essentially, Stiglitz missed the important fact that wealth in the U.S. has shifted from family/individual control to bureaucratic control as is in evidence to anyone traveling from coast to coast and from the Canadian to Mexican borders. Moreover, Stiglitz, while he touches upon educational shortcomings, needs to stress the fact that bureaucracies in the U.S. do not institutionalize excellence on a level comparable to foreign economies, and most of them have divorced themselves from economic realities and have become a burden for society, viz. the military, educational, medical, political, even religious bureaucracies all, more or less, are culpable of this. Essentially, the U.S. has not done a lot with a lot of resources while Japan, Singapore, most advanced economies of the EU, etc. all have done a lot with few resources and have a state of human habitation far outmatching the filth and squalor that characterizes most of the U.S. Moreover, and this is part of advanced economic comparative analysis, those who are wealthy in the U.S. ever more retreat to securitized and gated communities which have increased from 2000 to 20,000 in 50 years or so. Those who retreat to them exercise a vote of no confidence to the overall economic evolution and, what is worse, they tend to produce products that do not pull the masses out of their squalor but rather abet their worsening economic fate, unlike what this frequent traveler to Europe sees over there. In Austria, Germany, and Switzerland, many towns match, are close to or exceed the wealth and beauty of Vail, Colorado, one of the premier resorts of the U.S. Moreover, the average EU worker works more than two months less each year than the average U.S. worker, though the latter has little or no upward mobility and no growing net worth for decades. A growing and worsening spatial-organizational pattern also prevents improvement for the masses since transportation costs are growing and now consume 23 percent of take-home pay. Essentially, a massive economic tragedy has unfolded in the U.S. which Stiglitz, unfortunately, completely missed. Lastly, the book would have benefited from better editorial proofreading which could have eliminated repetition and irrelevant editorializing and some mistakes such as citing, in a footnote, Senator Dole as being from Nebraska instead of Kansas.
Stiglitz quite correctly focuses on two major elements throughout his book: l. the asymmetry of knowledge in various markets and 2. the search for a proper balance between government and markets which he views to have gone too far in de-regulations. Both deserve the attention he gives them.
Stiglitz's well written book examines the process of creation and the decay and corruption that can help undo these bursts of economic activity. Stiglitz doesn't point the finger at any one group of individuals more than another--he feels comfortable doling out the blame where it belongs and Washington is just as much a target as corporate America. Without the political stilts to support economic circus we all participate in, it would never happen. As a reflection on what's wrong (and occasionally right) with America's political and economic system, The Roaring Nineties is unstinting look at the harshness and ugliness underneath the system. It's also a book that argues for reform in a way to keep the economy moving without allowing criminal profiteering.