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Joseph E. Stiglitz

The Roaring Nineties: A New History of the World's Most Prosperous Decade Paperback – October 17, 2004

by Joseph E. Stiglitz (Author)

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How one of the greatest economic expansions in history sowed the seeds of its own collapse.

With his best-selling Globalization and Its Discontents, Joseph E. Stiglitz showed how a misplaced faith in free-market ideology led to many of the recent problems suffered by the developing nations. Here he turns the same light on the United States.

The Roaring Nineties offers not only an insider's illuminating view of policymaking but also a compelling case that even the Clinton administration was too closely tied to the financial community―that along with enormous economic success in the nineties came the seeds of the destruction visited on the economy at the end of the decade.

This groundbreaking work by the Nobel Prize-winning economist argues that much of what we understood about the 1990s' prosperity is wrong, that the theories that have been used to guide world leaders and anchor key business decisions were fundamentally outdated. Yes, jobs were created, technology prospered, inflation fell, and poverty was reduced. But at the same time the foundation was laid for the economic problems we face today. Trapped in a near-ideological commitment to free markets, policymakers permitted accounting standards to slip, carried deregulation further than they should have, and pandered to corporate greed. These chickens have now come home to roost.

The paperback includes a new introduction that reviews the continued failure of the Bush administration's policies, which have taken a bad situation and made it worse.

Print length

448 pages
Language

English
Publisher

W. W. Norton & Company
Publication date

October 17, 2004
Dimensions

5.5 x 1.1 x 8.3 inches
ISBN-10

0393326187
ISBN-13

978-0393326185
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Editorial Reviews

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A powerfully argued brief...about the lessons to be gleaned from the new-economy bubble. "

An excellent primer. "

In this groundbreaking work, Stiglitz argues that much of what we understood about '90s prosperity is wrong, that the theories are outdated. "

Joe Stiglitz is the economist I want guarding my back if a bloody firefight is about to break out with free-market fundamentalists. --John Leonard"

Solidly rooted in [Stiglitz's] path-breaking work on the economics of risk and information. "

Stiglitz brings unsurpassed expertise and an insider's perspective to the subject of corporate greed. "

An excellent primer.

"In this groundbreaking work, Stiglitz argues that much of what we understood about '90s prosperity is wrong, that the theories are outdated."

About the Author

Joseph E. Stiglitz is a Nobel Prize–winning economist and the best-selling author of Globalization and Its Discontents Revisited: Anti- Globalization in the Age of Trump, The Price of Inequality, and Freefall. He was chairman of the Council of Economic Advisers under President Clinton, chief economist of the World Bank, named by Time as one of the 100 most influential individuals in the world, and now teaches at Columbia University and is chief economist of the Roosevelt Institute.

Product details

Publisher ‏ : ‎ W. W. Norton & Company; Reprint edition (October 17, 2004)
Language ‏ : ‎ English
Paperback ‏ : ‎ 448 pages
ISBN-10 ‏ : ‎ 0393326187
ISBN-13 ‏ : ‎ 978-0393326185
Item Weight ‏ : ‎ 13.9 ounces
Dimensions ‏ : ‎ 5.5 x 1.1 x 8.3 inches

Best Sellers Rank: #1,029,515 in Books (See Top 100 in Books)
- #1,323 in Globalization & Politics
- #1,349 in International Economics (Books)
- #1,516 in Economic Policy

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Joseph E. Stiglitz

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Joseph E. Stiglitz is a professor of economics at Columbia University and the recipient of a John Bates Clark Medal and a Nobel Prize. He is also the former senior vice president and chief economist of the World Bank. His books include Globalization and Its Discontents, The Three Trillion Dollar War, and Making Globalization Work. He lives in New York City.

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Wolver

Colorful portrait of the last decade of "irrational exuberance"

Reviewed in the United States on May 16, 2014

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This book is particularly important to understand part of the financial situation the world is living under nowadays. Joseph Stiglitz, former economic adviser to Clinton's Administration and former Director of the World Bank, gives us an inside view of what was happening in the nineties to heat up the economic momentum being created by the advent of the technological breakthroughs.

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.

One person found this helpful

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Siegfried Sutterlin

worthy of being read but misses major elements

Reviewed in the United States on January 18, 2006

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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. For the general public, it is highly beneficial to become familiarized with the inside story of the Clinton administration's successes and failures. The book is almost a psychocatharsis and written with commendable moral outrage over the most massive corporate and Wall Street corruption in all of modern economic history. Hundreds of billions were stolen from millions of Americans in a stock market mania worse than tulip mania in Holland 350 years ago. At least, the buyer of the tulip had a nice flower at a price of the most expensive mansion in all of Amsterdam while the millions who bought shares of corporations which did not produce anything and would never produce anything had nothing.

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.

5 people found this helpful

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James Klagge

Essential reading now...

Reviewed in the United States on January 21, 2005

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if you want to know what's happening in the economy. Excellent, non-partisan job of showing what went right and what went wrong in the '90's, and what we need to think about as we move into the 21st century. In particular it is helpful for thinking about how economics and politics interconnect. There are many value judgements that need to be made, politically, that cannot be determined purely economically.

2 people found this helpful

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Paul Hanrahan

Provided a unique insiders view of the economics of the ...

Reviewed in the United States on May 3, 2016

Verified Purchase

Provided a unique insiders view of the economics of the nineties. The nineties were a particularly disastrous decade for the US as a country from a finance and accounting perspective. Also disastrous in terms of earning power and stability for American workers.

Helpful

K

I particularly enjoyed the first chapter on Clinton's budget cut policy and ...

Reviewed in the United States on June 1, 2015

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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. However, the other chapters are all about how we screwed up deregulations, how we are unfair on international trades, etc. I'm sure the author has provided some meaning insights, given that he is an insider during the Clinton era. But the topics are not quite interesting to a typical finance/business students and the points get repetitive sometimes.

Reviewed in the United States on March 17, 2017

Verified Purchase

Readable account of the financial picture of the era of President Clinton and Wall St and the country.

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Mr. K. Donnellon

Four Stars

Reviewed in the United Kingdom on August 12, 2015

Verified Purchase

Interesting

Amazon Kunde

spannendes Buch

Reviewed in Germany on April 28, 2016

Verified Purchase

Jedem zu empfehlen der ein wenig hinter die Fassade der Finanzbranche schauen will.
Spannendes Buch erfüllt meine Erwartungen völlig. Danke

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Gianluca Campioni

conversational

Reviewed in Italy on November 28, 2013

Verified Purchase

the book does not explore the links between markets and stiglitz too often seeks to apologize to the work of the Clinton's administration

recluse

ばかがつくくらい、”まじめな”学者の著作です

Reviewed in Japan on November 7, 2003

Verified Purchase

一読して持った印象は、彼はまじめなアメリカ人だなということです。日本でいえば、ベトナム反戦の団塊の世代の人です。この本もメモアールというよりは、彼が取り上げたかったいくつかの話題を、自分のCouncil of Economic Advisers時代の経験を取り上げながら、結果としては、市場原理主義に流れた90年代を悔恨も含めながら振り返っています。かなりの部分は、Globalisation and Its Discontentsとダブります。情報の非対称が不可避的に発生する現代の仕組みの中で、正しいインセンティブの仕組みを作らないと、どれほどグロテスクな現象を引き起こすかを、アメリカの経験をたどりながら、克明に跡付けています。最近のKlugmanの著作と同じで、底流には、現在のBush政権への、強い批判があるようです。

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