Joseph E.Stiglitz received the Nobel Prize in Economics in 2001. He is Professor of Economics and Finance at Columbia. The author of Globalization and Its Discontents, he has been Chief Economist and Senior Vice President of the World Bank and Chairman of the Council of Economic Advisers. (March 2003)

Bush’s Tax Plan—The Dangers

“Seldom have so few gotten so much from so many.” That might be the motto of President Bush’s proposed tax cuts. As the nation entered the new millennium, it faced three problems. First, the economy was slowly going into a recession, with a stock market bubble about to burst. Second, …

A Fair Deal for the World

The world of international finance and economics is astonishing. What would seem to be basic, and even obvious, principles often seem contradicted. One might have thought that money would flow from rich countries to the poor countries; but year after year, exactly the opposite occurs. One might have thought that …