Joseph E. Stiglitz is a University Professor at Columbia, a co-recipient of the 2001 Nobel Memorial Prize in economics, and the former chairman of President Clinton’s Council of Economic Advisers. His most recent book, People, Power, and Profits: Progressive Capitalism for an Age of Discontent (2019), is now available in paperback. (April 2020)

IN THE REVIEW

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

On Globalization

by George Soros
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 …

NYR DAILY

A Lasting Remedy for the Covid-19 Pandemic’s Economic Crisis

Notes of held by White House coronavirus response coordinator Deborah Birx during the Task Force’s daily briefing on the morning the government reported an unprecedented 6.6 million jobless claims due to the pandemic, Washington, D.C., April 2, 2020

With so many Americans living paycheck to paycheck—with less than $500 in their bank accounts—it is imperative that money gets to them quickly. The president promised “two weeks.” It took two weeks to pass the legislation, and now the US Treasury Department says it will be another three weeks even for those who filed tax returns this or last year. Other countries, such as Argentina, have been able to get money to their citizens in three days. The deficiencies in our system of social protection have become starkly evident.