Stiglitz, as usual, gets it right. He simply defines what got us into this economic mess and how we can get out of it. Unfortunately both parties in Washington are doing the opposite and risking a deeper recession or even worse.
KZ
THE IDEOLOGICAL CRISIS OF WESTERN CAPITALISM
By: Joseph E. Stiglitz
From PROJECT-SYNDCATE.ORG:
Just a few years ago, a powerful ideology – the belief in free and unfettered markets – brought the world to the brink of ruin. Even in its hey-day, from the early 1980’s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology’s 30-year ascendance, most Americans saw their incomes decline or stagnate year after year.
Moreover, output growth in the United States was not economically sustainable. With so much of US national income going to so few, growth could continue only through consumption financed by a mounting pile of debt…
Click here to read the full article.
