Joseph Stiglitz

Combating Inequalities: The great global challenge

CONFERENCE WITH JOSEPH STIGLITZ: COMBATING INEQUALITIES, THE GREAT GLOBAL CHALLENGE

The Nobel Prize in Economics (2001), Joseph Stiglitz, opens the series of conferences on inequality, contributing its critical and constructive vision to the political and economic system. Stiglitz will talk about the growing tendency of concentration of wealth in Europe and especially in the United States and about the factors that have accelerated the increasing inequality in recent years, such as those related on globalization and technological change. A process that is entailing the emergence of a new global elite, 1%, who accumulates wealth while precarious work, undermines the growth potential of the whole economy and weaken democratic liberal systems.

BIOGRAPHY

Josep Stiglitz - (1943) Nobel Prize in Economics in 2001; John Bates Clark Medal in 1979, is Professor at the University of Columbia, Co-Chair of the High-Level Expert Group on the measurement of OECD Economic and Social Development and chief economist at the Roosevelt Institute. Former vice president and chief economist at the World Bank and president of the Council of Economic Advisers of the President of the United States, Bill Clinton. He founded in 2000 the Initiative for Political Dialogue, a group of reflection on international development headquartered at Columbia University.

Framed in the economic theories that are part of the Neo-Keynesian schools, her research has been widely recognized, and in particular their contribution to the inefficiency of markets and the theory of asymmetric information. In addition to his economic research, his latest books focus on the criticism of the current global economic system and propose several ways to redirect the negative consequences of globalization.

In the book, The Price of Inequality (2012) Stiglitz criticizes the growing disparity of wealth and the harmful effects that it produces in the economy. Stiglitz points out that inequality is self-sufficient, based on the accumulation of political power of those that concentrate economic resources and that allows them to end up controlling legislative and regulatory activity in favor of their own interests.

While there may be underlying economic forces at play, politics have shaped the market, and shaped it in ways that advantage the top at the expense of the rest.

Stiglitz also assumes the responsibility for the capture of income and profit "rent-seeking" as one of the causes of inequality. Those with greater wealth, 1% use their power to cast monopolies, get a favorable treatment of governments and pay few taxes. The end result is not only morally bad but also affects the productivity and growth of the economy.

His most recent book is The Euro

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