Nobel Laureate Joseph Stiglitz maintains that globalization only works for a few elite groups.

Becky Berkman

2019-08-09 18:35:00 Fri ET

Nobel Laureate Joseph Stiglitz maintains that globalization only works for a few elite groups; whereas, the government should now reassert itself in terms of both redistribution and regulation. The rich elite interest groups have better social and economic opportunities than others. From education to the family stock ownership of public companies, the elite groups perpetuate their socioeconomic advantages from generation to generation.

In most tech-savvy sectors, a few dominant tech titans such as Facebook, Apple, Microsoft, Google, and Amazon (F.A.M.G.A.) now reinforce almost insurmountable barriers to entry. Under the Trump administration, banks and insurance companies face less stringent macroprudential rules and regulations; public corporations and high net-worth residents enjoy lower income taxes; big biotech and pharmaceutical corporations and health insurance providers exploit millions of American patients with astronomical medicine prices.

However, U.S. real wages stagnate for the bottom echelon of American society in the 60 years from 1959 to 2019. The key policy debate calls for greater government investments in higher education, infrastructure, tech innovation, and environmental sustainability. The Federal Reserve should herald core interest rate normalization to better ensure inflation control, maximum sustainable employment, and financial market stabilization. Meanwhile, the Treasury should exercise fiscal prudence and discipline in national debt and budget deficit management.

 


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The Federal Reserve System conducts monetary policy decisions, interest rate adjustments, and inter-bank payment operations.

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2023-03-28 11:30:00 Tuesday ET

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President Trump seeks to honor his campaign promise of lower U.S. medical costs by forcing higher big-pharma prices in foreign countries.

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William Easterly critiques several economic development policies and then indicates that bottom-up solutions often result in macro policy success in spite of nation states.

John Fourier

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Due to U.S. tariffs, Apple, Nintendo, and Samsung start to consider making tech products in Vietnam instead of China.

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The Federal Reserve proposes softening the Volcker rule that prevents banks from placing risky bets on securities with deposit finance.

James Campbell

2018-05-27 08:33:00 Sunday ET

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Hong Kong billionaire Li Ka-Shing announces his retirement in March 2018 with an incredible rags-to-riches life story.

John Fourier

2018-03-11 08:27:00 Sunday ET

Hong Kong billionaire Li Ka-Shing announces his retirement in March 2018 with an incredible rags-to-riches life story.

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