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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Nobel Laureate Robert Shiller's long-term stock market indicator points to a recent peak.
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Nobel Laureate Robert Shiller's long-term stock market indicator points to a recent peak.

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President Donald Trump releases his plan to slash income taxes for U.S. citizens and corporations.
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A Florida fintech group Fidelity Information Services initiates the largest acquisition of the e-commerce payments processor Worldpay.
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Chicago financial economist Raghuram Rajan views communities as the third pillar of liberal democracy.
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Chicago financial economist Raghuram Rajan views communities as the third pillar of liberal democracy.

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