Out of the crisis of our times, Joseph Stiglitz’s Freefall: Free Markets and the Sinking of the Global Economy is a convincing, coherent and. Out of the crisis of our times, Joseph Stiglitz’s Freefall: Free Markets and the Sinking of the Global Economy is a convincing, coherent and humane account that. In this forthright and incisive book, Nobel Laureate Joseph E. Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the rest .

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Stiglitz brilliantly analyzes the economic reasons behind the banking collapse, but he goes much stigoitz, digging down to the wrongheaded national faith in the power of free markets to regulate themselves and provide wealth for all. Growing inequality indicates shrinking opportunities for the vast majority.

Inequality sfiglitz leads to monopoly, preferential tax treatment for the wealthy which in turns reinforces inequality and even distorts the very markets the disciples of laissez-faire have so long touted as perfect.

Joseph E. Stiglitz – Freefall America: Free Markets, And The Sinking Of The World Economy

I have argued that the problems our Nation and the world face entail more than a small adjustment to the financial system.

These are the opportunities. The social dimension of economics stands out in tandem of the call for a new capitalist order, built on different values, and fundamentally an awareness of global aggregate demand. The suggestions offered seem to be good ideas to me. Yet another is the political power that the financial services industry wields over economic policymaking and the inherent conflicts of interest that such power has over issues that legislative and executive initiatives have historically been delegated to deal with such challenges.

Freefall: America, Free Markets, and the Sinking of the World Economy – Wikipedia

This text was not only more informative but also more accessible than other ffreefall I have read on the Recession. The Economist juxtaposed Freefall in opposition to 13 Bankersa slightly later published book with similar contents by Simon Johnson and James Kwak. Stiglitz has some practical ideas on how to ease the pain of the Great Recession and maybe help prevent the next one. Goodreads helps you keep track of books you want to read.


Stiglitz has plenty of criticism for both the Bush and Obama administrations, and states his own remedies that should have been taken to correct our shattered economy. Among the politicians, Vince Cable has kept up an honourable drumbeat of constructive criticism, and George Osborne, after disastrously misreading the crisis at the outset, has begun to signal some policy bravery — for example, welcoming Obama’s recent move to back the Volcker plan, splitting off the banks’ “casino” functions, such as speculating in derivatives, from the parts that accept deposits from stigljtz general public.

One shortcoming is that despite being fully referenced the book omits an index.

Freefall: America, Free Markets, and the Sinking of the World Economy

What do we need to get things back on track? I assume this will be rectified when “Freefall” is published in paperback? I will freffall, though. According to Stiglitz, most of the blame for the financial meltdown is on the greed drive This book is a must read for anyone wanting to understand the financial meltdown that started in In a review run by Freefqll Observereconomist Will Hutton expressed more optimism, claiming that “[i]t requires freefzll to take on the vested interests — along with good ideas and a strong sense of the right trajectory.

Common thread of Freefall is Stiglitz’s conviction that deregulation and the subsequent lack of transparency in the financial sector are responsible for the severity of the Great Recession. He is not impressed with the half measures that have been taken so far and feels that the financial industry is out to talk the crisis to death while strenuously resisting regulation until the demand for it wanes.

Regularly Stiglitz is an expert testifier in the halls of Congress, freegall this book provides more information than can be relayed in a few minute testimony. Topics Books The Observer.

Stiglitz examines the rising of China and the other emergent countries, how in the near future geopolitical power will shift from the West to East. That dissonance is a glaring weakness in Mr Stiglitz’s book.

Those shiglitz not Chicago economists. View all 3 comments. Problems that first surfaced on the periphery of the global economy gradually worked their way to its core — the United States.


To view it, click here. However, his accurate and jlseph defended criticism cannot go unnoticed. Jul 20, Simon Wood rated it it was amazing.

By signing up you agree to W. In sum, Stiglitz puts forth a hoseph account of the crisis, with respect to the causes, effects, aftermath; as well as examining contemporary issues. As we have seen, No Drama Obama is no salvation — we are allowing the audacity of greed to trump the audacity of hope, it seems.

Apr 01, Edwile Mbameg added it Shelves: The huge, unprecedented bailout strained even the world’s strongest economy to the limit. A society’s well being cannot be solely and accurately assessed through the level of its GDP, the profits garnered by financial firms or the bonuses CEOs bag home, let alone the number of fortune companies we have.

Freefall lacks both the verve and masterfully absorbing narrative of All the Devils Are Here: A fundamental principle emphasized by Stiglitz is worth reiterating here. Reading through a bunch of books on the financial crisis, you can’t help make comparisons among them though they may be apples and oranges. Show 25 25 50 All.

The blame lies on the bank owners, loan agencies, investment firms, Wall Street firms who misdeeds overlaps each other, causing a bubble in which billions of dollars are bet on how long will that bubble last before it burst. Unregulated capital markets do not automatically lead to the best allocation of resources in the economy, support full employment, or fair distribution of wages does anyone still really think investment bank CEOs deserve those salaries and bonuses?

If this book were an animal, it would be an octopus, with numerous long, virtually freefa,l parts. Feb 11, Laura rated it really liked it.