Joseph Stiglitz Exposes The Structural Rot at The Heart of the System
September 15th, 2008 by SocProf and tagged Corruption, economics, Global Governance, Globalization, Risk Society, Social Privilege, Structural Violence
Joseph Stiglitz: The financial crisis is the fruit of dishonesty on the part of financial institutions | Comment is free | The Guardian via kwout
And as he puts it so brilliantly,
"If any administration can turn this crisis into another depression, it is the Bush administration."
And now that it is all exposed for what it is, can we please put to rest once and for all the idea of the rationality of the market, the idea that regulation kills innovation and that deregulation unleashes creative forces that provide prosperity for all, the idea of trickle-down economics and all that Friedmanian nonsense? It does not work and now, the big free market proponents are coming to the government with their hats in their hands to be bailed out, yet again, leaving the rest of us holding the back.
Posted in Corruption, Economy, Global Governance, Globalization, Risk Society, Social Privilege, Structural Violence | No Comments »
