The Coming Great Transformation
The world is changing rapidly, and in ways that seem to be leaving many people behind, with large fractions of the population in advanced countries seeing their standards of living stagnate, or even decline, during the past quarter of a century. Fears about the future, and discontent with economic changes in recent decades—particularly globalization—played an important role in the U.S. election of 2016 as well as in the Brexit referendum earlier that year. The retort that globalization is not to blame, but rather technical change, provides little comfort; indeed, even if the rules of globalization were “fixed,” the worry is that technical change will continue to make matters worse.
About the Author
Initiative for Policy Dialogue (IPD)
Joseph E. Stiglitz is President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Department, its Business School, and its School of International and Public Affairs. He chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System, created in the aftermath of the financial crisis by the President of the General Assembly. He is former Chief Economist and Senior Vice-President of the World Bank and Chairman of President Clinton’s Council of Economic Advisors. He was awarded the Nobel Memorial Prize in Economics in 2001.