Lessons from the Global Financial Crisis of 2008
Working Paper #239
The world has been going through a major crisis, the worst since the Great Depression. In the last thirty years, there have been more than a hundred crises around the world. As terrible as this may be for the people in these countries, it is good for economists since we now have a lot of data to help interpret what causes crises and what to do or not to do about them. We can blame the banks for creating the crisis. But we have to blame ourselves somehow for not being able to manage our response to the crisis well ― in a way that makes sure we make use of the full potential of our resources.
About the Author
Initiative for Policy Dialogue (IPD)
Joseph E. Stiglitz is co-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.