PEOPLE, POWER, AND PROFITS Progressive Capitalism for an Age of Discontent By Joseph E. Stiglitz
A diverting Beltway pastime during the heyday of the Washington Consensus was to gently mock Joseph E. Stiglitz. It was remarkably easy for pundits to wave away his prestigious awards (Nobel Prize in Economics) and positions (World Bank chief economist, chairman of Bill Clinton’s Council of Economic Advisers) and dismiss his warnings about “market fundamentalism” as overripe hyperbole. In 2004 the financial columnist Sebastian Mallaby described Stiglitz as “like a boy who discovers a hole in the floor of an exquisite house and keeps shouting and pointing at it.” Fifteen years later, the house that capitalism built looks rather shabby. Maybe, just maybe, more people should have taken Stiglitz seriously.
This is certainly what Stiglitz, now a professor of economics at Columbia, is hoping for with his latest book, “People, Power, and Profits.” He argues that the American system of capitalism has fallen down and needs government help to get back up again. “People, Power, and Profits” builds on Stiglitz’s earlier work and adds some pretty big ambitions. In the preface, he writes: “This is a time for major changes. Incrementalism — minor tweaks to our political and economic system — are inadequate to the tasks at hand.” In the introduction, he adds: “It is not just economics that has been failing but also our politics. Our economic divide has led to a political divide, and the political divide has reinforced the economic divide.”
Stiglitz’s diagnosis of what ails the American economy will have a familiar ring to anyone who has followed these debates. The rules of the game have been stacked in favor of the haves over the have-nots. This has widened economic inequality and increased the concentration of market power among leading firms in every sector, slowing down broad-based productivity growth. These firms and wealthy individuals are converting their riches into political power, further revising the rules to entrench their position at the top. They advocate for tax cuts and the deregulation of everything except intellectual property rights. Anyone who relies on countervailing institutions, like public education, labor unions or social safety nets, loses out.
“People, Power, and Profits” goes beyond diagnosis to treatment. At the core of Stiglitz’s plan is the strengthening of the state. “The view that government is the problem, not the solution, is simply wrong. To the contrary, many if not most of our society’s problems, from the excesses of pollution to financial instability and economic inequality, have been created by markets.” He proposes a whole host of reforms, including significant investments in public goods like basic research, more stringent regulation of firms and measures to preserve and protect the voting franchise.
Indeed, I wish Stiglitz had taken seriously his pledge to take politics seriously. At one point, “People, Power, and Profits” rules out the idea of a universal basic income because the necessary tax increases would be politically impractical. That was the only moment in the book in which Stiglitz seemed to think at all about how any progressive policy reform would be, to use the language of economics, “incentive compatible.” There is no discussion whatsoever of polling data or other metrics to gauge public support for his ideas.
The policy shop of every 2020 Democratic candidate for president would be wise to pore over “People, Power, and Profits” and cherry-pick its best ideas. Other readers should feel free to browse the genre a bit more widely.B:
篮月亮心水高手论坛【时】【间】【过】【得】【很】【快】，【不】【知】【不】【觉】，【三】【年】【的】【时】【间】【过】【去】【了】，【五】【年】【的】【时】【间】【过】【去】【了】。 【在】【这】【段】【时】【间】【里】，【齐】【珏】【仿】【佛】【封】【闭】【了】【自】【己】，【每】【天】【就】【是】【上】【朝】，【处】【理】【政】【务】，【还】【有】【最】【重】【要】【的】【就】【是】，【盯】【着】【金】【莲】。 【他】【用】【了】【无】【数】【办】【法】，【东】【方】【瑶】【还】【是】【没】【有】【回】【来】。 【时】【间】【走】【到】【了】【第】【七】【个】【年】【头】，【这】【天】，【齐】【珏】【正】【在】【上】【朝】，【突】【然】，【众】【大】【臣】【就】【见】【他】【们】【的】【冷】【傲】【皇】【上】，【失】【魂】【落】
【宫】【岐】【傲】【的】【愿】【望】，【注】【定】【是】【不】【能】【实】【现】【的】。 【安】【知】【可】【对】【儿】【子】【宝】【贝】【的】【很】，【身】【体】【好】【了】【以】【后】，【醒】【了】【就】【要】【看】【到】【宝】【宝】，【要】【抱】【着】【他】，【不】【然】【她】【就】【会】【跟】【着】【宝】【宝】【一】【块】【哭】。 【那】【两】【双】【红】【红】【的】【眼】【睛】，【跟】【兔】【子】【似】【得】。 【谁】【看】【谁】【心】【软】，【谁】【敢】【从】【她】【手】【里】【抢】【孩】【子】【啊】，【可】【不】【都】【顺】【着】【她】【嘛】。 【而】【自】【从】【她】【身】【体】【养】【好】【了】，【也】【有】【奶】【喂】【孩】【子】【喝】【了】。 【大】【概】【是】【能】【闻】【到】【味】篮月亮心水高手论坛“【我】【觉】【得】【还】【是】【先】【看】【看】【再】【说】【吧】！”【永】【宁】【子】【开】【口】【说】【道】。 【如】【果】【将】【另】【外】【十】【一】【只】【荒】【古】【巨】【兽】【放】【出】【来】，【那】【自】【然】【是】【可】【以】【杀】【掉】【程】【宇】，【可】【是】【这】【样】【的】【话】，【那】【玄】【天】【宗】【的】【代】【价】【也】【太】【大】【了】。 【这】【可】【是】【玄】【天】【宗】【最】【后】【的】【力】【量】【了】，【以】【后】【驻】【守】【玄】【天】【宗】【还】【要】【靠】【这】【些】【荒】【古】【巨】【兽】。 【若】【是】【现】【在】【就】【这】【么】【放】【出】【来】，【他】【们】【又】【没】【有】【办】【法】【再】【将】【荒】【古】【巨】【兽】【抓】【回】【来】，【那】【这】【些】【荒】【古】
【年】【轻】【一】【代】【间】【的】【病】【毒】【师】【盟】【际】【交】【流】【赛】，【很】【快】【就】【结】【束】【了】。 【当】【交】【流】【赛】【的】【结】【果】【公】【布】【开】【来】【后】，【无】【数】【人】【一】【围】【观】，【顿】【时】【十】【分】【意】【外】，【甚】【至】【大】【为】【震】【惊】。 【四】【大】【联】【盟】【十】【大】【妖】【孽】【之】【首】，【是】【谁】？ 【哈】？【宋】【祖】？ 【貌】【似】【刚】【出】【炉】【不】【久】【的】【东】【亚】【联】【盟】【潜】【龙】【榜】【新】【榜】【的】【榜】【首】，【也】【叫】【宋】【祖】【啊】！ 【这】【是】【同】【一】【人】，【不】【是】【同】【名】【同】【姓】？ 【老】【天】【爷】【啊】，【这】【也】【太】【厉】【害】
【没】【错】，【他】【之】【所】【以】【会】【选】【择】【这】【里】【来】，【就】【是】【因】【为】【秦】【琛】【好】【像】【已】【经】【恼】【羞】【成】【怒】【的】【对】【自】【己】【全】【部】【的】【追】【捕】，【想】【要】【马】【上】【为】【自】【己】【开】【脱】【不】【太】【容】【易】，【秦】【天】【杰】【就】【给】【了】【夏】【大】【财】【一】【笔】【钱】，【把】【夏】【月】【骗】【出】【来】，【跟】【她】【一】【块】【都】【到】【这】【个】【地】【方】，【既】【有】【个】【保】【障】，【又】【能】【折】【磨】【秦】【琛】，【一】【举】【两】【得】。 【只】【是】【提】【早】【把】【自】【己】【这】【个】【藏】【身】【之】【处】【暴】【露】，【有】【些】【超】【出】【秦】【天】【杰】【的】【预】【料】。 【但】【是】，【生】【活】