Summary
Joseph E. Stiglitz: The People, Power, and Profit
Progressive Capitalism in an Age of Discontent We all feel that the American economy ― and the American state ― are in favor of big capital, but as Joseph E. Stiglitz explains in his new book, The People, Power, and Profit, the situation is troubling. A handful of corporations today dominate entire economic sectors, contributing to an unprecedented jump in inequality and sluggish growth. Thus, the financial industry makes its own laws, technology companies collect a lot of personal data without almost anyone controlling it, while our state concludes trade agreements that are not in the interest of workers. Many have become rich through the exploitation of others, instead of through the creation of new wealth. If we do nothing, new technologies may make the situation even worse, increasing inequality and unemployment. Stiglitz identifies the true sources of wealth and increased living standards in learning, scientific and technological progress, and the rule of law. He shows that attacks on the judiciary, universities and the media are undermining the very institutions that are the traditional pillars of American economic power and democracy. No matter how helpless we feel, we are not powerless at all. In fact, the economic solutions are often quite clear. We must take advantage of the market while taming its extremes, making sure that the market works for us, the American citizens, and not the other way around. If enough citizens get behind the changes outlined in this book, it may not be too late to create a progressive capitalism that will enable shared prosperity. Stiglitz shows how middle-class life can be attainable again for everyone. Sovereignly presenting the already predicted dangers of market fundamentalism and the foundations of progressive capitalism, the book People, Power and Profit reveals to us America in crisis, but also illuminates the way through this challenging time.
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