Friday, September 08, 2006
Stiglitz the sceptic
Joseph Stiglitz, a Nobel laureate in economics, is one of the high priests of growth scepticism. The former economic adviser to President Bill Clinton and chief economist of the World Bank is also a leading influence on the anti-globalisation “movement”. In today’s Financial Times he argues that economic growth in the developed world may not be beneficial because it could lead to widening inequality:
“Unfettered globalisation actually has the potential to make many people in advanced countries worse off, even if economic growth increases.”
Not an original argument but a powerful one. The counter-argument is the need for even more growth so that everyone can benefit. Inequality should not be used as a justification for restraint on growth.
Stiglitz’s new book, Making Globalization Work, is published in Britain this month by Penguin.
“Unfettered globalisation actually has the potential to make many people in advanced countries worse off, even if economic growth increases.”
Not an original argument but a powerful one. The counter-argument is the need for even more growth so that everyone can benefit. Inequality should not be used as a justification for restraint on growth.
Stiglitz’s new book, Making Globalization Work, is published in Britain this month by Penguin.
Labels: book, economics, globalisation, growth, inequality
