capitalism

globalization

market fundamentalism

Milton Friedman

nationality

American

prizes and famous lectures

Nobel Prize

Nobel Prize in Economics

occupation / innovator as

economist

university professor

Columbia University

innovator in the field of

development

economics

globalization theory

university teacher

professor

science writer

critic

scientist

race / ethnicity

Ashkenazi Jews

non-fiction writer

scientific organization

National Academy of Sciences

religion

Judaism

Royal Society

Pontifical Academy of Social Sciences

American Philosophical Society

British Academy

European Academy of Sciences and Arts

Russian Academy of Sciences

Club of Rome

Econometric Society

Real Academia de Ciencias Económicas y Financieras

American Academy of Arts and Sciences

World Bank Chief Economist

is an economic system which got off course in America by wrong-headedly uncoupling private rewards from social returns.

capitalism can't work if private rewards are unrelated to social returns. But, this happened in American style capitalism' (Stiglitz 2010, 110).According to Stiglitz, capitalism can have a soul, development can be just, and human and social well-being is more than GDP. 'Too often, we'To Stiglitz, capitalism has its great benefits but the down-side is that capitalism unchecked has no understanding of: culture, of democratic movements within developing nations... nor does un-bridled capitalism understand the social nuance that each developing nation has as part of it national temper. The IMF can sit in New York but does this think-tank have the best interest of the developing nations at heart' Stiglitz would answer that perhaps in its original mission statement it may have good intentions, but that the IMF can in no way be successful in applying 'generic', one size fits all economic patches on the needs of such diverse economies of the developing world, spanning from Asia to Eastern Europe and across to Latin America. No single blanket solution can ever succeed to answer such disparate needs and problems. As such Stiglitiz concludes:' [http://goo.gl/qTp2Zn

is opposed, by and large, less an opposition to globalization as such (i.e. To the new sources of funds for growth or to the new export markets) but rather opposition to the one-size-fits all approach of the international financial institutions.

Opposition to globalization in many parts of the world is not to globalization per se to the new sources of funds for growth or to the new export markets but to the particular set of doctrines, the Washington Consensus policies that the international financial institutions [both IMF and World Bank] have imposed. And it is not just opposition to the policies themselves, but to the notion that there is a single set of policies that is right. This notion flies in the face both of economics which emphasizes the importance of trade-offs, and of ordinary common sense. In our own democracies we have active debates on every aspect of economic policy . . . Much of the rest of the world feels as if it is being deprived of making its own choices, and even forced to make choices that countries like the United States have rejected.'

is the closer integration of the countries and peoples of the world . . . Brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders.

is the closer integration of the countries and peoples of the world . . . brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and people across borders.' (from Globalization and its Discontents)

is the removal of barriers to trade and the closer integration of national economies.

defines globalization (narrowly) as the removal of barriers to trade and the closer integration of national economies (pp. ix and 9. Globalization and its Discontents),

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is of the belief that government was the problem, not the solution.

was of the belief that government was the problem, not the solution.

Joseph Stiglitz

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Joseph Stiglitz