The Price of Inequality: How Today's Divided Society Endangers Our Future
  • The Price of Inequality: How Today's Divided Society Endangers Our Future
  • The Price of Inequality: How Today's Divided Society Endangers Our Future

The Price of Inequality: How Today's Divided Society Endangers Our Future

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by Joseph E. Stiglitz
     
 

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A forceful argument against America's vicious circle of growing inequality by Nobel Prize–winning economist Joseph E. Stiglitz.
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Overview

A forceful argument against America's vicious circle of growing inequality by Nobel Prize–winning economist Joseph E. Stiglitz.

Editorial Reviews

New York Times Book Review
“The single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories. While credible economists running the gamut from center right to center left describe our bleak present as the result of seemingly unstoppable developments—globalization and automation, a self-replicating establishment built on "meritocratic" competition, the debt-driven collapse of 2008—Stiglitz stands apart in his defiant rejection of such notions of inevitability. He seeks to shift the terms of the debate.”— Thomas B. Edsall
New York Times Book Review - Thomas B. Edsall
“The single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories. While credible economists running the gamut from center right to center left describe our bleak present as the result of seemingly unstoppable developments—globalization and automation, a self-replicating establishment built on "meritocratic" competition, the debt-driven collapse of 2008—Stiglitz stands apart in his defiant rejection of such notions of inevitability. He seeks to shift the terms of the debate.”
The New York Times Book Review
…the single most comprehensive counter­argument to both Democratic neoliberalism and Republican laissez-faire theories. While credible economists running the gamut from center right to center left describe our bleak present as the result of seemingly unstoppable developments—globalization and automation, a self-replicating establishment built on "meritocratic" competition, the debt-driven collapse of 2008—Stiglitz stands apart in his defiant rejection of such notions of inevitability. He seeks to shift the terms of the debate. It is not uncontrollable technological and social change that has produced a two-tier society, Stiglitz argues, but the exercise of political power by moneyed interests over legislative and regulatory processes.
—Thomas B. Edsall
The Washington Post
In his new book, The Price of Inequality, Nobel Prize-winning economist Joseph Stiglitz does not merely express anger—or rather, he expresses it only to set up a much larger discussion of the problem. In the process, he does liberal thinkers everywhere an immensely important service: He gives them a trenchant, engaging tool for arguing economics from the left…Stiglitz writes clearly and provocatively. He's the kind of economist who can talk about terms such as "rent-seeking" and the "euro crisis" and bring readers along for the ride.
—Dante Chinni
Publishers Weekly
In his concise and clearly argued newest, Stiglitz, a Nobel Prize-winning economist, outlines the economic, political, and social obstacles currently facing the U.S. and explores possibilities for how we can overcome them. Beginning with the financial collapse of 2008 and the ensuing Great Recession, Stiglitz (Globalization and Its Discontents) makes the now-ubiquitous point that "the rich were getting richer, while the rest were facing hardships that seem inconsonant with the American dream." The author opines that from this growing gap stem many other sobering social ills, such as "pollution, unemployment, and… the degradation of values to the point where everything is acceptable and no one is accountable." And while he contends that our current modus operandi is "neither stable nor sustainable," Stiglitz insists that inequality is not inherent in the system. He then goes on to lay out a plan for the long term, recommending practical changes to macroeconomic policies, taxes, labor laws, and how we navigate a globalizing world and dealing with the deficit. His visions of America's two possible futures reveals the extent of the dishearteningly large socioeconomic rift and its forecasted consequences, but Stiglitz's solutions—upheld by experience, perceptive analysis, and copious research—could very well bridge that divide, and reduce it in the process. (June)
Nicholas Kristof - New York Times
“An important and smart new book... It’s a searing read.”
Washington Post
Stiglitz writes clearly and provocatively. He’s the kind of economist who can talk about terms such as 'rent-seeking' and the 'euro crisis' and bring readers along for the ride... Stiglitz isn’t just writing about people being hurt by inequality, he is also writing about the system itself being in jeopardy and what needs to be done to fix it.— Dante Chinni
New York Times
An important and smart new book... It’s a searing read.— Nicholas Kristof
From the Publisher
"Paul Boehmer's deep but gentle tone provides a comforting voice for the harsh realities that Stiglitz reveals.…More importantly, Boehmer knows how to project the key sentences of every paragraph, bringing home Stiglitz's point and giving the listener its full weight." —AudioFile
Thomas B. Edsall - New York Times Book Review
“Joseph E. Stiglitz's new book, The Price of Inequality, is the single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories. While credible economists running the gamut from center right to center left describe our bleak present as the result of seemingly unstoppable developments—globalization and automation, a self-replicating establishment built on "meritocratic" competition, the debt-driven collapse of 2008—Stiglitz stands apart in his defiant rejection of such notions of inevitability. He seeks to shift the terms of the debate.”
Dante Chinni - Washington Post
“Stiglitz writes clearly and provocatively. He’s the kind of economist who can talk about terms such as 'rent-seeking' and the 'euro crisis' and bring readers along for the ride... Stiglitz isn’t just writing about people being hurt by inequality, he is also writing about the system itself being in jeopardy and what needs to be done to fix it.”
Kirkus Reviews
From one of the world's leading economists, a political call to action in defense of equality and human rights. Nobel laureate Stiglitz (Economics/Columbia Univ.; Freefall: America, Free Markets and the Sinking of the World Economy, 2010, etc.) insists that increasing inequality in the United States stems from a breakdown of the country's political and economic systems. The failure to hold any banker accountable for actions that contributed to the recent economic crisis is a prime symptom of the case. The current level of inequality, writes the author, "increases instability, reduces productivity, and undermines democracy." Stiglitz concedes that there is merit in the arguments of those who point to the effects of technology, greed or the absence of bank regulation as contributing factors, and he agrees that corrective measures are needed. He goes further, arguing that inequality is a by-product of the ability to exploit consumers through monopoly power, and borrowers through shady practices. He shows that the consequences include a monopolistic redistribution powerful enough to have caused massive distortions in the U.S. financial system. This is still not the deeper problem, however. More fundamentally, people underestimate the problem of inequality; as a result, they fail to perceive the changes that are already underway. Stiglitz presents the situation as "the bigger battle over perceptions and over big ideas," a battle being fought through persuasion, framing, misrepresentation and obfuscation. Changing course requires winning this battle for truth. In this way, he argues, equality, the rule of law and accountability can be reestablished. An impassioned argument backed by rigorous economic analysis.

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Product Details

ISBN-13:
9780393345063
Publisher:
Norton, W. W. & Company, Inc.
Publication date:
04/08/2013
Edition description:
Reprint
Pages:
560
Sales rank:
70,606
Product dimensions:
5.40(w) x 8.10(h) x 1.70(d)

What People are saying about this

From the Publisher
"Paul Boehmer's deep but gentle tone provides a comforting voice for the harsh realities that Stiglitz reveals. . . . More importantly, Boehmer knows how to project the key sentences of every paragraph, bringing home Stiglitz's point and giving the listener its full weight." —-AudioFile

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