Economics in a Changed Universe: Joseph E. Stiglitz, Globalization, and the Death of 'Free Enterprise'

Economics in a Changed Universe: Joseph E. Stiglitz, Globalization, and the Death of 'Free Enterprise'

by Gerald L. Houseman

Hardcover

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Product Details

ISBN-13: 9780739127148
Publisher: Lexington Books
Publication date: 05/29/2008
Pages: 174
Product dimensions: 6.00(w) x 9.10(h) x 0.70(d)

About the Author

Gerald L. Houseman is professor emeritus of political science at Indiana University, Fort Wayne.

Table of Contents

Chapter 1 Table of Contents Chapter 2 Preface Chapter 3 Introduction Chapter 4 1. A Notable Nobel Chapter 5 2. The Economics of Information: A Model of Scientific Performance and Promise Chapter 6 3. The Death of "Free Enterprise" and the Power of Information Economics Chapter 7 4. Globalization: The Pressing Economic Issue Chapter 8 5. Challenging the International Economic Order and the Panaceas of Privatization and Deregulation Chapter 9 6. Multinational Corporations: The Major Movers in the International Economy Chapter 10 Conclusion: Thinking and Working Within the New Universe of Economics Chapter 11 Notes Chapter 12 Appendix A: Landmarks in the Evolution of the Economics of Information Chapter 13 Appendix B: Research Contributions of George Akerlof, Michael Spence, and Bruce C. N. Greenwald Chapter 14 Appendix C: Organizations Now Without Purpose as a Result of the Findings of the Economics of Information Chapter 15 Appendix D: The Altered Literature of Economics Within the Changed Universe Chapter 16 Bibliography Chapter 17 Index Chapter 18 About the Author

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Economics in a Changed Universe: Joseph E. Stiglitz, Globalization, and the Death of "Free Enterprise" 5 out of 5 based on 0 ratings. 1 reviews.
Willp More than 1 year ago
Gerald Houseman, Professor Emeritus of Political Science at Indiana University-Fort Wayne, has written a brilliant book on the changes created by Joseph Stiglitz's economics of information. He calls Stiglitz "the man who disproved the 'free enterprise' thesis." This book explains the death of this thesis; it studies globalisation, the failed panaceas of privatisation and deregulation, and the effects of multinational corporations. Stiglitz showed how "no two (or more) parties involved in a deal are ever equally informed about any business contract." He wrote, "My research on the economics of information showed that whenever information is imperfect, in particular where there are information asymmetries - where some individuals know something that others do not (in other words, always) - the reason that the invisible hand seems invisible is that it is not there." This asymmetry of information makes markets fail and undermines democracy. Stiglitz backs fair trade, trade managed in the national interest. He shows how the present system of asymmetrical, unfair trade impoverishes the developing nations. Houseman recounts how in 1999 Alan Greenspan 'saved' the hedge fund Long Term Capital Management Company by giving it $3.5 billion. Now in the same way, Gordon Brown has made us the taxpayers give failed bankers £1.3 trillion. Stiglitz said of Obama's similar gift, "Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer." Stiglitz urges the need for land reform and writes, "short of revolution, there will be no major shifts in ownership." He is saying, truly enough, that revolution is necessary for progress. He has proved that inequality is bad for development and growth and shown how the rich are not a good source of capital investment because they take the wealth for themselves, rather than using it for the public good. He observes, "the question of who administers and allocates scarce capital resources is an all-important consideration that has a great deal to do with the question of who will benefit from policies and who will wield political as well as economic power." Private profit means public loss.