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
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
From the Publisher
"Immensely important."— Dante Chinni Washington Post
"The single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories…Stiglitz’s contribution…to the public debate cannot be overestimated."— Thomas B. Edsall New York Times Book Review
"A model of clarity."— Jared Bernstein Rolling Stone
"A definitive examination of inequality’s effects not only on the economy, but on democracy and globalization."— The Daily Beast
"An impassioned argument backed by rigorous economic analysis."— Kirkus Reviews (starred review)
"Stiglitz’s ideas in this book will prompt wide discussion and debate."— Booklist
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.
