Democracy & the Failure of Neoliberal Globalization
Neoliberal economics has exposed the dark side of the American dream. It took off with Reagan and Thatcher. For most workers incomes have stagnated except for the very rich, whose incomes have more than quadrupled. Biden correctly points out that millions of people have gotten new jobs. But despite that, the typical family is actually getting paid less taking inflation into account. According to data from the Federal Reserve, real median household income has been falling during the Biden presidency. Last year the poverty rate more than doubled, and the number of people who are hungry jumped to 44 million. The ruling class, the owners of the economy and architects of policy advance and protect their interests, no matter how grievous the effect on others. Can we imagine an equitable economic system?
Joseph Stiglitz, a professor at Columbia University, is the recipient of the Nobel Prize in Economics. He was chair of the Council on Economic Advisors under Clinton. He also served as senior vice president and chief economist of the World Bank. His efforts to move the bank in a more progressive direction got him fired. He is the author of Globalization and Its Discontents, The Price of Inequality and People, Power, and Profits.