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The largest website for English phrases and quotes

Category: Joseph E. Stiglitz

Joseph E. Stiglitz

Development is about transforming the lives of people, not just transforming economies.

Joseph E. Stiglitz

Overborrowing or overlending? Lenders encourage indebtedness because it is profitable. Developing country governments are sometimes even pressured to overborrow … Even without corruption, it is easy to be influenced by Western businessmen and financiers … Countries that aren’t sure that borrowing is worth the rist are told how important it is to establis a credit rating: borrow even if you really don’t need the money.

economics, politics

Joseph E. Stiglitz

I became convinced that the advanced industrial countries, through international organizations like the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank, were not only not doing all that they could to help these [developing] countries but were sometimes making their life more difficult. IMF programs had clearly worsened the East Asian crisis, and the “shock therapy” they had pushed in the former Soviet Union and its satellites played an important role in the failure of the transition.

economics, imf, politics

Joseph E. Stiglitz

The only true and sustainable prosperity is shared prosperity.

economics, inequality, prosperity

Joseph E. Stiglitz

Democracy, we now know, is more than periodic elections in some countries, such elections have been used to legitimize essentially authoritarian regimes and deprive large parts of the citizenry of basic rights.

Joseph E. Stiglitz

Suppose someone were to describe a small country that provided free education through university for all of its citizens, transportation for schoolchildren, and free health care – including heart surgery – for all. You might suspect that a country is either phenomenally rich or on the fast track to fiscal crisis.

Joseph E. Stiglitz

The protesters have called into question whether there is a real democracy. Real democracy is more than the right to vote once every two or four years. The choices have to be meaningful. But increasingly, and especially in the US, it seems that the political system is more akin to “one dollar one vote” than to “one person one vote”. Rather than correcting the market failures, the political system was reinforcing them.

democracy, inequality, politics