Nobel Prize-Winning Economist, Joseph Stiglitz: Neoliberalism Is Dead

https://www.popularresistance.org/nobel-prize-winning-economist-joseph-stiglitz-neoliberalism-is-dead/

By Will Martin for Business Insider. Joseph Stiglitz, the Nobel Prize-winning economist and former adviser to US President Bill Clinton, says the consensus surrounding neoliberal economic thought has come to an end. Since the late 1980s and the so-called Washington Consensus, neoliberalism — essentially the idea that free trade, open markets, privatisation, deregulation, and reductions in government spending designed to increase the role of the private sector are the best ways to boost growth — has dominated the thinking of the world’s biggest economies and international organisations like the International Monetary Fund and the World Bank. Since the 2008 financial crisis, however, there has been a groundswell of opinion in both economic and political circles to suggest that the neoliberal consensus may not be the right way forward for the world.

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