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- W638268889 abstract "Review of Joseph Stiglitz, Freefall: America, Free Markets, and Sinking of World Economy, W. W. Norton & Company, 2010, 361 pp.How does world move forward after economic shock of 2008? Are Obama's new policies working? What do they mean for middle-class Americans? Joseph Stiglitz examines these questions in his most recent book, Freefall: America, Free Markets, and Sinking of World Economy.Freefall is a concentrated look at financial crisis of 2007-2009 and policies that followed. He offers a historical, political, and comparative context for evaluating actions of financial institutions and Federal Reserve. The book's greatest strength comes from Stiglitz's ability to provide an accessible and comprehensive understanding of United States' financial system. Beginning with Reagan-era deregulation, Stiglitz claims that United States' financial regime has denied role of government in ensuring economic stability. While proponents of free markets claim that 2008 crisis was an unfortunate episode unrelated to previous or future success, he shows how financial institutions have relied on government support all along. For instance, government subsidies for infant industries create artificial prices, while laws including Bankruptcy Abuse Prevention and Consumer Protection Act enable banks to lend more freely without responsibility for defaulting borrowers. The financial system bailout was culmination of decades of government support. As Stiglitz says, the misguided attempt to reduce role of state has resulted in government taking on a larger role than anyone would have anticipated even in New Deal. (p. 185) This thorough cause-and-effect analysis reinforces Stiglitz's argument that we cannot simply turn back clock. To move forward, financial sector must be fundamentally restructured.Structural problems, such as inadequate corporate governance, lack of transparency, and decision-making power of individuals, are identified as factors contributing to recession and slow recovery. A self-proclaimed Keynesian, Stiglitz condemns efficient markets hypothesis promoted by Chicago School and past Federal Reserve chair Alan Greenspan. Instead, he emphasizes government's role in regulating and maintaining an efficient economy that helps majority of its citizens. Stiglitz's critiques and suggestions reflect his faith in Keynesian economic models, for which he openly advocates throughout book. Although this adherence to a particular school of thought reveals a theoretical bias that colors his recommendations, evidence convincingly supports his critiques.Stiglitz presents a socially conscious approach to economics, visible in his attention to unemployment rate and well-being of middle-class Americans as economic indicators. In his words, failures of our economic system reflect deeper problems in our society. …" @default.
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- W638268889 title "Review of Joseph Stiglitz, Freefall: America, Free Markets, and the Sinking of the World Economy, W. W. Norton & Company, 2010, 361 pp." @default.
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