The Price Of Inequality takes an in-depth look into the flaws of the economic and political systems of America, which have led to the creation of a miniscule class of people who possess almost 40% of the country’s wealth. The author also provides solutions to rectify the problem.
Summary Of The Book
The Price Of Inequality, published in 2012, focuses on how America’s economy is leading to inequality in society. The author points out that the top 1% of Americans own 40% of the country’s wealth, and therefore have access to the best medical facilities, best educational institutions, best houses, and more. However, most elites do not realize that their own fate is linked to how the other 99% live.
In The Price Of Inequality, Stiglitz says that there are three major reasons as to why America's economy is unbalanced. The first one is that the markets are not stable or efficient, and the second reason is that the current political systems are not taking steps to correct the drawbacks of the market. Lastly, the author points out that both the economical and political systems are unfair, which has led to unequal economic growth and the undermining of democracy.
The author has also provided solutions that can level the playing field for all Americans, and help reform the political and economic systems of the country. USA presently has the most inequality in wealth. This book highlights how greed has led to the exploitation of the masses. The Price Of Inequality was on The New York Times best seller list in 2012.
About Joseph E. Stiglitz
Joseph Eugene Stiglitz is an economist, author, and professor.
He has authored ten books, some of which are Stability With Growth: Macroeconomics, Liberalization, and Development, Freefall: America, Free Markets, and the Sinking of the World Economy, Making Globalization Work, and The Three Trillion Dollar War.
Stiglitz completed his Ph.D from the Massachusetts Institute of Technology, and became a research fellow at Cambridge University from 1966 to 1970. He has held academic positions in institutions like Princeton University, Stanford University, the University of Oxford, and Duke University. He was a chief economist and senior vice president of the World Bank, and is currently a professor at Columbia Business School. The author was also the Chairman of the Council of Economic Advisers, and won the the John Bates Clark Medal in 1979. Stiglitz established the Initiative for Policy Dialogue in 2000, and was awarded the Nobel Memorial Prize in Economic Sciences in 2001. He is the President of the International Economic Association, and has more than forty honorary doctorates to his name. In 2011, he was named as one of the 100 most influential people in the world by TIME magazine.
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