Joseph Stiglitz: America and the Sinking of the World Economy

MON, JAN 25, 2010 (50:04)

Nobel Prize--winning economist Joseph Stiglitz talks about his new treatise, Freefall: America, Free Markets, and the Sinking of the World Economy, in conversation with writer and editor Cullen Murphy.

Although the current financial crisis is global in reach, it has its roots in the mismanagement, on multiple levels, of the American economy. In Freefall, Nobel Laureate Joseph Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the rest of the world, only to cobble together a haphazard and ineffective response when the markets finally seized up. Drawing on his academic expertise, his years spent shaping policy in the Clinton administration and at the World Bank, and his more recent role as head of a UN commission charged with reforming the global financial system, Stiglitz outlines a way forward building on ideas that he has championed his entire career: restoring the balance between markets and government, addressing the inequalities of the global financial system, and demanding more good ideas (and less ideology) from economists.

+ BIO: Joseph E. Stiglitz

Joseph E. Stiglitz, winner of the 2001 Nobel Prize in economics, witnessed the policymaking process firsthand as chairman of Bill Clinton's Council of Economic Advisers. He has written several books on globalization and global issues, including The Three Trillion Dollar War (with Linda Bilmes), Making Globalization Work, and Globalization and Its Discontents. He teaches at Columbia University and lives in New York City.

+ BIO: Cullen Murphy

Cullen Murphy was the managing editor of The Atlantic Monthly from 1985 to 2002 and the magazine's de facto editor-in-chief from 2002 to 2005. He is the author of The Word According to Eve: Women and the Bible in Ancient Times and Our Own and Are We Rome? He is currently the editor-at-large of Vanity Fair.

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Series
FRONTLINE: Inside the Meltdown Series
FRONTLINE: The Warning Series
Nobel Laureates Series