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Commonwealth Club: Joseph E. Stiglitz

Wednesday, December 18, 2024

In his new book "The Road to Freedom," Nobel Prize winner Joseph E. Stiglitz dissects America’s current economic system and the political ideology that created it, laying bare what he identifies as their twinned failure. He says that “free” and unfettered markets have only succeeded in delivering a series of crises: the financial crisis, the opioid crisis, and the crisis of inequality. While a small portion of the population has amassed considerable wealth, wages for most people have stagnated. Free and unfettered markets have exploited consumers, workers, and the environment alike. Such failures have fed populist movements that believe being free means abandoning any obligations citizens have to one another. As they grow in strength, Stiglitz warns that these movements now pose a real threat to true economic and political freedom.