JOSEPH STIGLITZ AND PROGRESSIVE CAPITALISM

Abstract

Joseph E. Stiglitz grew up in the golden age of capitalism, in the United States, and could see everything falling apart in the following decades. He taught at several universities and served on Bill Clinton's administration as Chairman of the Council of Economic Advisers. He also participated in the World Bank, first as Senior Vice President for Development Policies and later as the institution's Chief Economist. For his studies on business and transactions with asymmetric information, which allowed him to identify various market failures, he was awarded the Nobel Prize in Economics in 2001. Being a prolific author, one of his most recent publications is People, Power and Profit – Progressive Capitalism for an Era of Discontent (2021), in which he discusses some economic obstacles in the United States and points out some possible solutions.