Friday, June 8
The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn't seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn - too late.
In his timely new book, The Price of Inequality: How Today's Divided Society Endangers Our Future, Joseph Stiglitz uncovers the sources of our dissatisfaction and identifies three major themes: how markets don't work the way they are supposed to (being neither efficient nor stable); how political systems fail to correct shortcomings of the market; and how our current economic and political systems are fundamentally unfair.
Replay an event as Mr. Stiglitz, a Nobel Memorial Prize Winner for Economics and Professor at Columbia University, presents findings and discoveries from his new book.
Follow Stiglitz on Twitter @JoeStiglitz
Read what others are asking
RICH and POOR INEQUALITY is causing SOCIAL UNREST due to which humans are suffering a lot.
What is being done by WORLD BANK to REDUCE the gao which is increasing
B S Sharma
How can it be true, that top 1%, in this inequal world, controls the economic and market forces, as well as financial and political forces, when we talk about the true democracies like India and USA?
Dr. Ashish Manohar Urkude
What is the best solution you suggested to reconstruct the world economic system by including the very poor people of the world like Africa?
A year ago I was in Bolivia for a work meeting, and I realize that bolivian cement companies were pretty much competitive than european companies, but they sell its raw material at a very low price. How could you explain this asymmetry in the world trade and how to resolve it?
Thank you for chairing the Report of the Commission of Experts
of the President of the United Nations General
Assembly on Reforms of the International Monetary
and Financial System
Does your book give examples of impacts of 99 percent over the 1 percent that destabilized the latter's control or power?
Dr. Krishna Roka
The themes you have raised are reaally important.But along with "How" would you please explain "Why" so that it becomes easier for policy makers to find where to ponder on.
My recent experiences in BRIC Countries have raised many questions about the long term sustainability of growth due to the great income and welfare disparities faced in fast balooning economies. What do You think of inequality in these specific areas?
Silvia Pietrantuono Sarti
in the quest for poor nations to develop and benefit from our resources,they sometimes sign contract and agreement with large international companies,that take advantage of their weak policies,what is world bank doing to help poor countries be protected form these shoddy deals and bad contract,
It will be really inetersting to know how 1% people who have power and form the policies in their favour by playing around with law are dependent on 99% people?
The "Arab spring" shows that the 99% is paying the price of inequality to have, at the end, a "new" top 1%...So, who should pay the price of inequality? and how can we make the "equality" sustainable?
Syrian Arab Republic
Do you think the world without poverty is possible?
Do investment in African countries focus on the rights based approach to development! Mining sector do not contribute to our economy. The capitalist companies enters bogus contracts with our leaders leaving a 10@ commission to individuals
This is an inherent problem of capitalism and can we expect better, equal society under this system?
If inequality is due to lack of capital, then how can the inequality be aliviated without supplementing the disadantaged with capital? Is that going to be possible for ever?
How short/long do you think it will take to reverse the current scenario given the hitherto deeply entrenched inequality between North and South, the haves and have nots?
What can be done for africa's row materials in international trade (with EU and US) so that its population could profit fairly as people in developing countries? Is "Globalization" an unfair way to spread inequality into the world in order to maintain africa's people lower?
Laura Tyson,Finance & Development June 2012.
" ....rising income inequality in the United States—where the top 1 percent of society are hugely wealthy compared with the bottom 99 percent—represent the new cause of our times...". Same thought indeed ?
actually i have no question. i just want to say that this sears inequality is inherent to capitalism. my question is: how can the redistributive policies be implemented without creating any chaos globally ? is it at all possible without the use of political mechanism and science & technology ?