Progressive capitalism – an oxymoron

Michael Roberts Blog

Joseph Stiglitz is a Nobel (Riksbank) prize winner in economics and former chief economist at the World Bank, as well as an adviser to the leftist Labour leadership in the UK.  He stands to the left in the spectrum of mainstream economics.

He has just published a new book called People, Power, and Profits: Progressive Capitalism for an Age of Discontent, in which he proclaims that “We can save our broken economic system from itself.”  He is very concerned about the rising inequality of incomes and wealth in the major economies, especially in the US.  “Some 90 percent have seen their incomes stagnate or decline in the past 30 years. This is not surprising, given that the United States has the highest level of inequality among the advanced countries and one of the lowest levels of opportunity — with the fortunes of young Americans…

View original post 1,068 more words

%d bloggers like this: