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| Saving Capitalism (book) | |
|---|---|
| Name | Saving Capitalism |
| Author | Joseph Stiglitz |
| Country | United States |
| Language | English |
| Subject | Economics |
| Genre | Non-fiction |
| Publisher | W. W. Norton & Company |
| Pub date | 2010 |
| Media type | |
| Pages | 256 |
| Isbn | 9780393075060 |
Saving Capitalism (book) is a 2010 nonfiction work by Joseph Stiglitz addressing the consequences of Neoliberalism and market regulation in the aftermath of the 2008 financial crisis, arguing for policy reforms to restore equity and efficiency. Stiglitz draws on his experiences at institutions such as the World Bank, the International Monetary Fund, and academia at Columbia University to critique policies promoted by figures associated with Margaret Thatcher, Ronald Reagan, Alan Greenspan, and Milton Friedman. The book situates contemporary debates alongside events like the Great Depression, the New Deal, and the Dodd–Frank Wall Street Reform and Consumer Protection Act.
Stiglitz wrote the book after serving as Chair of the Council of Economic Advisers and World Bank chief economist, responding to crises that involved actors from Goldman Sachs, Lehman Brothers, Bear Stearns, and regulatory bodies such as the Federal Reserve System and the Securities and Exchange Commission. The manuscript was released by W. W. Norton & Company amid ongoing policy debates featuring participants like Barack Obama, George W. Bush, Paul Krugman, Ben Bernanke, and Larry Summers. Publication timing intersected with legislative responses including discussions in the United States Congress and international talks involving the Group of Twenty and the European Union. Advance reviews in outlets connected to The New York Times, The Guardian, Financial Times, and The Wall Street Journal framed the book within controversies sparked by prior works from Thomas Piketty, Friedrich Hayek, John Maynard Keynes, and Adam Smith.
Stiglitz argues markets can fail when information is asymmetric, drawing on theories developed by George Akerlof, Michael Spence, and Kenneth Arrow, and critiques models advanced by Robert Lucas Jr. and proponents of Chicago School economics such as Milton Friedman and Gary Becker. He emphasizes the role of institutions including the Federal Deposit Insurance Corporation, the Department of Justice, and the Internal Revenue Service in shaping market outcomes, and contrasts policies from the New Deal era championed by Franklin D. Roosevelt with deregulatory trends associated with Margaret Thatcher and Ronald Reagan. Themes include rent-seeking exemplified by firms like Enron and AIG, the impact of tax policy debated by Arthur Laffer and Joe Biden allies, and the social costs highlighted by scholars such as Amartya Sen and Thomas Schelling. Stiglitz explores remedies including progressive taxation endorsed by Piketty advocates, financial regulation influenced by the Glass–Steagall Act debates, and competition policy associated with the Sherman Antitrust Act and cases like United States v. Microsoft Corp..
Reviews ranged from praise in publications affiliated with The New Yorker, The Nation, and academics at Harvard University to critique from columns in The Wall Street Journal, commentators aligned with Chicago School economists, and policy analysts at Cato Institute and Heritage Foundation. Scholars such as Paul Krugman, Fareed Zakaria, and Heather Boushey highlighted Stiglitz's use of historical episodes like the Great Depression and Savings and loan crisis to support interventionist policy, while critics invoked work by Robert Barro, Nobel Memorial Prize in Economic Sciences laureates sympathetic to market liberalization, and practitioners from Morgan Stanley to challenge empirical claims. Debates focused on Stiglitz's interpretation of institutions like the International Monetary Fund and outcomes in countries including Argentina, Iceland, Greece, and China. Academic journals and policy forums hosted exchanges referencing methodological critiques grounded in research from National Bureau of Economic Research and case studies from Harvard Business School.
The book influenced discussions among policymakers in venues such as the United States Congress, the European Parliament, and central banks including the Bank of England and the European Central Bank, informing debates on reforms like Dodd–Frank Wall Street Reform and Consumer Protection Act implementation and antitrust enforcement under administrations linked to Barack Obama and later Joe Biden. It contributed to public intellectual debates alongside works by Thomas Piketty, Paul Krugman, Jeffrey Sachs, and Noam Chomsky, and fed into advocacy by organizations such as Public Citizen and Occupy Wall Street. Academics cited Stiglitz in literature on inequality, regulation, and development studies involving institutions like the United Nations and World Trade Organization, and the book was used in curricula at Columbia University, London School of Economics, and Yale University.
Originally published in 2010, the book saw paperback and revised editions with forewords linking subsequent events like the European sovereign debt crisis and policy discussions at the G20 Cannes summit. Translations appeared in languages used in markets such as Chinese, Spanish, French, German, Portuguese, and editions circulated in regions including Latin America, East Asia, and Europe. Later printings included updated material referencing regulatory reforms and high-profile legal actions involving firms like JPMorgan Chase and Citigroup.
Category:Books about economics Category:2010 books