By Joseph E. Stiglitz
The Great Recession, as it has come to be called, has impacted more people worldwide than any crisis since the Great Depression. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences.
The crisis has sparked an essential debate about Americas economic missteps, the soundness of this countrys economy, and even the appropriate shape of a capitalist system.
Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is an insanely great economist, in ways you cant really appreciate unless youre deep into the field (Paul Krugman, New York Times).
In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those too big to fail, while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference.
The system is broken, and we can only fix it by examining the underlying theories that have led us into this new bubble capitalism.
Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges – in health care, energy, the environment, education, and manufacturing – and Stiglitz penetratingly addresses each in light of the newly emerging global economic order.
Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.
480 pages. Softcover. 2010.
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