People, Power and Profits, by Joseph Stiglitz -a critical review

Marlena Halhuber-Ahlmann () and Oskar Wöltje ()
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Marlena Halhuber-Ahlmann: Zeppelin Universität, Friedrichshafen, Germany
Oskar Wöltje: Zeppelin Universität, Friedrichshafen, Germany

Economic Research Guardian, 2021, vol. 11, issue 1, 11-13

Abstract: This review analyzes the latest book of economist Joseph E. Stiglitz titled People, Power and Profits. The review discusses his analysis of the development of the US economy, his criticisms, and propositions for improving economic development and distribution. One of the central theses in the book is that economics and politics are interrelated and that economic improvements can only be achieved through political improvements. On this basis professor Stiglitz puts forward a progressive economic agenda which aims to inspire political action. We ask who the constituency for such a political action might be and find that such an agenda would only be attractive to a progressive middle class. This review argues that insofar as this group constitutes part of the current status quo, it cannot be the base for a movement challenging the current economic and political paradigm. This leaves Stiglitz’s book with a populist appeal without a constituency or populus to appeal to.

Keywords: Joseph E. Stiglitz; Inequality; Political economy; Corona virus; Populism (search for similar items in EconPapers)
JEL-codes: D63 D72 P16 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:wei:journl:v:11:y:2021:i:1:p:11-13

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