Globalisation and inequality: Coping with the consequences

by CLSA / Sep 18, 2016

Joseph Stiglitz, Professor, Columbia University


Presentation: Economic theory long predicted that unless globalisation was well-managed, it would result in increasing inequality. Unfortunately, most countries have not managed globalisation well and discontent has spread from the south to the north. Increasing inequality could lead to poorer economic performance and more instability. Both directly, and as a result of conventional and unconventional monetary policy responses, this can lead to still further increases in inequality. It should have been obvious that this, in turn, would have political consequences. In his presentation, Stiglitz describes and explains what happened, and explores whether there are alternative ways to manage globalisation to avoid the political backlash that seems to have become so strong.

About Joseph Stiglitz: An American economist and a professor at Columbia University, Stiglitz is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president’s) Council of Economic Advisers.

In 2000, Stiglitz founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received that university’s highest academic rank (university professor) in 2003. Based on academic citations, Stiglitz is the fourth-most influential economist in the world today, and in 2011 was named by Time magazine as one of the 100 most influential people in the world. Known for his pioneering work on asymmetric information, Stiglitz’s work focuses on income distribution, asset risk management, corporate governance, and international trade. He is the author of numerous books, and several bestsellers.

His most recent titles are The Euro: How a Common Currency Threatens the Future of Europe, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity and The Great Divide: Unequal Societies and What We Can Do About Them.

Follow the 23rd CLSA Investors’ Forum on social media.