A New Keynesian economist, Prof. Stiglitz received the Nobel Memorial Prize in Economic Sciences in 2001. A University Professor at Columbia University, 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. Stiglitz has received more than 40 honorary degrees and was named repeatedly by Time magazine as one of the 100 most influential people in the world. He is known for his critical view of the management of globalization, of laissez-faire economists (whom he calls "free-market fundamentalists"), and of international institutions such as the International Monetary Fund. More recently, he has been a vocal supporter of the Green New Deal and has written about the importance of student debt forgiveness.
In his new book, "People, Power, and Profits," he explores how a few corporations have come to dominate entire sectors of the economy, contributing to skyrocketing inequality and slow growth. This is how the financial industry has managed to write its own regulations, tech companies have accumulated reams of personal data with little oversight, and our government has negotiated trade deals that fail to represent the best interests of workers. Too many have made their wealth through exploitation of others rather than through wealth creation. Helpless though we may feel today, we are far from powerless. In fact, the economic solutions are often quite clear. We need to exploit the benefits of markets while taming their excesses, making sure that markets work for us―the U.S. citizens―and not the other way around. If enough citizens rally behind the agenda for change outlined in this book, it may not be too late to create a progressive capitalism that will recreate a shared prosperity.