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

Author

Listed:
  • Marlena Halhuber-Ahlmann

    (Zeppelin Universität, Friedrichshafen, Germany)

  • Oskar Wöltje

    (Zeppelin Universität, Friedrichshafen, Germany)

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.

Suggested Citation

  • Marlena Halhuber-Ahlmann & Oskar Wöltje, 2021. "People, Power and Profits, by Joseph Stiglitz -a critical review," Economic Research Guardian, Weissberg Publishing, vol. 11(1), pages 11-13, June.
    • Handle: RePEc:wei:journl:v:11:y:2021:i:1:p:11-13
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    More about this item

    Keywords

    Joseph E. Stiglitz; Inequality; Political economy; Corona virus; Populism;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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