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The great trans-Pacific free-trade charade
Joseph Stiglitz, Published on 04/10/2015
» As negotiators and ministers from the United States and 11 other Pacific Rim countries meet in Atlanta in an effort to finalise the details of the sweeping new Trans-Pacific Partnership, some sober analysis is warranted. The biggest regional trade and investment agreement in history is not what it seems.
US feuds with AIIB over power fears
News, Joseph Stiglitz, Published on 17/04/2015
» While the International Monetary Fund and the World Bank are poised to hold their annual meetings, the big news in global economic governance will not be made in Washington DC in the coming days. Indeed, key news was made last month, when the UK, Germany, France and Italy joined more than 30 other countries as founding members of the Asian Infrastructure Investment Bank (AIIB). The $50 billion AIIB, launched by China, will help meet Asia's enormous infrastructure needs, which are well beyond the capacity of today's financial institutions.
Secular stagnation setting in
News, Joseph Stiglitz, Published on 18/02/2014
» Soon after the global financial crisis erupted in 2008, I warned that unless the right policies were adopted, Japanese-style malaise — slow growth and near-stagnant incomes for years to come — could set in. While leaders on both sides of the Atlantic claimed that they had learned the lessons of Japan, they promptly proceeded to repeat some of the same mistakes. Now, even a key former United States official, the economist Larry Summers, is warning of secular stagnation.