Capital market liberalization includes freeing up deposit and lending rates, opening up the market to foreign banks, and removing restrictions on capital account transactions and bank lending. The focus is on deregulation, not on finding the right regulatory structure.
Joseph StiglitzThey [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.
Joseph StiglitzThe extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.
Joseph StiglitzThere have always been two theories about inequality. One is that it reflects just deserts. The other is that there are large elements of exploitation and inequality of opportunities. The evidence is overwhelmingly that the increase in inequality is associated with those negative factors. If it were all social contribution, then when the top did better, they would be contributing to everybody's well-being. That trickle-down hasn't happened. We've seen median income, people in the middle, actually worse off than they were 25 years ago.
Joseph Stiglitz