I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.
Joseph StiglitzAny society has to delegate the responsibility to maintain a certain kind of order. Enforcing regulations, making sure people stop at stoplights. We canโt function as a society without rules and regulations, and the enforcement mechanism of those rules and regulations.
Joseph StiglitzI often felt myself the lone voice in discussions suggesting that basic democratic principles be followed. I recommended that not only should workers' voices be heard, but they should actually have a seat at the table. You have the old boys' club discussing how the old boys' club should be reformed.
Joseph StiglitzTwenty per cent of American children grow up in poverty, and that means they get inadequate nutrition, inadequate health care, and because we have a very local education system, they get inadequate access to education. With those as a starting base, you perpetuate inequality. That's why, here in New York, Mayor de Blasio has made a big deal of trying to focus on preschool education, because by five years old, there are already huge differences. We've finally begun to recognize it.
Joseph StiglitzGlobal demand for dollars has supplanted demand for manufactured goods and services, resulting in multilateral trade deficits and loss of jobs at home.
Joseph StiglitzGovernments can enhance growth by increasing inclusiveness. A country's most valuable resource is its people. So it is essential to ensure that everyone can live up to their potential, which requires educational opportunities for all.
Joseph StiglitzWall Street banks have used the same tactic that Bush used in the war on terror - fear - and they've basically said that if you don't do what we tell you, the sky will fall. If you don't do what we tell you, it will be the end of capitalism as we know it. The failure of Lehman Brothers lent some credence to those fears.
Joseph Stiglitz