A bit late to say that, isn't it? Fact is, it has always been a plutocratic oligarchy, just in varying degrees, and now we're nearing the worst extremes.
Unfortunately that's already in place. All I can do is take care of my family and neighbours. Hopefully create a community that's not dependent on someone else's wealth, but a way to increase the QUALITY of life for us. Lives and our planet do have a higher value than money. Money is just a tool to use for specific purposes. That's what the oligarchs have forgotten, the day they die they have exactly the same things, money as a person with nothing. So why accumulate things that are never used?
That's because we're all too busy making useless, defeatest comments on the inter web. We've forgotten how to mobilize our efforts, engage as Prof. Stilitz points out. Put your phones down and take to the streets
Its an empire oligarchy is just one aspect of the empire past and present. Clintons folk have zero credibility as cold war policy of containment not geniune engagement continued. 3 billion people currently under sanctions, a nuclear clock at 17 minutes to midnight in 1992 currently at 90 seconds. Border destroyed narcotics pooring in. Absolute apologists for neoliberal policies the last 30 years. But Trump is somehow reaponsible. No not even Closr
USA was and is an oligarchy, like any other republic. In a democracy, in addition to free voting and freedom of expression, decisions should be in the interest of the majority, except in cases protected by the constitution. Oligarchies are also diverse, depending on the interests of the oligarchs, which can be convergent or divergent. The latter lead to a society in which there is freedom of opinion and free speech, but decisions do not take into account the interests of the majority of citizens. A competitive, market economy, in which oligarchs compete with each other, will bring a society with democratic aspects, because each oligarch seeks to have his rights respected, so that none of them has undeserved advantages due to politics, which would bankrupt him.
This was a very good and informative conversation. Thank you for posting. Joseph Stiglitz is always insightful but expresses quite complex issues with ease.
“Freedom for the wolf is death for the sheep” the wolves have learned to farm the sheep and only take a small bite out of each sheep so they hardly notice.
This was a very good discussion - I've enjoyed Prof Stiglitz's academic and more mainstream writings for decades. A couple of important aspects of America's political system that are ruining the country are the Supreme Court's Citizens United decision and the continued allowance of professional lobbyists. These two items alone work against creating a more fair society where the government works for the people. Under Trump's second term, life in America will become more unfair and more difficult for the majority of the citizens. It is a sad and poor result for a country with so much wealth and potential.
@@missshroom5512 most seniors retire fairly well and are a tremendous untapped resource. Just imagine how many college graduates that are employed by the government but can not actually write a coherent sentence or do simple sums could be replaced by volunteers working pro bono.
@@ninemoonplanet Is this Joe Biden speaking? I remember Joe Biden going to West Virginia and telling laid off coal miners that they should learn how to code (computer programming). By contrast, ray_cist m0r0n Donald Trump puts on a show working at a McDonald's. Guess who carried the day?
Politicians change, but the power structure does not. The Network operates behind the scenes, for its own benefit, without ever consulting those who are affected by its decisions. Real power is unelected.The medium is the message.. Historically, those who establish sophisticated systems of domination are not only highly intelligent; they are supremely deceptive and ruthless. They completely ignore the ethical barriers that govern a normal human being’s behavior. They do not believe that the moral and legislative laws, which others are expected to abide by, apply to them. This gives them an enormous advantage over the masses that cannot easily imagine their mind-set.
Thank you. Well said. The only thing you left out is how the rich, powerful people use race as a divide and conquer strategy to help keep themselves in power.
@ Anything that is useful to divide and conquer, whether it be race or gender or religion, the oldest ploy in the book. If we are united then we are strong and sheer numbers allow us to resist, that scares them the most and is the real purpose of state controlled armed forces.
George Soros and Larry Fink have competition from American and world Oligarchs. The Oligarchs on Wall St. Stand no chance against all the other Oligarchs
A very thought provoking and enjoyable interview from the Green Letter Club from one the most knowledgeable and intellectually honest and credible economists in the world Prof Joseph Stiglitz.
The US has slid into a banana republic, yes, and while Trump wasn't the only one to push it there of course, he is a leading force, a catalyst.I think many Americans (at least Republican sympathizers) don't get how outstanding and scandalous the events post the 2020 elections, leading up towards Jan 6, really were....its nutty that Trump managed to get voted back into office again, and I'm not entirely sure that this last one was a fair and secure election.
This is an amazing interview. It's low-key in its presentation yet tells the story and leaves us with more knowledge and food for thought than we had before.
@@vivalaleta because they have taken on the role of the ideological tip of the spear for the financial class and the corporate oligarchy. They have achieved that through what could only be described as academic violence - radical protection of ideological axioms such as methodological individualism, rational expectations theory, equilibrium theory...etc...etc However, if the truth is told - they rely on outdated 18th-century physics (Newtonian), they thoroughly abuse mathematics, their psychological concepts are laughable and they have destroyed the study of economic history to keep everyone in "the forever now". They have deleted history, meaning that students cannot learn from the past mistakes of different policies. Yes, they are an atrocious profession.... Professor Yanis Varoufakis and Professor Steve Keen articulate the profession's best critique. The Economics profession is a priesthood...
@@dcpolicygeek That's very simple. They have provided the ideological lens to justify policies that serve the business community and especially the financial class since 1971 but in many ways for generations. They have done this through ruthless protection of their ideological axioms such as methodological individualism, rational expectations theory and their take on humanity - "Homo Economicus". They have asserted that human beings are nothing more than self-serving, pleasure-seeking consumers who should pursue their own interests with complete disregard for life (courtesy of Milton Friedman) including both their fellow man and the environment. They rely on outdated 18th century physics, they abuse mathematics, they distort psychological concepts and they have never heard of biology (bios-logis: in ancient greek - "They study of Life"). In addition, they have separated themselves from the study of politics for over a century (before it was called Political Economy) and made themselves a pseudoscientific priesthood with all of the institutional backing that they could ever dream of. MIT, Princeton, Harvard, Yale and the Chicago School produce Phd's like nuclear waste and feed them into the Federal Reserve system and the like. This profession is a disgrace - an enemy to life. Any questions? Fallacious responses will not interest me BTW
Thank you for this interview. His way of thinking is very clear, you can understand it very well, and as for me, I agree with his thoughts. Thanks for sharing.
Except Russia has universal healthcare that IS affordable even for those seeking private care, for most of us, the healthcare is unaffordable even when we pay hefty premiums. Bryan Thompson was killed for a reason
Yes, it was and is an oligarchy, like any other republic. In a democracy, in addition to free voting and freedom of expression, decisions should be in the interest of the majority, except in cases protected by the constitution. Oligarchies are also diverse, depending on the interests of the oligarchs, which can be convergent or divergent. The latter lead to a society in which there is freedom of opinion and free speech, but decisions do not take into account the interests of the majority of citizens. A competitive, market economy, in which oligarchs compete with each other, will bring a society with democratic aspects, because each oligarch seeks to have his rights respected, so that none of them has undeserved advantages due to politics, which would bankrupt him.
In the country I live in, freedom is understood as: Free education, free health care, pension for all, maternity leave, freedom without guns, 6 weeks paid holiday and a democracy that still works, where the politicians cooperate and find consensus solutions, and we actively respond in legislation to combat climate change - everyone from right to left on the political spectrum supports this agenda. The trade unions are strong and they cooperate in the best way with the employers for the benefit of all.
Feel yourself VERY lucky that you live in a civilized country--not like the semi-literate, gun-ridden USA, which is now governed by a loutish, corrupt, fascist, convicted felon.
This is an excellent start, but once the planet becomes as important as all those, then there's a jump in the quality of life. You've got a big head start on other countries that are hell bent on using fossil fuels for everything.
The decline started in the 1970s. The US leadership have had 5 decades to recognize and steer back to the course, but they didnt for a number of reasons. This current situation is just following trajectory, if not trump, someone else. The price of inaction can be steep
A Nobel Prize winner. He's been trying to get people in government and out to understand what actual freedoms are. I'm discomforted by the direction of the various people, governments and businesses that don't value our lives.
For Canadians, they are ready: Canadians are UNLIKELY to cross that complicated borders to USA because Canadians can retaliate by reducing Canadians' huge purchasing influences in USA malls, tourism and hospitality industries for these 4 years. Loonies are good for Canadians buy in Canada in these 4 years. 🎉
And I hope beyond hope that the UK (where I live) supports Canada as a fellow commonwealth country in it's efforts to remain free, than we do as our governments (past & present) continually sell out to the US. Farage is not the only one toadying up to the US administration.
As long as we're looking into the policies of each federal party and see if those policies are inclusive, fair and respect the wilderness, the animal and our quality of life. If a party has divisive policies, then we need to insist those policies are changed.
I love it when matters are so calmly and well-articulated that even a fool could understand......if only they would listen with open minds. And if only they weren't living in a bubble.
Thank you sir! I read the price of inequality in 2015 maybe 2014 haha and it changed my life. Converted my immediate family from conservative politics to progressive politics. Thanks again!
Why is capitalism failing us? Double entry accounting is 700 years old. When have economists advocated mandatory accounting/finance in high schools? Check Adam Smith's Wealth of Nations that has been free on the Internet since 2001. He used the word 'education' Eighty Times. He wrote "read, write and account" multiple times. Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work. Thomas Sowell did not use the word a single time in his book, Basic Economics. What is NDP, Net Domestic Product? We hear GDP all the damn time. GDP is Grossly Distorted Propaganda
Too broad a question, the simplest point to answer is why have inflation adjusted wages stagnated for 50 years for manufacturing workers in the U.S? The obvious answer, technology and competition. Technology is self-evident. About competition, just think about the fact that developing nations that had hundreds of millions of people living on subsistence wages have had economic growth and employed a lot of this worker reserve in manufacturing. Talk about the effect of China’s rise on American blue collar jobs. Almost every Chinese and Indian is willing to work in manufacturing much cheaper than a blue collar worker in the U.S. The relative winners have been the rich owners and the relative poor versua the losers, Western workers.
@sakarikaristo4976 Adam Smith wrote "read write and ACCOUNT" FIVE Times in Wealth of Nations. He used the word 'education' EIGHTY Times. If there ain't mandatory accounting in the schools, then it ain't Capitalism. Adam Smith knew that Capitalists were LIARS!
Start with your community. Work to get people going in an inclusive direction. A community garden, for example. A pot donated that's used for more volunteer jobs. Together WE can change our own neighborhood. Yeah, it's not easily done, but worth it over time.
nada. the rulers have created a nation without much lateral bond, always flooded with immigrants grateful for an opportunity to eat, on their knees to the government. at some point the empire will fracture, viable states will eave the union, remnants will descend into effective slavery.
Firstly educate those who voted for this. Secondly create new forms of government who actually care about society. Stop big Corp from backing political parties.
People have different ideas about what makes a country great. Dominating other countries is not what makes a country great. Having the strongest military is not what makes a country great. Being richest is not what makes a country great. Other things are more important. How are the people being served by their government ? Do all of the people have access to good education, health care, housing? Are they well fed? Are their children’s prospects for the future bright? Is the nation’s wealth used for the benefit of the general public or is it monopolized by a few? Is everyone equal in the eyes of the law? Or does the law tend to punish particular segments of society harsher? How are the disabled, the elderly treated? Are we good stewards of the land, air, water? Do we use our military strength to help the oppressed or to gain, maintain and increase wealth for the already wealthy? Do we affirm by our policies and actions the humanity of those who do not look, sound or worship like us? Do we act on the global stage in a way that we can claim the moral high ground? In short, what do we value? What are the things that are most important to us? We can wave our flag and chant U.S.A. Number One ! U.S.A. Number One ! like rabid sports fans. And feel inner satisfaction when we beat someone else at the Olympics. But that doesn’t mean that we are great
The real problem of humanity is that we have paleolithic emotions, medieval institutions and god-like technology. EO Wilson. What could go wrong? Just look around. Mission accomplished. We are toast. take a look at LA.
I dont like to think that the young people will be so ignorant of their real history. It deprives them of the ability to see clearly where they came from an d why they are who they are. This is very important because learning ones real history creates a wiser and more complete person. It is a great gift.
... American Historian & Author Timothy Snyder calls American freedom, negative freedom - by which he means that Americans view the idea of being a free people as freedom FROM things - Government, regulation and anything else that attempts to " control " their " rights " ... unfortunately, to me (not necessarily Snyder) that means that they are " free " to go in any direction they want - including backwards ! ...
Exactly. Evidently it's all a ok when the oligarchs are from the Dem party, but when they are Republicans, oh no no no! For decades they've been playing the blame game, endlessly accusing the party in power for doing the things they've been doing or getting ready to do once back in power. But only changing the things inconvenient to themselves, just for some color, for something to brag about, but never stopping chipping at the 90%s rights. The Obama's ACA that allowed a few hundred uninsured to purchase an overpriced health insurance and forced everyone else to pay way more or get fined, the finally affordable price of insulin Biden bragged while letting every other drug or medical procedure spiral out of control or reason...
Educate yourself, and your children. Rely heavily on critical thinking. Make sure you include ethics. Skip religion, the golden rule covers all you need spiritually.❤❤
Democracy never existed in the US. Only self-interest.. It has always been ruled by oligarchy. What we are seeing is a replacement of the old oligarchy by the young. Hopefully, a more peace-loving one.
Putting people in space has been a great benefit. For example, NASA has marketted useful technologies developed for space exploration, e.g. wireless headphones, memory foam, cellphone cameras, IR thermometers, scratch-resistant lenses, ... to name but a few.
Beautifully, simply and authoritatively explained. Perfect to send to cult followers. One point which Steigler along with every other person who thinks public servants, or any people except olympic, Nobel prizewinners etc, are "elite" gets wrong: Ordinary people are not uninvolved because they are lazy or ignorant. They are usually a lot busier than the privileged, but from experience in my country everyone is fully capable of grasping policy and keen to have a say if they have a means to do so. People have no opportunity because there is no answerability. Elected attorneys, medical posts etc offer policies, are answerable and perform or are voted out. An elected king is far too great a concentration of power. There is no way 1 person can effectively run a country with 21st century US issues and demographics, with no expertise in most or any of them. Co ruption and incompetence are inevitable. People are prevented from voting for policies and forced to vote for tribes. Division of the administration into elected portfolios with 1 or more elected heads each (health, courts, police, foreign affairs, trade etc) would resolve both problems. Opportunity for abuse-gone. Ability to elect policies, give feedback and answerability. You can still have parties, but voters can choose policies, and they can see exactly when promises are not kept and why. For example if Revenue was under-funding police preventing performance of mandate, both would be talking to the voters who would vote one or both out. (Your next Nobel Prize - You're welcome. :)
Yes, and the direction is towards a far worse way and could end up looking more like Hungary, Russia and China. Adoration of wealth, stardom, and personal power have become an addiction for people around the world, far worse in the USA.
Roosevelt did instill democratic freedoms into US body politic, albeit under huge pressure from left & unions... rest is just elites trading their wares
At the first Continental Congress , James Madison said, "it is the prime responsibility of the government to protect the minority of the opulent against the majority." That's why the Founders agreed on a "republic."
You forget that the US is an evolving society. A lot has changed since the Founding Fathers. More people can vote, for example. You haters of America always assume that the US society is frozen in time. But in reality only Russia is frozen in time. Perhaps your background influences your thinking?
Humans are very clever to explain and describe the process of decomposition but hopeless to organise to stop it. This was understood for well over two thousand years, the Chinese philosophers talked about it. Are we now in a better position to organise and act decisively or are we like in America just dreaming about something which doesn’t exist in reality. How many understand oligarchy not to talk about the power of money in private hands through the obscene rights of private property. Corruption rules, period.
The last person I would value an opinion from is an academic. They live in a dangerous bubble...which, is presently meeting the real world. Thus, the panic.
"A very good interview with Joseph E. Stiglitz. I have been aware of him before. He starts from national economics and reasons his way to wise insights. What he does not know is that in Norway, a new insight about the economic system has emerged already in 1916. It uses double-entry bookkeeping on the social organism, thereby revealing the 'system's costs,' similar to those in a business. The new aspect is that the costs of environmental destruction are also included in this concept. I have developed a modern accounting system based on ecological social economics that thoroughly addresses these questions and offers entirely new analyses and possibilities for action for governments. This gives new meaning to democracy. Unfortunately, this insight has not yet reached the international community, but we are working to bring it out into the world."
Excellent! Well done. Now to get that not just to the government level but to ordinary people, some who run small businesses. It's like the growing understanding of permaculture, agro-forestry and how we build up food systems that should still be there in the coming century, not weeks, or a few years.
merci d'avoir mis la version en anglais, mon cerveau a du mal quand j'entends 2 langues que je comprends qui se superposent XD La trad etait nickel imo sinon
ICU? That's a lot more than here. How would you describe OUR democracy since the day all Japanese Americans were arrested for being of, well, Japanese descent!
It is so true when Prof mentioned about Hedge Fund buying nursing homes. In Australia, retirement homes for rich baby boomers are the money trap and attract international funds to tap on the big pool of money.
@@mireillelebeau2513 They tell you it is Democracy but it is a veil for Oligarchy. Isn't Communist an Oligarchy as the State owns everything? Communist and Socialist is the same thing.
A lucid man in times where things are getting darker! thanks for publishing the interview
A bit late to say that, isn't it? Fact is, it has always been a plutocratic oligarchy, just in varying degrees, and now we're nearing the worst extremes.
💯💯💯
True
Unfortunately that's already in place.
All I can do is take care of my family and neighbours. Hopefully create a community that's not dependent on someone else's wealth, but a way to increase the QUALITY of life for us.
Lives and our planet do have a higher value than money. Money is just a tool to use for specific purposes.
That's what the oligarchs have forgotten, the day they die they have exactly the same things, money as a person with nothing.
So why accumulate things that are never used?
That's because we're all too busy making useless, defeatest comments on the inter web. We've forgotten how to mobilize our efforts, engage as Prof. Stilitz points out. Put your phones down and take to the streets
Indeed. It always was.
The US has always been an oligarchic.
by design.
But not to that extent lol
Its an empire oligarchy is just one aspect of the empire past and present. Clintons folk have zero credibility as cold war policy of containment not geniune engagement continued. 3 billion people currently under sanctions, a nuclear clock at 17 minutes to midnight in 1992 currently at 90 seconds. Border destroyed narcotics pooring in. Absolute apologists for neoliberal policies the last 30 years. But Trump is somehow reaponsible. No not even
Closr
You got it
@@joachim5080In fact, it was even worse, a slave-owning oligarchy.
This gentleman sounds very wise. He seems to have integrity, honesty, and care about people and their well-being..
If you like this, check out his presentations during the 2007/2008 financial meltdown and at the LSE (London School of Economics).
He IS very wise...etc. etc.
He has the Nobel Prize in economics
I love Stiglitz, thanks for publishing the interview!
Our pleasure!
Blind faith in markets is no different than blind faith in religion.
USA was and is an oligarchy, like any other republic. In a democracy, in addition to free voting and freedom of expression, decisions should be in the interest of the majority, except in cases protected by the constitution. Oligarchies are also diverse, depending on the interests of the oligarchs, which can be convergent or divergent. The latter lead to a society in which there is freedom of opinion and free speech, but decisions do not take into account the interests of the majority of citizens. A competitive, market economy, in which oligarchs compete with each other, will bring a society with democratic aspects, because each oligarch seeks to have his rights respected, so that none of them has undeserved advantages due to politics, which would bankrupt him.
Religion, communism and free markets - if they go unchecked, consequences are the same: brainwashed masses
Both are successful formulas
Except markets actually exist. 🤓
Democracy? Where is democracy? How you understand that?
This was a very good and informative conversation. Thank you for posting. Joseph Stiglitz is always insightful but expresses quite complex issues with ease.
The 3 men surrounding Trump at inauguration were worth 1.06 trillion.
Larry, Curly and Moe?
And the richest cabinet in world history.
But MAGA voters sure they came to defend the working class and taxpayers 😂
1 trillion in tax refunds, government contracts and financial deregulation.
MUSK, BEZOFF, ZUCKERBERG....
You can triple that number and they would still have less money than the real oligarchs.
The voice of reason drowned out by the shouty Murdoch media.
precisely! we're all being played by cynical greedy bullies.
“Freedom for the wolf is death for the sheep” the wolves have learned to farm the sheep and only take a small bite out of each sheep so they hardly notice.
Unfortunately the bites are a lot bigger now and the sheep are noticing the parts that are taken.
@ let’s hope more people start to notice.
Thank you Prof. Stieglitz, hopefully you are able to teach many more years. All your students will benefit enormously from your wisdom !
Thank's for making this podcast. It is fantastic to listen to intelligent people these days..
Thank you :)
This was a very good discussion - I've enjoyed Prof Stiglitz's academic and more mainstream writings for decades. A couple of important aspects of America's political system that are ruining the country are the Supreme Court's Citizens United decision and the continued allowance of professional lobbyists. These two items alone work against creating a more fair society where the government works for the people. Under Trump's second term, life in America will become more unfair and more difficult for the majority of the citizens. It is a sad and poor result for a country with so much wealth and potential.
Not only is it harder to do a blue collar job after 60 but companies don’t want blue collar labor over 60. Double whammy
True, but those who have lived have skills that are valuable, it means changing how those skills can be used. It's tough, but it's possible.
No companies want to hire anyone over 60.
@@missshroom5512 most seniors retire fairly well and are a tremendous untapped resource. Just imagine how many college graduates that are employed by the government but can not actually write a coherent sentence or do simple sums could be replaced by volunteers working pro bono.
@@missshroom5512 Actually most companies don't want workers who have fried their brains on shrooms.
@@ninemoonplanet Is this Joe Biden speaking?
I remember Joe Biden going to West Virginia and telling laid off coal miners that they should learn how to code (computer programming).
By contrast, ray_cist m0r0n Donald Trump puts on a show working at a McDonald's.
Guess who carried the day?
Politicians change, but the power structure does not. The Network operates behind the scenes, for its own benefit, without ever consulting those who are affected by its decisions.
Real power is unelected.The medium is the message..
Historically, those who establish sophisticated systems of domination are not only highly intelligent; they are supremely deceptive and ruthless. They completely ignore the ethical barriers that govern a normal human being’s behavior. They do not believe that the moral and legislative laws, which others are expected to abide by, apply to them. This gives them an enormous advantage over the masses that cannot easily imagine their mind-set.
As Nietzsche described it, the will to power. When it is strong then historic outcomes are always achieved, whether positive or negative for humanity.
Thank you. Well said.
The only thing you left out is how the rich, powerful people use race as a divide and conquer strategy to help keep themselves in power.
@ Anything that is useful to divide and conquer, whether it be race or gender or religion, the oldest ploy in the book. If we are united then we are strong and sheer numbers allow us to resist, that scares them the most and is the real purpose of state controlled armed forces.
George Soros and Larry Fink have competition from American and world Oligarchs. The Oligarchs on Wall St. Stand no chance against all the other Oligarchs
Trump acted in the open, not behind the scenes. And the people voted.
A very thought provoking and enjoyable interview from the Green Letter Club from one the most knowledgeable and intellectually honest and credible economists in the world Prof Joseph Stiglitz.
Mariana Mazzucato is pretty good as well.
The US has slid into a banana republic, yes, and while Trump wasn't the only one to push it there of course, he is a leading force, a catalyst.I think many Americans (at least Republican sympathizers) don't get how outstanding and scandalous the events post the 2020 elections, leading up towards Jan 6, really were....its nutty that Trump managed to get voted back into office again, and I'm not entirely sure that this last one was a fair and secure election.
zzz'ed
Joseph Stiglitz is such a sensible and reasonable economist. Love him!!!!
“Income from labor in the United States is about as unequally distributed as has ever been observed anywhere.”
Thomas Piketty
GREED and Cheap Labor Conservatives.
GREED and Cheap Labor Conservatives.
GREED and Cheap Labor Conservatives.
This is an amazing interview. It's low-key in its presentation yet tells the story and leaves us with more knowledge and food for thought than we had before.
What a wonderful interview! Thank you!
One of the best (economists) within a terrible profession. Love your work Joe Stiglitz
Why do you claim economics is a terrible profession?
@@vivalaleta because they have taken on the role of the ideological tip of the spear for the financial class and the corporate oligarchy. They have achieved that through what could only be described as academic violence - radical protection of ideological axioms such as methodological individualism, rational expectations theory, equilibrium theory...etc...etc However, if the truth is told - they rely on outdated 18th-century physics (Newtonian), they thoroughly abuse mathematics, their psychological concepts are laughable and they have destroyed the study of economic history to keep everyone in "the forever now". They have deleted history, meaning that students cannot learn from the past mistakes of different policies. Yes, they are an atrocious profession.... Professor Yanis Varoufakis and Professor Steve Keen articulate the profession's best critique. The Economics profession is a priesthood...
He is another neoliberal establishment shill.
@@vivalaletaI have the same question.
@@dcpolicygeek That's very simple. They have provided the ideological lens to justify policies that serve the business community and especially the financial class since 1971 but in many ways for generations. They have done this through ruthless protection of their ideological axioms such as methodological individualism, rational expectations theory and their take on humanity - "Homo Economicus". They have asserted that human beings are nothing more than self-serving, pleasure-seeking consumers who should pursue their own interests with complete disregard for life (courtesy of Milton Friedman) including both their fellow man and the environment. They rely on outdated 18th century physics, they abuse mathematics, they distort psychological concepts and they have never heard of biology (bios-logis: in ancient greek - "They study of Life"). In addition, they have separated themselves from the study of politics for over a century (before it was called Political Economy) and made themselves a pseudoscientific priesthood with all of the institutional backing that they could ever dream of. MIT, Princeton, Harvard, Yale and the Chicago School produce Phd's like nuclear waste and feed them into the Federal Reserve system and the like. This profession is a disgrace - an enemy to life. Any questions? Fallacious responses will not interest me BTW
Thank you for this interview. His way of thinking is very clear, you can understand it very well, and as for me, I agree with his thoughts. Thanks for sharing.
Very interesting interview🎉❤🎉we have to be strong and fight back any kind of extremist trends... it's the biggest challenge of our modern times 😢😢😢
With oligarchie, we are no different than Russia. A few wealthy do as they will and the weak do as they must.
Nothing like Russia..they can afford house and food usa has 200 million ppl depending on government
@@jerrellholder8382delusional
Except Russia has universal healthcare that IS affordable even for those seeking private care, for most of us, the healthcare is unaffordable even when we pay hefty premiums. Bryan Thompson was killed for a reason
Compared to the American oligarchy, the Russian oligarchy looks like the junior league.
@@jerrellholder8382have you seen the number of pensioners in russia?
Or how putin trashed all the social funds for war?
Technically even Sweden is an oligarchy. The question is if the checks and balances are capable to control the influence of those oligarchs.
Excellent point. I believe those don't exist here in the states.
Yes, it was and is an oligarchy, like any other republic. In a democracy, in addition to free voting and freedom of expression, decisions should be in the interest of the majority, except in cases protected by the constitution. Oligarchies are also diverse, depending on the interests of the oligarchs, which can be convergent or divergent. The latter lead to a society in which there is freedom of opinion and free speech, but decisions do not take into account the interests of the majority of citizens. A competitive, market economy, in which oligarchs compete with each other, will bring a society with democratic aspects, because each oligarch seeks to have his rights respected, so that none of them has undeserved advantages due to politics, which would bankrupt him.
No
What a clarity of thoughts and understanding of the situations!🎉🎉🎉
In the country I live in, freedom is understood as: Free education, free health care, pension for all, maternity leave, freedom without guns, 6 weeks paid holiday and a democracy that still works, where the politicians cooperate and find consensus solutions, and we actively respond in legislation to combat climate change - everyone from right to left on the political spectrum supports this agenda. The trade unions are strong and they cooperate in the best way with the employers for the benefit of all.
Feel yourself VERY lucky that you live in a civilized country--not like the semi-literate, gun-ridden USA, which is now governed by a loutish, corrupt, fascist, convicted felon.
This is an excellent start, but once the planet becomes as important as all those, then there's a jump in the quality of life.
You've got a big head start on other countries that are hell bent on using fossil fuels for everything.
@@willchristie2650 NO somewhere in Europe...
Does this country exist???
@rosemaryanaisanesse Maybe look to Scandinavia...
The decline started in the 1970s. The US leadership have had 5 decades to recognize and steer back to the course, but they didnt for a number of reasons. This current situation is just following trajectory, if not trump, someone else.
The price of inaction can be steep
pigs at the trough
Great interview !! Thank you so much, very deep
Great Interview, terrible times. Je viens de decouvrir votre canal. Merci beaucoup.
THANK-YOU. I learned a lot from this interview.
Oligarchs plundered others is not that they have that wealth through wisdom or any other work.
Extraordinary interview. Brilliant Stiglitz.
A Nobel Prize winner. He's been trying to get people in government and out to understand what actual freedoms are.
I'm discomforted by the direction of the various people, governments and businesses that don't value our lives.
He has never produced anything but hot air. A waste of space that consumed resources.
For Canadians, they are ready: Canadians are UNLIKELY to cross that complicated borders to USA because Canadians can retaliate by reducing Canadians' huge purchasing influences in USA malls, tourism and hospitality industries for these 4 years. Loonies are good for Canadians buy in Canada in these 4 years. 🎉
And I hope beyond hope that the UK (where I live) supports Canada as a fellow commonwealth country in it's efforts to remain free, than we do as our governments (past & present) continually sell out to the US. Farage is not the only one toadying up to the US administration.
As long as we're looking into the policies of each federal party and see if those policies are inclusive, fair and respect the wilderness, the animal and our quality of life. If a party has divisive policies, then we need to insist those policies are changed.
Gringoland has always been an oligarchy/ plutocracy since 1776
"Gringoland" never had real independence from the British Crown since 1776. The US is just an extension of colonialist Britain.
says a stupid envious lefty......
@@peterboytRaKs Tell me which country is no plutocracy....got it?
You are correct, since Regan.
@@ManuelManolini and Mexico has always been a mess.
I love it when matters are so calmly and well-articulated that even a fool could understand......if only they would listen with open minds. And if only they weren't living in a bubble.
Thank you sir! I read the price of inequality in 2015 maybe 2014 haha and it changed my life. Converted my immediate family from conservative politics to progressive politics. Thanks again!
Well done excellent analysis Best wishes from Manchester England ❤️😎 Cheers
Thank you kindly! From Paris ;)
What an interesting, and fantastic, interview!
Why is capitalism failing us?
Double entry accounting is 700 years old. When have economists advocated mandatory accounting/finance in high schools?
Check Adam Smith's Wealth of Nations that has been free on the Internet since 2001. He used the word 'education' Eighty Times. He wrote "read, write and account" multiple times.
Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work. Thomas Sowell did not use the word a single time in his book, Basic Economics.
What is NDP, Net Domestic Product?
We hear GDP all the damn time.
GDP is Grossly Distorted Propaganda
Capitalism helps capitalism only.
Too broad a question, the simplest point to answer is why have inflation adjusted wages stagnated for 50 years for manufacturing workers in the U.S? The obvious answer, technology and competition. Technology is self-evident. About competition, just think about the fact that developing nations that had hundreds of millions of people living on subsistence wages have had economic growth and employed a lot of this worker reserve in manufacturing. Talk about the effect of China’s rise on American blue collar jobs. Almost every Chinese and Indian is willing to work in manufacturing much cheaper than a blue collar worker in the U.S. The relative winners have been the rich owners and the relative poor versua the losers, Western workers.
@sakarikaristo4976
Adam Smith wrote "read write and ACCOUNT" FIVE Times in Wealth of Nations. He used the word 'education' EIGHTY Times.
If there ain't mandatory accounting in the schools, then it ain't Capitalism.
Adam Smith knew that Capitalists were LIARS!
Merci pour la vidéo en VOST ! 🙏
The question is what are we going to do about it? What’s the action we all know what’s happening
Start with your community. Work to get people going in an inclusive direction.
A community garden, for example. A pot donated that's used for more volunteer jobs. Together WE can change our own neighborhood.
Yeah, it's not easily done, but worth it over time.
nada. the rulers have created a nation without much lateral bond, always flooded with immigrants grateful for an opportunity to eat, on their knees to the government.
at some point the empire will fracture, viable states will eave the union, remnants will descend into effective slavery.
Firstly educate those who voted for this. Secondly create new forms of government who actually care about society. Stop big Corp from backing political parties.
The world has not accepted trump and the brics is establishing a new reset
Eccellent thinking! A
good man!
People have different ideas about what makes a country great.
Dominating other countries is not what makes a country great.
Having the strongest military is not what makes a country great.
Being richest is not what makes a country great.
Other things are more important.
How are the people being served by their government ?
Do all of the people have access to good education, health care, housing?
Are they well fed?
Are their children’s prospects for the future bright?
Is the nation’s wealth used for the benefit of the general public or is it monopolized by a few?
Is everyone equal in the eyes of the law? Or does the law tend to punish particular segments of society harsher?
How are the disabled, the elderly treated?
Are we good stewards of the land, air, water?
Do we use our military strength to help the oppressed or to gain, maintain and increase wealth for the already wealthy?
Do we affirm by our policies and actions the humanity of those who do not look, sound or worship like us?
Do we act on the global stage in a way that we can claim the moral high ground?
In short, what do we value?
What are the things that are most important to us?
We can wave our flag and chant
U.S.A. Number One !
U.S.A. Number One !
like rabid sports fans.
And feel inner satisfaction when we beat someone else at the Olympics.
But that doesn’t mean that we are great
In the Greece of Athens it was an oligarchy of thinkers and not financial sharks.
@lucfrombelgium, the meaning of oligarchy is : Power of the wealthy ones. This is an Aristotle definition.
The prefix OLIGO means FEW
I love Joe! I'm happy to see him doing interviews. American media would never let someone so truthful and intelligent get attention.
Stiglitz is a good soul
The real problem of humanity is that we have paleolithic emotions, medieval institutions and god-like technology. EO Wilson. What could go wrong? Just look around. Mission accomplished. We are toast. take a look at LA.
LA has burned many many times . Only problem in LA is too many people
Interesting conversation with Professor Joseph Stiglitz .
I dont like to think that the young people will be so ignorant of their real history. It deprives them of the ability to see clearly where they came from an d why they are who they are. This is very important because learning ones real history creates a wiser and more complete person. It is a great gift.
This is a great interview. I love economics. And he is a true intellectual.
Excellent interview.
What a brilliant guest!
Thank you, both.
Take the example of Trump saying the US is going to Mars. It i the same as putting taxpayer money into the pocket of Elon Musk. Legally.
Die sollen erstmal auf den Mond !
Schlage vor, erstmal den Mond zu besuchen !
@silkekoehlmann4188 😉
@@silkekoehlmann4188 Maybe they did. After all. The moon is not that far away. Mars is something different. Lets take care of planet Earth first.
While our own planet is dying!
Important voice in this moment.
... American Historian & Author Timothy Snyder calls American freedom, negative freedom - by which he means that Americans view the idea of being a free people as freedom FROM things - Government, regulation and anything else that attempts to " control " their " rights " ... unfortunately, to me (not necessarily Snyder) that means that they are " free " to go in any direction they want - including backwards ! ...
I love it when Mr. Stiglitz smiles when he speaks. : - )
Excellent video and excellent guest.
RS. Canada
I'm taking the selective part of oligarchy economy to increase my power of self education and critical thinking such as from this interview.
Democracy and America are inconsistent; democracy died long before and it’s now oligarchy. Outstanding analysis!
Hace rato que eso es una realidad notoria, inclusive para los no especialistas ! Saludos
Very insightful relevant questions!
Freedom isn't possible without truth.
For the corporations, by the corporations!
Great discussion, thanks!❤
It was an oligarchy before, its just not YOUR oligarchy anymore.
Exactly. Evidently it's all a ok when the oligarchs are from the Dem party, but when they are Republicans, oh no no no! For decades they've been playing the blame game, endlessly accusing the party in power for doing the things they've been doing or getting ready to do once back in power. But only changing the things inconvenient to themselves, just for some color, for something to brag about, but never stopping chipping at the 90%s rights. The Obama's ACA that allowed a few hundred uninsured to purchase an overpriced health insurance and forced everyone else to pay way more or get fined, the finally affordable price of insulin Biden bragged while letting every other drug or medical procedure spiral out of control or reason...
So you are a billionaire now and it's yours?
@barbaramuerdter8228 you must be denser than wet limestone.
Insightful.
Thanks, due to your support.
1000 years from now still building Democracy ! But the best Democracy is Sovereign Democracy !
I'm going to save a LOT of money in the next few years.
We're running from the light!
Educate yourself, and your children. Rely heavily on critical thinking. Make sure you include ethics. Skip religion, the golden rule covers all you need spiritually.❤❤
Democracy never existed in the US. Only self-interest.. It has always been ruled by oligarchy. What we are seeing is a replacement of the old oligarchy by the young. Hopefully, a more peace-loving one.
Well its the opposite of that..
...and in the rest of the world??...exactly the same.
Putting people in space has been a great benefit. For example, NASA has marketted useful technologies developed for space exploration, e.g. wireless headphones, memory foam, cellphone cameras, IR thermometers, scratch-resistant lenses, ... to name but a few.
Beautifully, simply and authoritatively explained. Perfect to send to cult followers.
One point which Steigler along with every other person who thinks public servants, or any people except olympic, Nobel prizewinners etc, are "elite" gets wrong: Ordinary people are not uninvolved because they are lazy or ignorant. They are usually a lot busier than the privileged, but from experience in my country everyone is fully capable of grasping policy and keen to have a say if they have a means to do so.
People have no opportunity because there is no answerability. Elected attorneys, medical posts etc offer policies, are answerable and perform or are voted out. An elected king is far too great a concentration of power. There is no way 1 person can effectively run a country with 21st century US issues and demographics, with no expertise in most or any of them. Co ruption and incompetence are inevitable. People are prevented from voting for policies and forced to vote for tribes.
Division of the administration into elected portfolios with 1 or more elected heads each (health, courts, police, foreign affairs, trade etc) would resolve both problems. Opportunity for abuse-gone. Ability to elect policies, give feedback and answerability. You can still have parties, but voters can choose policies, and they can see exactly when promises are not kept and why. For example if Revenue was under-funding police preventing performance of mandate, both would be talking to the voters who would vote one or both out.
(Your next Nobel Prize - You're welcome. :)
Brilliant show. Thank you.
Yes, and the direction is towards a far worse way and could end up looking more like Hungary, Russia and China.
Adoration of wealth, stardom, and personal power have become an addiction for people around the world, far worse in the USA.
Everyone band together and make unions stronger!
Whao. Extrêmement intéressant. Thanks
The US never was a democracy at the common people level.
Not true.
Roosevelt did instill democratic freedoms into US body politic, albeit under huge pressure from left & unions... rest is just elites trading their wares
On paper it is/was but the electoral college for example is an undemocratic system.
At the first Continental Congress , James Madison said, "it is the prime responsibility of the government to protect the minority of the opulent against the majority." That's why the Founders agreed on a "republic."
You forget that the US is an evolving society. A lot has changed since the Founding Fathers. More people can vote, for example. You haters of America always assume that the US society is frozen in time. But in reality only Russia is frozen in time. Perhaps your background influences your thinking?
Humans are very clever to explain and describe the process of decomposition but hopeless to organise to stop it. This was understood for well over two thousand years, the Chinese philosophers talked about it. Are we now in a better position to organise and act decisively or are we like in America just dreaming about something which doesn’t exist in reality. How many understand oligarchy not to talk about the power of money in private hands through the obscene rights of private property. Corruption rules, period.
We need to get louder and madder. #midterms
The last person I would value an opinion from is an academic. They live in a dangerous bubble...which, is presently meeting the real world. Thus, the panic.
Always has been oligarchy. Wake up!
We are living in a dystopian crossover of Orwell 1984 and huxley's brave new world
"A very good interview with Joseph E. Stiglitz. I have been aware of him before. He starts from national economics and reasons his way to wise insights. What he does not know is that in Norway, a new insight about the economic system has emerged already in 1916. It uses double-entry bookkeeping on the social organism, thereby revealing the 'system's costs,' similar to those in a business. The new aspect is that the costs of environmental destruction are also included in this concept. I have developed a modern accounting system based on ecological social economics that thoroughly addresses these questions and offers entirely new analyses and possibilities for action for governments. This gives new meaning to democracy. Unfortunately, this insight has not yet reached the international community, but we are working to bring it out into the world."
Excellent! Well done. Now to get that not just to the government level but to ordinary people, some who run small businesses.
It's like the growing understanding of permaculture, agro-forestry and how we build up food systems that should still be there in the coming century, not weeks, or a few years.
merci d'avoir mis la version en anglais, mon cerveau a du mal quand j'entends 2 langues que je comprends qui se superposent XD
La trad etait nickel imo sinon
In Britain democracy died in the 70’s after being in ICU since 1939
Lolol.
ICU? That's a lot more than here. How would you describe OUR democracy since the day all Japanese Americans were arrested for being of, well, Japanese descent!
Sad, people feel sick, emotionally hurt,confused, dispossessed,helpless displaced,unhappy. 🇺🇸😭🇺🇸 Nothingness but debt. USA debt has reached its limit.
Why take this destructive path? Foolish leadership is suicidal for humanity and our dear Mother Earth. Satyavan Steven
Always has been this way! There is nothing new about this.
Anyone up for a Nobel, will repeat the establishment narrative.
I took a college class with this guy's nephew back in the 2000s, at San Jose State University
It is so true when Prof mentioned about Hedge Fund buying nursing homes. In Australia, retirement homes for rich baby boomers are the money trap and attract international funds to tap on the big pool of money.
The mechanism of Freedom is Accountability.
All good exceot the vaccune info. Well out if toch with that!
You all just noticing now….what most working class Americans have known for decades?
So why didnt do anything about it?.
And what did YOU do about it? @David
It's not even a question, neoliberalism has destroyed all semblances of democracies globally. Wenn demokratien demokrarisch untergehen.
Well done thx
There are two forms of government: Monarchy and Oligarchy.
And democracy and kleptocracy and social- democracy and socialist, fascist, and communist government and maybe anarchist government.. etc.
@@mireillelebeau2513 They tell you it is Democracy but it is a veil for Oligarchy. Isn't Communist an Oligarchy as the State owns everything? Communist and Socialist is the same thing.
Both together!