Freefall by Joseph E. Stiglitz
America, Free Markets, and the Sinking of the World Economy

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Synopsis

Nobel Prize winner Joseph E. Stiglitz explains the current financial crisis—and the coming global economic order.


The current global financial crisis carries a “made-in-America” label. In this forthright and incisive book, Nobel Laureate Joseph E. Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the rest of the world, only to cobble together a haphazard and ineffective response when the markets finally seized up. Drawing on his academic expertise, his years spent shaping policy in the Clinton administration and at the World Bank, and his more recent role as head of a UN commission charged with reforming the global financial system, Stiglitz outlines a way forward building on ideas that he has championed his entire career: restoring the balance between markets and government, addressing the inequalities of the global financial system, and demanding more good ideas (and less ideology) from economists.



Freefall is an instant classic, combining an enthralling whodunit account of the current crisis with a bracing discussion of the broader economic issues at stake.
 

About Joseph E. Stiglitz

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Winner of the 2001 Nobel Memorial Prize for Economics, Joseph E. Stiglitz is the best-selling author of Making Globalization Work; Globalization and Its Discontents; and, with Linda Bilmes, The Three Trillion Dollar War. He was chairman of President Clinton's Council of Economic Advisers and served as senior vice president and chief economist at the World Bank. He teaches at Columbia University and lives in New York City.
 
Published October 4, 2010 by W. W. Norton & Company. 361 pages
Genres: Business & Economics, Political & Social Sciences, Professional & Technical, Education & Reference. Non-fiction

Unrated Critic Reviews for Freefall

The New York Times

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NEARLY two years ago, as a presidential candidate, Barack Obama gave a stirring speech at Cooper Union in New York about the need to reform the country’s financial system.

Jan 30 2010 | Read Full Review of Freefall: America, Free Marke...

The New York Times

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Unfortunately, some are far-fetched — a new socially aware method for calculating the gross domestic product, for example — and the final chapter is platitudinously entitled “Toward a New Society.” Yet surely part of the reason Stiglitz has to try so hard to find upbeat solutions lies in the enor...

Feb 03 2010 | Read Full Review of Freefall: America, Free Marke...

The Guardian

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The financial, economic and political elite still find it hard to come to terms with the scale of the crash of 2008 – or to confront the implications.

Feb 14 2010 | Read Full Review of Freefall: America, Free Marke...

The Guardian

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A decade ago, newly sacked from his job as chief economist at the World Bank, Joseph Stiglitz laid bare how the free-market ideologues at the US ­Treasury and the International Monetary Fund had botched the Asian financial crisis of the late 1990s.

Jan 30 2010 | Read Full Review of Freefall: America, Free Marke...

Review (Barnes & Noble)

One reason for the recent global economic meltdown, we are told, is that bankers did not understand the complicated financial instruments they had created;

Feb 18 2010 | Read Full Review of Freefall: America, Free Marke...

National Review Online

But here it’s worth noting that Stiglitz coauthored a paper in 2002 titled “Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard.” This paper stated that “on the basis of historical experience, the risk to the government from a potential default on GSE debt is effectivel...

Mar 01 2010 | Read Full Review of Freefall: America, Free Marke...

Seeking Alpha

It is this ideology — the efficient market theory — that Stiglitz seeks to destroy in Freefall with gems like: If the efficient market hypothesis had been right and market participants were fully rational, they all would know that they could not beat the market.

Jul 20 2010 | Read Full Review of Freefall: America, Free Marke...

Management Today

While keeping a beady eye on the share price and the P&L, we focus on the issues that most challenge and inspire Britain's bosses and managers - all in clear, confident jargon-free prose.The site is centred around four key content areas: business news analysis (News +), management tips and techni...

Feb 01 2010 | Read Full Review of Freefall: America, Free Marke...

The Times

Despite former ANC Youth League leader Julius Malema's financial woes builders returned to work on the site where his R16 million Sandton home was being built, according to a report.

Jan 23 2011 | Read Full Review of Freefall: America, Free Marke...

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