Cover image for Rewriting the rules of the European economy : an agenda for growth and shared prosperity
Title:
Rewriting the rules of the European economy : an agenda for growth and shared prosperity
ISBN:
9780393355635
Edition:
First edition.
Physical Description:
xx, 369 pages ; 25 cm
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Summary:
"A companion to his acclaimed work in Rewriting the Rules of the American Economy, Joseph E. Stiglitz, along with Carter Dougherty and the Foundation for European Progressive Studies, lays out the economic framework for a Europe with faster growth that is more equitably shared. Europe is in crisis. Sluggish economic growth in many countries, widespread income stagnation, and recession have led to severe political and social consequences. Social protections for citizens have been cut back. Governments offer timid responses to deep-seated problems. These economic and political failures have contributed to the rise of extremist parties on the right. Marginalized populations are being made scapegoats for Europe's woes. But the problems of today's Europe stem from decisions based on a blind worship of markets in too many areas of policy. If Europe is to return to an innovative and dynamic economy-and if there is to be shared prosperity, social solidarity, and justice-then EU countries need to break with their current, destructive trajectory. This volume offers concrete strategies for renewal that would also reinvigorate the project of European integration, with fresh ideas in the areas of both macroeconomics and microeconomics, including central banking, public investment, corporate governance and competition policy, social policy, and international trade"--
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Summary

Europe is in crisis. Sluggish economic growth in many countries, widespread income stagnation, and recession have led to severe political and social consequences. Social protections for citizens have been cut back. Governments offer timid responses to deep-seated problems. These economic and political failures have contributed to the rise of extremist parties on the right. Marginalized populations are being made scapegoats for Europe's woes. But the problems of today's Europe stem from decisions based on a blind worship of markets in too many areas of policy.

If Europe is to return to an innovative and dynamic economy--and if there is to be shared prosperity, social solidarity, and justice--then EU countries need to break with their current, destructive trajectory. This volume offers concrete strategies for renewal that would also reinvigorate the project of European integration, with fresh ideas in the areas of both macroeconomics and microeconomics, including central banking, public investment, corporate governance and competition policy, social policy, and international trade.


Author Notes

Joseph Stiglitz is professor of economics at Columbia University.

Influential economist and Columbia University professor Joseph Eugene Stiglitz was born in Gary, Indiana on February 9, 1943. He received his undergraduate degree from Amherst College and his Ph.D. from MIT in 1967. He was awarded the John Bates Clark Medal in 1979 and the Nobel Memorial Prize in Economic Sciences in 2001.

Stiglitz has taught at Yale University, Stanford University, Duke University, Oxford University, and Princeton University. In 2000, he founded the Initiative for Policy Dialogue. Stiglitz worked for the Clinton Administration beginning in 1993 and was the Chairman of the Council of Economic Advisers from 1995 to 1997. For the next three years he served as the World Bank's Senior Vice President and Chief Economist. Stiglitz chaired the Commission of Experts on Reforms of the International Monetary and Financial System in 2009.

He has written several hundred articles and many books, including Making Globalization Work and Freefall: America, Free Markets, and the Sinking of the World Economy. His title The Price of Inequality made The New York Times Best Seller List for 2012.

(Bowker Author Biography)


Reviews 2

Kirkus Review

Nobel Prize-winning economist Stiglitz (People, Power, and Profits: Progressive Capitalism for an Age of Discontent, 2019, etc.) turns a gimlet eye on the EU.The Brexiteers may be wolves in sheep's clothing, but they have a couple of points to makee.g., the European economy is a tangled mess that defies explanation. A number of its key doctrines, writes the author, are mistaken and damaging. One is the "austerity doctrine," which requires governments to keep deficits below 3% of GDP, an arbitrary number that doesn't make sense. Another is a borrowing from the U.S. that the market knows best, when, "without strong government actions, competition will erode as firms create barriers to entryand work hard to reduce competition through mergers and acquisitions." Debt is, of course, a difficult issue to work around, and European economic leaders have seen it through the lens of moral hazard: "the risk that the debt mutualization will incentivize countries to become overindebted." That may be, but something needs to give Europe a jolt, and it won't be borrowing from American ideas, which often yield only monopoly and inequality. Stiglitz notes, approvingly, that India has low telecom rates because there is so much competition, forcing prices down, while in places like Mexico and the U.S., rates are high because competition is scarce or nonexistent. The author offers recipes for improvement, such as shoring up the European banking union in order to "prevent macroeconomic harms to the community" and balancing competing doctrines. Europe has fallen behind the U.S. and China in some realms of the economy because of its concern for individual privacy, which hampers the development of artificial intelligence. Most pointedly, the author encourages the EU to stick to its regard for institutional justice, fostering multilateral agreements rather than following the current U.S. administration's "retreat from globalization and the global rule of law," which has benefited no country so much as China.A provocative and accessible case for making the EU stronger rather than allowing it to disintegrate. Copyright Kirkus Reviews, used with permission.


Library Journal Review

Nobel Prize-winning economist Stiglitz, in collaboration with writer Carter Dougherty and The Foundation for European Progressive Studies, examines the European Union's rules, regulations, and institutions and offers alternatives with an eye toward revitalizing Europe's economy and creating widespread prosperity. They call for de-emphasizing the current policy of rigid anti-inflation austerity and suggest acting with fiscal flexibility and sharing the costs of crisis remedies across all member nations. They also propose both expanding the European Central Bank's mandate to include the promotion of full employment and making the ECB politically accountable. Other recommendations include increasing government investment to improve productivity and foster structural transformation, policing the marketplace and corporate governance more closely, improving taxation progressivity, strengthening labor protections, and enhancing the social welfare system. They further advise a massive rethinking of how the EU manages globalization. Stiglitz was lead author of a similar study, Rewriting the Rules of the American Economy. VERDICT This straightforward assemblage of practical solutions for revitalizing Europe's economy will have an audience with readers of Stiglitz's earlier work and anyone interested in economics.--Lawrence Maxted, Gannon Univ. Lib., Erie, PA


Table of Contents

Acknowledgmentsp. ix
Forewordp. xiii
Prefacep. xvii
Introduction: Europe Today And The Path Forwardp. 1
Part I Achieving Full Employment, Rapid Growth, And Economic Stability
Chapter 1 Employment, Not Austerityp. 29
Chapter 2 Monetary Policy: Prioritizing Employmentp. 62
Chapter 3 Investing for an Equitable Futurep. 96
Part II Making Markets Work For Fairness And Efficiency
Chapter 4 Promoting Competitive Markets: Incentives, Regulations, and Innovationp. 123
Chapter 5 Toward a Financial System That Serves Societyp. 152
Chapter 6 Taxation to Promote Justice and Growthp. 187
Part III Inequality And A Twenty-First-Century European Social Model
Chapter 7 Poverty, Inequality, and the Welfare Statep. 211
Chapter 8 A European Social Security System for the Twenty-First Centuryp. 239
Chapter 9 Labor Markets, Good Wages, and Working Conditionsp. 255
Part IV Managing Globalization For Europe And The World
Chapter 10 The Future of Europe in a Globalized Worldp. 287
Notesp. 331
Indexp. 351