From : The Hindu
Photo : http://www.hindu.com/
Stiglitz says the freefall is basically due to “market fundamentalism” dominating the financial sector .
Joseph Stiglitz, formerly Chief Economist at the World Bank, Nobel Laureate (2001), and the author of such widely read books as Globalization and Its Discontent and Making Globalization Work is recognised as one of the world's leading economic thinkers. This book gives a cogent and lucid account of the contemporary global financial and economic crisis, “Made in America” and almost instantly exported to the rest of the world. It traces the origin of the crisis, its rapid acceleration, the sudden collapse, and the continuing recession. Though it is a “Tract for the Times” meant for Americans, I strongly recommend it to all, especially those in the finance and banking sectors, and teachers and students of economics. The ups and downs in the American economy over the past two decades, the housing boom of the early part of the present century, the encouragement that the banks and the government gave to housing loans, sub-prime lending, America's “new financial architecture,” derivatives, securitisation, investment banking, and much more are explained in simple language situating each in its real life context.
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