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" China-led globalization in some ways worries me because they are not concerned about human rights, labor rights. They probably aren't even really concerned about competitive marketplaces. So in some ways, they're like Mr. Trump. "

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" Under Ronald Reagan in the United States and Margaret Thatcher in the U.K., there was a rewriting of the basic rules of capitalism. These two governments changed the rules governing labour bargaining, weakening trade unions, and they weakened anti-trust enforcement, allowing more monopolies to be created. "

Joseph Stiglitz

Two

Unions

Capitalism

" Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe. "

Joseph Stiglitz

Going

Economy

" After the destruction of New Orleans by Hurricane Katrina in 2005, the shutdown of much of New York City by Sandy in 2012, and now the devastation wrought on Texas by Harvey, the U.S. can and should do better. "

" Those who have contributed great positive innovations to our society, from the pioneers of genetic understanding to the pioneers of the Information Age, have received a pittance compared with those responsible for the financial innovations that brought our global economy to the brink of ruin. "

" People at the top spend less money than those at the bottom, so when you have redistribution toward the top, aggregate demand goes down. Unless you intervene, you're going to have a weak economy unless something else happens. "

" Europe can't rely on a Trump-led U.S. for its defence. But, at the same time, it should recognise that the cold war is over - however unwilling to acknowledge it America's industrial-military complex may be. "

" Donald J. Trump has the good fortune of taking office as the economy is finally recovering from the 2008 crisis. "

" If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system? "

" With the election of Trump, America's soft power has taken a big hit. The United States has moved from a position of leadership in the creation of a rules-based international system to a position of leadership in its destruction and the creation of a regime of global protectionism. The damage will be long-lasting. "

" In debate, one randomly was assigned to one side or the other. This had at least one virtue - it made one see that there was more than one side to these complex issues. "

" An economy in which most citizens are doing worse year after year - an economy like America's - is not likely to do well over the long haul. "

" If Trump wants to withdraw the U.S. from the Paris climate agreement, the rest of the world should impose a carbon-adjustment tax on U.S. exports that do not comply with global standards. "

" Negative interest rates hurt banks' balance sheets, with the 'wealth effect' on banks overwhelming the small increase in incentives to lend. "

" China, with its large emerging middle class, is among the big beneficiaries of globalization. "

" America under Trump has gone from being a world leader to an object of derision. "

" The euro zone was driven by the neoliberal view that markets are always efficient. That in itself is political. There was no pressing economic need that the euro was required to solve, but leaders believed that it would foster growth. "

" I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous. "

" Much of my work in this period was concerned with exploring the logic of economic models, but also with attempting to reconcile the models with every day observation. "

" It's very hard to persuade a young person who has seen the Great Recession, who has seen all the problems with inequality, to tell them inequality is not important and that markets are always efficient. They'd think you're crazy. "

" Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist. "

" Behind Trump's promise to 'make America great again' lie many fallacies. The most important fallacy is that America's place in the world can be restored to the one it occupied after World War II, when Europe was still recovering from vast devastation and most developing countries were still European colonies. It can't be. "

" Having excessive power in the hands of one country meant the fate of the world was too dependent on what happened in that one country. "

" I went to public schools, and while Gary was, like most American cities, racially segregated, it was at least socially integrated - a cross section of children from families of all walks of life. "

" To maximise global social welfare, policymakers should strongly encourage the diffusion of knowledge from developed to developing countries. "

" My teachers helped guide and motivate me; but the responsibility of learning was left with me, an approach to learning which was later reinforced by my experiences at Amherst. "

Joseph Stiglitz

Responsibility

Teachers

" When markets fail, as they often do, collective action becomes imperative. "

" To someone like me, who has watched trade negotiations closely for more than a quarter-century, it is clear that U.S. trade negotiators got most of what they wanted. The problem was with what they wanted. Their agenda was set, behind closed doors, by corporations. "

" High levels of economic inequality lead to imbalances in political power, as those at the top use their economic weight to shape our politics in ways that give them more economic power. "

" It isn't inevitable that we have a globalization which is used by the corporations not to pay taxes. It is not inevitable that we have a form of globalization in which corporations use the threat of moving jobs abroad to lower wages. None of this is inevitable. "

" Americans like to say we're fighting for democracy, and yet young Americans have come to the view that democracy doesn't deliver. "