Joseph Stiglitz Featured in The New Statesman
Joseph E Stiglitz: “Everything the neoliberals said was wrong”
"In 1960, Gary, Indiana, was home to 178,000 people. The town’s lifeblood was the steel industry – Gary was even named after the first chairman of the United States Steel Corporation, Elbert Gary – and at its height the steelworks directly employed over 30,000 people. In the early 20th century, waves of migrants flowed into the city seeking work on the southern coast of Lake Michigan in factories well-placed to feed the assembly lines of Chicago and Detroit as the US became the world’s dominant industrial powerhouse following the First World War. . . .
. . . 'There must have been something in the air of Gary that led one into economics,' writes Joseph E Stiglitz, the Nobel prize-winning economist, former chief economist at the World Bank, former chair of Bill Clinton’s Council of Economic Advisers, and university professor at Columbia University. 'Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them?'" . . .