Joseph E. Stiglitz is University Professor at Columbia University. He
received the Nobel Prize in Economics in 2001 for research on the
economics of information. Most recently, he is the co-author, with Linda
Bilmes, of The Three Trillion Dollar War: The True Costs of the Iraq
Restructure the world's economy to ensure a more stable and shared prosperity.
Banks have polluted the economy; it's a matter of equity and efficiency that they clean it up.
The emerging compromise on the bailout is better than Paulson's original proposal, but falls far short of what needs to be done. Congress and the next president will have a lot more work to do.
Taming global capitalism is the overriding challenge of our time. Joseph E. Stiglitz, Thea Lee, James K. Galbraith and others offer their ideas on how the United States can transform global capitalism by creating a new social contract.