{"id":14318,"date":"2015-11-12T07:19:05","date_gmt":"2015-11-12T12:19:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14318"},"modified":"2015-11-12T07:19:27","modified_gmt":"2015-11-12T12:19:27","slug":"ex-world-bank-chief-economist-exposes-failure-of-austerity-deregulation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14318","title":{"rendered":"Ex-World Bank chief economist exposes \u201cfailure\u201d of austerity, deregulation"},"content":{"rendered":"
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Ex-World Bank chief economist exposes \u201cfailure\u201d of austerity, deregulation<\/a><\/h3>\n

Joseph Stiglitz, a senior OECD expert, slams OECD\u2019s own policies to prevent global slowdown<\/strong><\/p>\n<\/div>\n<\/div>\n<\/section>\n

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In a little-known speech at the United Nations University, renowned Nobel Prize-winning economist Joseph Stiglitz criticised Western approaches to addressing the global economic crisis for being obsessed with market solutions that cannot work.<\/p>\n

His remarks were made just two months before the Organisation for Economic Cooperation and Development (OECD)\u00a0issued<\/a>\u00a0its latest forecast of a \u201cdeeply concerning\u201d slowdown in global trade, which the group says has dropped perilously close to levels \u201cassociated with global recession.\u201d<\/p>\n

The OECD\u2019s chief economist, Catherine Mann, said that: \u201cPolicy actions are already being implemented that will help to address the weak underlying trends.\u201d<\/p>\n

Professor Stiglitz of Columbia University, who chairs the High-Level Expert Group on the Measurement of Economic Performance and Social Progress (HLEG) at the OECD, contradicted this reassuring promise in his UN University address in September.<\/p>\n

Describing standard neoclassical and behavioural models of economics as \u201cwrong\u201d on the basis of new advances in economic research, Stiglitz blamed ongoing economic stagnation on the so-called \u201cWashington Consensus\u201d\u200a\u2014\u200aa set of neoliberal policies advocated most strongly by the US and Britain.<\/p>\n

The Washington Consensus (WC) consists of a string of interlinked policies requiring reductions in public spending; rampant deregulation to reduce restrictions on banks, corporations and other financial actors; extensive privatisation of social and public services; and liberalisation based on reducing taxes, tariffs and non-tarrif barriers to trade.<\/p>\n

All this is believed to drive growth and enhance the distribution of wealth.<\/p>\n

In reality, as Stiglitz told an audience at the UN University\u2019s World Institute for Development Economics Research, it has done the opposite.<\/p>\n

Thirty years ago, he said, \u201cthe focus was on limiting the role of the government\u200a\u2014\u200agetting it out of the way\u2026<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Ex-World Bank chief economist exposes \u201cfailure\u201d of austerity, deregulation Joseph Stiglitz, a senior OECD expert, slams OECD\u2019s own policies to prevent global slowdown In a little-known speech at the United Nations University, renowned Nobel Prize-winning economist Joseph Stiglitz criticised Western approaches to addressing the global economic crisis for being obsessed with market solutions that cannot […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[40,5374,6113,460,534,2092,2164,10574,10575],"class_list":["post-14318","post","type-post","status-publish","format-standard","hentry","category-economics","tag-austerity","tag-deregulation","tag-insurge-intelligence","tag-joseph-stiglitz","tag-monetary-policy","tag-nafeez-ahmed","tag-oecd","tag-united-nations-university","tag-washington-consensus"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14318"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14318\/revisions"}],"predecessor-version":[{"id":14320,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14318\/revisions\/14320"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}