Book Book Review
Book Review
DOI:
https://doi.org/10.2112/jbe.v3i1.33Keywords:
repetition of a similar crisis, world political and economic arena, weaken significantlyAbstract
Joseph E. Stiglitz is a professor of economics at Columbia University, a
Nobel prize-winning economist (2001), former Chairman of President
Clinton's Council of Economic Advisors (1995-97), former Senior Vice
President and Chief Economist at the World Bank (1997-2000), and the chair
of a United Nations Commission on the reasons for and solutions to the
financial crisis (2008). Freefall is an important book that has been translated
into 20 different languages. This book does not require a background in
economics and is of value to an average person. Stiglitz discusses the causes
of the Great Recession (2008-2009); the battle of ideas that led to this
financial and economic calamity; the failure of policy and politics; and
reforms needed to avoid a repetition of a similar crisis. He indicates that
without fundamental changes in economic policy and regulation, the position
of the US in the world political and economic arena will continue to weaken
significantly.
