The Roaring Nineties: A New History of the World's Most Prosperous Decade
With his best-selling Globalization and Its Discontents, Joseph E. Stiglitz showed how a misplaced faith in free-market ideology led to many of the recent problems suffered by the developing nations. Here he turns the same light on the United States.
The Roaring Nineties offers not only an insider's illuminating view of policymaking but also a compelling case that even the Clinton administration was too closely tied to the financial community—that along with enormous economic success in the nineties came the seeds of the destruction visited on the economy at the end of the decade.
This groundbreaking work by the Nobel Prize-winning economist argues that much of what we understood about the 1990s' prosperity is wrong, that the theories that have been used to guide world leaders and anchor key business decisions were fundamentally outdated. Yes, jobs were created, technology prospered, inflation fell, and poverty was reduced. But at the same time the foundation was laid for the economic problems we face today. Trapped in a near-ideological commitment to free markets, policymakers permitted accounting standards to slip, carried deregulation further than they should have, and pandered to corporate greed. These chickens have now come home to roost.
The paperback includes a new introduction that reviews the continued failure of the Bush administration's policies, which have taken a bad situation and made it worse.
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So why is the economy tanking? A Nobel prize-winning economist points to the Nineties' fanatical commitment to free markets and deregulation. ... Read full review
Boom and Bust Seeds of Destruction
Miracleworkers or Lucky Mistakes?
The AllPowerful Fed and Its Role in Inflating the Bubble
Deregulation Run Amok
The Banks and the Bubble
Tax Cuts Feeding the Frenzy
Making Risk a Way of Life
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abroad accounting agenda American analysts Arthur Levitt bailout balance benefits Bill Clinton boom bubble budget Bush capital gains tax CEOs changes chapter Clinton administration companies competition corporate corporate welfare costs Council of Economic crisis decade deficit reduction Democrats deregulation developing countries downturn Economic Advisers economic policy economists electricity enormous Enron executives financial markets firms free market funds global Greenspan growth higher important incentives income increase individuals inflation interest rates investment banks investors irrational exuberance Ken Lay knew long run long-term lower managed ment million NAIRU needed nomic numbers pension percent political president problems profits pushed Reagan recession reform regulation Republicans revenues risk Roaring Nineties role sector sell share shareholders Social Security stock market stock options subsidies tax cut tion trade U.S. Treasury unemployment United Wall Street wanted workers World Bank WorldCom worried