nobel prize-winning economist: "deregulation has failed"

Joe Stiglitz, Nobel Prize-winning economist, on globalization, free markets

AMY GOODMAN: Joe Stiglitz, very briefly, the whole issue of globalization—we’re in the tenth anniversary of the mass protests in Seattle, the Battle of Seattle. What about the questions raised in corporate-led globalization?

JOSEPH STIGLITZ: Well, I think two very important issues. One of them is the model that was behind much of the impetus for that globalization was a model based on free unfettered markets. And we know that model, deregulation, has failed. That was the kind of thinking that led into the problems the United States is in today.

The second point is that while we talk about free and open markets, what the United States has been doing has destroyed a level playing field and will have profound implications for the evolution of globalization going forward

full article, on the bailout, saving bankers not banks, and universal health care, at Democracy Now