Professor Joseph Stiglitz on Globalization
Here is a very interesting presentation by Nobel Prize winning economist Professor Joseph Stiglitz in which he defends the thesis of his book, “Making Globalization Work.” Stiglitz presents some enlightening statistics on the conclusion that, contrary to what one would expect as a result of increased free trade, the gap between rich and poor, both within and between nations, has widened. He argues that this phenomenon is too common to be blamed on relatively local issues such as corruption and bad management and is more likely the result of a systematic problem in the current method of globalization. He also comments about global problems resulting from the current system of patents (e.g. in the area of medical research) and suggests that a prize rather than a patent system might be a preferable way for society to encourage innovation.