Stiglitz on Reforming Globalization Market Imperfections and In

约瑟夫·斯蒂格利茨谈改革全球化：解决市场不完善和不平等问题

https://eightify.app/summary/economics-and-finance/joseph-stiglitz-on-reforming-globalization-addressing-market-imperfections-and-inequality

视频的核心思想是，当前的新自由主义全球化模式存在缺陷，需要改革，重点解决市场不完善、资源分配不平等以及国际机构和贸易协定的负面影响。

约瑟夫·斯蒂格利茨主张建立一个新的全球秩序，解决旧的新自由主义全球化模式的缺陷，例如市场不完善和资源分配不平等，并批评自由贸易协定缺乏真正的自由贸易。
新自由主义全球化因2008年金融危机和特朗普无视规则等事件而受到破坏，国际机构和贸易协定使企业和强国受益，但在大流行期间阻碍了发展中国家获得疫苗和治疗方法，导致不必要的住院治疗、愤怒 、不公平的出口限制和新冷战。
中美之间日益加深的分歧正在导致整合并推动采取更强有力的行动，而新自由主义全球化的潜在破裂和强国的存在对国际法治的建立提出了挑战，使不平等现象长期存在，并使得建立公正的国际秩序变得困难。 没有全球政府的全球规则体系。
由于对逃税、全球最低税倡议、迫在眉睫的债务危机以及缺乏解决信贷市场危机的国际框架的担忧，当前的经济体系功能失调，需要改革。
新自由主义全球化的失败导致了权力动态的转变、民主的衰落和煽动者的崛起，引发了人们对全球化的未来以及巴西和印度尼西亚塑造全球经济新秩序的潜力的质疑。
欧洲需要建立自己的国防军并变得更加独立，以支持民主和人权，因为美国民主的现状是支离破碎的。
开发银行在应对气候变化和支持发展中国家的实际投资方面发挥着重要作用，其重要性在全球范围内重新崛起，而财政政策已被证明可以有效管理经济并暴露大流行后通货膨胀中不良经济的危险。
演讲者讨论了后新自由主义全球化的挑战，强调需要质疑新自由主义体系的知识基础，解决人口增长和收入差距问题，并促进全球新秩序中的竞争和创新。
重要见解
国际合作与权力动态
南非和印度在疫情爆发之初请求疫苗豁免，强调了技术转让和强制许可在解决全球健康危机中的重要性。
大流行期间的疫苗囤积和出口限制导致了所谓的“疫苗种族隔离”。
? 全球经济新冷战的出现，以俄罗斯入侵乌克兰为代表，正在塑造新的地缘政治。
美国和中国之间日益扩大的分歧是民主党和共和党的普遍观点，尽管中国并没有做太多值得受到这种待遇的事情。
斯蒂格利茨建议采用基于罗尔斯正义理论的公平贸易体系，其中国际规则将确保创新的有效分配和收入的广泛再分配。
应对气候变化的全球合作至关重要，因为我们都是相互联系的，如果不这样做，将为每个人带来灾难性后果。
经合组织的 BEPS 倡议旨在解决税基侵蚀和利润转移问题，强调全球合作打击避税的必要性。
尽管当前全球权力动态带来了挑战，但民主是实现广泛和包容性社会福祉的唯一出路。
斯蒂格利茨鼓励观众参与和讨论，强调参与不同观点的重要性。
金砖国家正在积极合作，挑战先进国家的主导地位，建立多极的全球秩序。
市场缺陷和经济现实
约瑟夫·斯蒂格利茨 (Joseph Stiglitz) 是一个例子，说明了如何通过政策中出现的问题来激发良好的思维，并提出塑造机构治理并使事情发生的解决方案。
最大化 GDP 并不能保证每个人都会过得更好，因为有些人最终可能会分到更小的份额，并且情况会变得更糟。
由于市场不完善和风险市场不完全，亚当·斯密所描述的竞争均衡和市场看不见的手在现实中并不存在。

“许多实力雄厚、创新的企业都擅长逃税和避税，比如苹果公司就声称欧洲的所有利润都来自爱尔兰少数工人的经济活动，让他们只缴纳0.2%的税。”
全球化及其后果
全球化的旧秩序已经消亡，问题是新秩序会是什么样子。
2008年金融危机和2017年特朗普当选展示了新自由主义全球化的缺陷，因为它表明管理不善的金融市场和无视规则的强国可能会产生全球性后果。
斯蒂格利茨认为，欧洲的“去风险”概念可能为全球关系提供更实际、更相关的方法。
气候变化和环境挑战
气候变化的巨大外部性并未纳入市场价格，它破坏了自由贸易的基础，并暴露了世界各国政府提供的巨额补贴，挑战了市场经济反映实际成本的观念。
高利率给寻求绿色转型融资的国家带来了问题，因为有利可图的投资变得无利可图，这凸显了多边开发银行需要更多资本。
详细总结

00:00
约瑟夫·斯蒂格利茨主张建立一个新的全球秩序，解决旧的新自由主义全球化模式的缺陷，例如市场不完善和资源分配不平等，并批评自由贸易协定缺乏真正的自由贸易。
诺贝尔经济学奖获得者约瑟夫·斯蒂格利茨讨论了面对后新自由主义全球化迅速变化的情况，需要新的全球治理和政策解决方案。
旧的全球化秩序已经消亡，演讲者讨论了建立新的全球秩序的必要性，以解决产业政策和重写国际规则等问题。
新古典主义全球化模式以权力关系和市场完善假设为基础，忽视了市场不完善、外部性、技术变革等缺陷，以及通过消除市场失灵而减少福利的可能性，最终导致资源分配低效和不平等。 资源。
由于市场不完善和风险市场不完整，竞争均衡和市场看不见的手并不存在，贸易和资本市场自由化实际上会让每个人的境况变得更糟，正如约瑟夫·斯蒂格利茨的研究和他反对国际货币基金组织推动资本市场自由化的斗争所表明的那样 。
新自由主义全球化之所以行不通，是因为它缺乏分析基础，具有负面的分配效应，并且没有考虑到无成本流动性和地方效应的缺乏。
自由贸易协定，通常称为伙伴关系协定，并不是真正的自由贸易，因为它们是包含特殊条款和补贴的冗长文件，特别是在农业领域。

19:39
新自由主义全球化因2008年金融危机和特朗普无视规则等事件而受到破坏，国际机构和贸易协定使企业和强国受益，但在大流行期间阻碍了发展中国家获得疫苗和治疗方法，导致不必要的住院治疗、愤怒 、不公平的出口限制和新冷战。
国际制度和贸易协定反映了大企业和强国的利益，例如有利于大型制药公司的知识产权条款和国际货币基金组织作为富裕国家的征信机构，但2008年金融危机和特朗普无视规则等事件 破坏了新自由主义全球化。
拒绝任命世贸组织法官和通过巨额补贴导致不公平的竞争环境，并引起发展中国家和新兴市场的抱怨。
在大流行期间，全球知识产权规则阻止发展中国家获得疫苗和治疗方法，尽管它们有生产能力，南非和印度也要求豁免疫苗。
疫情期间制药公司对强制许可的抵制阻碍了快速行动，因为它们希望以垄断价格获得补偿，导致疫苗豁免失败并造成人员伤亡。
全球化导致了不必要的住院治疗、发展中国家的愤怒以及不公平的出口限制，例如欧洲要求印度尼西亚维持新殖民关系以及美国拒绝出口关键疫苗成分，导致疫苗囤积和种族隔离。
对经济支持的不平衡和市场经济的脆弱性显而易见，凸显了可预见的市场失灵以及俄罗斯入侵乌克兰引发的新冷战。

28:05

28:05
中美之间日益加深的分歧正在导致整合并推动采取更强有力的行动，而新自由主义全球化的潜在破裂和强国的存在对国际法治的建立提出了挑战，使不平等现象长期存在，并使得建立公正的国际秩序变得困难。 没有全球政府的全球规则体系。
美国和中国之间的分歧日益扩大，民主党和共和党都同意对中国采取强硬态度，这正在引发整合并推动采取更强有力的行动，尽管中国并没有做太多值得这种待遇的事情。
演讲者讨论了统一的概念以及定义谁被视为朋友的重要性，以确定谁从欧洲去风险的想法中受益。
边界在全球体系中很重要，新自由主义全球化有可能破裂，而且还有其他因素破坏它，例如气候变化的外部性和服务业经济结构的变化。
强国的存在挑战了国际法治的建立，而小国则主张建立国际法治以保护自己，而在边做边学的贸易体系中，中等国家之间的合作和大国的竞争可以引导国际法治的建立。 到一个更加平衡的系统。
理想的全球贸易体系将涉及创新产生的收入的公平分配，而当前形势的特点是强国制定有利于自己的规则，并在方便时打破规则，从而使不平等长期存在。
强国可能不会执行不符合自身利益的规则，从而导致不平等加剧，在没有全球政府的情况下很难建立公正的全球规则体系，而当前世界的分歧不是以意识形态为中心，而是涉及 与非民主国家的可疑联盟。

44:02
由于对逃税、全球最低税倡议、迫在眉睫的债务危机以及缺乏解决信贷市场危机的国际框架的担忧，当前的经济体系功能失调，需要改革。
面对新冷战和应对气候变化全球合作的迫切需要，当前经济体系功能失调，正在讨论改革来解决这一问题。
苹果等公司通过声称爱尔兰少数工人创造的利润来逃税，引发了人们对税收收入的担忧。
全球议程旨在停止允许利润转移和避税的转让定价制度，2008 年危机后，经合组织设立了名为 BEPS 的流程来解决这一问题。
全球最低税倡议虽然试图阻止逐底竞争，但由于税率低且征税权向富裕国家分配而收效甚微，而发展中国家和新兴市场迫在眉睫的债务危机更是全球关注的焦点。 金融系统。
当利率较低时，许多企业和国家过度借贷，导致债务水平较高，而随着利率上升，许多国家无力偿还债务，这是资本主义的常见现象，可以通过破产法来解决。
解决复杂且不断演变的信贷市场危机缺乏国际框架，所提出的原则没有得到联合国大会的通过，导致债权人众多、国际货币基金组织措施无效。

56:59
新自由主义全球化的失败导致了权力动态的转变、民主的衰落和煽动者的崛起，引发了人们对全球化的未来以及巴西和印度尼西亚塑造全球经济新秩序的潜力的质疑。
国际货币基金组织不断提高的利率和附加费给寻求绿色转型融资的国家带来了财务问题，凸显了全球经济和政治力量的新平衡。
市场意识形态作为解决一切问题的信念已经发生转变，不再被坚持，从而在替代方面留下了空白。
权力动态和新自由主义全球化的失败导致了民主的衰落以及全世界煽动者和独裁者的崛起。
美国摆脱无国界世界的转变以及孤立主义的兴起，引发了人们对全球化的未来以及哪些国家，特别是小国，可以介入填补领导力空白的疑问。
巴西和印度尼西亚是新兴市场中两个最大的民主国家，有潜力塑造全球经济新秩序的议程和规范，但由于两极分化以及需要在一个领域施加限制，合作可能会受到限制。 在另一个方面达成合作。

约瑟夫·斯蒂格利茨发表了关于后新自由主义全球化的演讲，并鼓励观众提出问题并参与讨论。

1:06:05
欧洲需要建立自己的国防军并变得更加独立，以支持民主和人权，因为美国民主的现状是支离破碎的。
该问题要求澄清正在形成的新世界秩序中关键参与者的数量以及欧洲或欧盟在其中的作用。
巴西和印度尼西亚等依赖中国但又与民主国家结盟的国家没有谴责俄罗斯的侵略，以保持中立并避免在全球冲突中选边站队。
以金砖国家为代表的中国、俄罗斯等大型经济体的崛起，挑战了发达国家的主导地位，创造了多极化的全球秩序。
欧洲目前通过北约与美国结盟，但缺乏自己独立的国防力量，这使得欧洲对美国产生依赖，尽管许多欧洲人更愿意与美国结盟，但他们认为美国是一个不可靠的盟友。
由于美国民主目前的状况是支离破碎的，欧洲需要建立欧洲防御体系并发出更加独立的声音，以支持民主和人权。
演讲者讨论了政府听取经济学家意见的必要性以及央行在全球秩序中角色的变化，包括其对金融市场和实体经济管理的影响，以及美元霸主地位面临的潜在挑战 。

1:14:26
开发银行在应对气候变化和支持发展中国家的实际投资方面发挥着重要作用，其重要性在全球范围内重新崛起，而财政政策已被证明可以有效管理经济并暴露大流行后通货膨胀中不良经济的危险。
演讲者以巴西为例，讨论了应对气候变化的重要性以及多边开发银行在支持发展中国家实际投资方面的作用。
开发银行，特别是在绿色经济的背景下，非常重要，而且即使在美国，随着纽约州成立了一家专注于绿色经济的开发银行，其重要性也重新出现。 新行长持乐观态度，致力于解决气候变化和贫困问题，同时平衡增长，特别关注非洲以及保护环境和应对气候变化的挑战，银行内部人士对这位行长对发展和全球的承诺充满热情 公共物品
事实证明，财政政策在管理经济方面是有效的，消除了对货币政策的依赖，并暴露了在管理大流行后通胀方面不良经济学的危险。
通货膨胀不仅仅是总需求过剩造成的，还有汽车芯片短缺、供应链中断等供给侧问题，导致暂时的市场支配力和加价上升。
疫情期间，由于价格调整的不对称性，美国房价并未按预期下降，需求转向城市以外更好的地方。
加息加剧了住房短缺、硅谷银行倒闭等各种问题，而各国央行尤其是美联储在监管银行和管理利益冲突方面表现不佳。

1:27:43
演讲者讨论了后新自由主义全球化的挑战，强调需要质疑新自由主义体系的知识基础，解决人口增长和收入差距问题，并促进全球新秩序中的竞争和创新。
演讲者讨论了后新自由主义全球化问题以及由于全球大型跨国公司的影响而实施公平和可持续经济改革的挑战，提出有必要质疑新自由主义体系的知识基础及其对永恒经济增长的强调。
演讲者认为，后新自由主义全球秩序应该质疑经济增长和市场乐趣的必要性，考虑技术和人口变化的影响，并认识到新自由主义模式的局限性，而中国在这一新秩序中发挥着重要作用。
为了缓解气候变化和解决移民压力，需要限制全球人口增长，重点是缩小收入差距和促进非洲经济增长，而不是增加人口规模。

竞争性的市场力量与全球化的现实相矛盾，如税收谈判和对国家利益的权力运用，导致政策不一致，在新冷战中无法赢得民心。

作为后新自由主义议程的一部分，拜登政府正在对亚马逊等占主导地位的公司采取积极行动，并执行反垄断法以增加竞争并创造更具竞争力的经济。

为了刺激创新和增长，企业之间需要加强竞争，而不是依赖占主导地位的垄断企业。

Joseph Stiglitz on Reforming Globalization: Addressing Market Imperfections and Inequality

https://eightify.app/summary/economics-and-finance/joseph-stiglitz-on-reforming-globalization-addressing-market-imperfections-and-inequality

The key idea of the video is that the current neoliberal model of globalization is flawed and in need of reform, with a focus on addressing market imperfections, unequal distribution of resources, and the negative impacts of international institutions and trade agreements.

  • Joseph Stiglitz argues for a new global order that addresses flaws in the old neoliberal model of globalization, such as market imperfections and unequal distribution of resources, and criticizes free trade agreements for their lack of true free trade.
  • Neoliberal globalization has been undermined by events like the 2008 financial crisis and Trump's disregard for rules, with international institutions and trade agreements benefiting corporations and powerful countries, while hindering developing countries' access to vaccines and therapeutics during the pandemic, resulting in unnecessary hospitalizations, anger, unfair export restraints, and a new Cold War. 
  • The growing split between the US and China is causing conformity and pushing for stronger action, while the potential breakup of neoliberal globalization and the presence of powerful countries challenge the establishment of an international rule of law, perpetuating inequalities and making it difficult to establish a just global system of rules without a global government. 
  • The current economic system is dysfunctional and in need of reform due to concerns about tax evasion, the global minimum tax initiative, the looming debt crisis, and the lack of an international framework for addressing credit market crises. 
  • The failure of neoliberal globalization has led to a shift in power dynamics, decline in democracy, and rise of demagogues, raising questions about the future of globalization and the potential for Brazil and Indonesia to shape the new global economic order. 
  • Europe needs to establish its own defense force and become more independent in order to support democracy and human rights, as the current state of American democracy is fragmented. 
  • Development Banks are important in addressing climate change and supporting real investment in developing countries, with a resurgence in their significance globally, while fiscal policy has proven effective in managing the economy and exposing the dangers of bad economics in post-pandemic inflation. 
  • The speaker discusses the challenges of post-neoliberal globalization, emphasizing the need to question the intellectual foundations of the neoliberal system, address population growth and income disparities, and promote competition and innovation in the new global order.

Key insights

International Cooperation and Power Dynamics

  • South Africa and India's request for a vaccine waiver at the beginning of the pandemic emphasized the importance of tech transfer and compulsory licenses in addressing global health crises.
  • Vaccine hoarding and export restraints during the pandemic have resulted in what is known as "vaccine apartheid."
  • ? The emergence of a new Cold War in global economics, exemplified by Russia's invasion of Ukraine, is shaping the new geopolitics.
  • The growing split between the US and China is a universal view among Democrats and Republicans, despite China not having done much to deserve this treatment.
  • Stiglitz suggests adopting a fair trading system based on Rawls' theory of Justice, where international rules would ensure efficient distribution of innovation and widespread redistribution of income.
  • The need for global cooperation to address climate change is crucial, as we are all interconnected and failure to do so will have disastrous consequences for everyone.
  • The OECD's BEPS initiative aims to address base erosion and profit shifting, highlighting the need for global cooperation to combat tax avoidance.
  • Democracy is the only way forward for broad and inclusive societal well-being, despite the challenges posed by the current global power dynamics.
  • Stiglitz encourages audience participation and discussion, highlighting the importance of engaging with different perspectives.
  • The BRICS countries are actively working together to challenge the dominance of advanced countries and establish a multipolar global order.

Market Imperfections and Economic Realities

  • Joseph Stiglitz is an example of how good thinking can be fed by policy emerging issues and come back with solutions that shape institutional governance and make things happen.
  • Maximizing GDP does not guarantee that everyone will be better off, as some individuals may end up with a smaller share of the pie and be worse off.
  • The competitive equilibrium and the invisible hand of markets, as described by Adam Smith, do not exist in reality due to market imperfections and incomplete risk markets.
  • "Many powerful and innovative corporations are skilled at tax evasion and avoidance, such as Apple claiming all profits in Europe were due to the economic activities of a few workers in Ireland, allowing them to pay only 0.2% in taxes."

Globalization and its Consequences

  • The old order of globalization is dead, and the question is what will the new order look like.
  • The 2008 financial crisis and the 2017 election of Trump demonstrated the flaws of neoliberal globalization, as it showed that mismanaged financial markets and powerful countries disregarding rules could have global consequences.
  • Stiglitz suggests that Europe's concept of "de-risking" may offer a more practical and relevant approach to global relations.

Climate Change and Environmental Challenges

  • The massive externality of climate change, which is not incorporated into market prices, undermines the basis of free trade and exposes the significant subsidies that governments around the world provide, challenging the notion that market economics reflect real costs.
  • High interest rates pose a problem for countries seeking financing for the green transition, as profitable investments become unprofitable, highlighting the need for more capital within multilateral development banks.

Detailed summary

  • 00:00 
    Joseph Stiglitz argues for a new global order that addresses flaws in the old neoliberal model of globalization, such as market imperfections and unequal distribution of resources, and criticizes free trade agreements for their lack of true free trade.
    • Joseph Stiglitz, a Nobel Prize laureate in economics, discusses the need for new global governance and policy solutions in the face of rapidly changing dimensions of post-neoliberal globalization.
    • The old order of globalization is dead, and the speaker discusses the need for a new global order that addresses issues such as industrial policies and the rewriting of international rules.
    • The neoclassical model of globalization, based on power relationships and the assumption of market perfection, ignores flaws such as market imperfections, externalities, technological change, and the potential for reducing welfare by eliminating one market failure, ultimately leading to an inefficient and unequal distribution of resources.
    • Competitive equilibrium and the invisible hand of markets do not exist due to market imperfections and incomplete risk markets, and trade and capital market liberalization can actually make everyone worse off, as shown by Joseph Stiglitz's research and his battle against the IMF's push for Capital Market liberalization.
    • Neoliberal globalization did not work because it lacked analytic foundations, had negative distributive effects, and did not account for the lack of costless mobility and local effects.
    • Free trade agreements, often called partnership agreements, are not truly free trade as they are lengthy documents with special provisions and subsidies, particularly in the area of agriculture.
  • 19:39 
    Neoliberal globalization has been undermined by events like the 2008 financial crisis and Trump's disregard for rules, with international institutions and trade agreements benefiting corporations and powerful countries, while hindering developing countries' access to vaccines and therapeutics during the pandemic, resulting in unnecessary hospitalizations, anger, unfair export restraints, and a new Cold War.
    • The international institutions and trade agreements reflected the interests of large corporations and powerful countries, such as the intellectual property provisions benefiting big Pharma and the IMF serving as a credit collecting agency for rich countries, but events like the 2008 financial crisis and Trump's disregard for rules have undermined neoliberal globalization.
    • The refusal to appoint judges at the WTO and the passing of a massive subsidy led to an unlevel playing field and complaints from developing countries and emerging markets.
    • During the pandemic, global IPR rules prevented developing countries from accessing vaccines and therapeutics, despite their capacity for production, and a vaccine waiver was requested by South Africa and India.
    • The drug companies' resistance to compulsory licenses during the pandemic hindered quick action, as they wanted to be compensated at a monopoly rate, resulting in the failure of the vaccine waiver and loss of lives.
    • Globalization has led to unnecessary hospitalizations, anger in developing countries, and unfair export restraints, such as Europe's demand for Indonesia to maintain a neocolonial relationship and the US's refusal to export key vaccine ingredients, resulting in vaccine hoarding and apartheid.
    • The imbalances in support for economies and the fragility of market economies were evident, highlighting the predictable market failure and the emergence of a new Cold War with Russia's invasion of Ukraine.
  • 28:05 
    The growing split between the US and China is causing conformity and pushing for stronger action, while the potential breakup of neoliberal globalization and the presence of powerful countries challenge the establishment of an international rule of law, perpetuating inequalities and making it difficult to establish a just global system of rules without a global government.
    • The growing split between the US and China, with both Democrats and Republicans agreeing on being tough on China, is causing conformity and pushing for stronger action, despite China not having done much to deserve this treatment.
    • The speaker discusses the concept of reunification and the importance of defining who is considered a friend in order to determine who benefits from the idea of de-risking in Europe.
    • Borders matter in the global system, with the potential breakup of neoliberal globalization, and there are other factors undermining it such as the externality of climate change and the changing structure of the economy towards services.
    • The presence of powerful countries challenges the establishment of an international rule of law, but smaller countries advocate for it to protect themselves, and in the case of trade systems with learning by doing, cooperation among medium-sized countries and competition from large powers can lead to a more balanced system.
    • The ideal global trading system would involve fair distribution of income generated by innovation, while the current situation is characterized by powerful countries setting rules to their advantage and breaking them when convenient, perpetuating inequalities.
    • Powerful countries may not enforce rules that are not in their own interest, leading to increased inequities, making it difficult to establish a just global system of rules without a global government, and the current divisions in the world are not centered around ideology but rather involve questionable alliances with non-democratic countries.
  • 44:02 
    The current economic system is dysfunctional and in need of reform due to concerns about tax evasion, the global minimum tax initiative, the looming debt crisis, and the lack of an international framework for addressing credit market crises.
    • In the face of a new Cold War and the urgent need for global cooperation on climate change, the current economic system is dysfunctional and reforms are being discussed to address this issue.
    • Corporations like Apple evade taxes by claiming profits generated by a small number of workers in Ireland, leading to concerns about tax revenues.
    • There was a global agenda to stop the transfer price system, which allows for profit shifting and tax avoidance, and after the 2008 crisis, the OECD set up a process called BEPS to address this issue.
    • The global minimum tax initiative, although an attempt to stop the race to the bottom, is ineffective due to its low rate and allocation of taxing rights to rich countries, while the looming debt crisis in developing countries and emerging markets is a concern in the global financial system.
    • When interest rates are low, many companies and countries borrow excessively, leading to high levels of debt, and with interest rates rising, many countries are unable to repay their debts, which is a common occurrence in capitalism and can be addressed through bankruptcy laws.
    • There is no international framework for addressing the complex and evolving credit market crisis, as the proposed principles were not adopted by the UN General Assembly, leading to a messy situation with various creditors and ineffective measures by the IMF.
  • 56:59 
    The failure of neoliberal globalization has led to a shift in power dynamics, decline in democracy, and rise of demagogues, raising questions about the future of globalization and the potential for Brazil and Indonesia to shape the new global economic order.
    • The increasing interest rates and surcharges imposed by the IMF are creating financial problems for countries seeking financing for green transition, highlighting a new global balance of economic and political power.
    • The belief in market ideology as a solution to everything has shifted and is no longer adhered to, leaving a void in terms of a replacement.
    • Power dynamics and the failure of neoliberal globalization have led to a decline in democracy and the rise of demagogues and authoritarians worldwide.
    • The United States' shift away from a borderless world and the rise of isolationism raises questions about the future of globalization and which countries, particularly smaller ones, can step in to fill the leadership void.
    • Brazil and Indonesia are the two largest functioning democracies in the Emerging Markets that have the potential to shape the agenda and norms of the new global economic order, but there may be limits on cooperation due to polarization and the need to impose restrictions in one arena to achieve cooperation in another.
    • Joseph Stiglitz gives a presentation on post-neoliberal globalization and encourages audience members to ask questions and engage in discussion.
  • 1:06:05 
    Europe needs to establish its own defense force and become more independent in order to support democracy and human rights, as the current state of American democracy is fragmented.
    • The question asks for clarification on the number of key players in the emerging new world order and the role of Europe or the European Union in it.
    • Countries like Brazil and Indonesia, who are dependent on China but also aligned with democratic countries, are abstaining from condemning Russia's aggression in order to stay neutral and avoid taking sides in the global conflict.
    • The emergence of large economies like China and Russia, represented by the BRICS, challenges the dominance of advanced countries and creates a multipolar global order.
    • Europe is currently aligned with the US through NATO but lacks its own independent defense force, making it reliant on the US, although many Europeans would prefer to align with the US, they view the US as an unreliable ally.
    • Europe needs to establish a European Defense and become a more independent voice in order to support democracy and human rights, as the current state of American democracy is fragmented.
    • The speaker discusses the need for governments to listen to economists and the changing role of central banks in the global order, including their impact on the management of financial markets and the real economy, as well as the potential challenges to the preeminence of the US dollar.
  • 1:14:26 
    Development Banks are important in addressing climate change and supporting real investment in developing countries, with a resurgence in their significance globally, while fiscal policy has proven effective in managing the economy and exposing the dangers of bad economics in post-pandemic inflation.
    • The speaker discusses the importance of addressing climate change and the role of multilateral development banks in supporting real investment in developing countries, using Brazil as an example.
    • Development Banks, particularly in the context of Greening the economy, are important and there is a resurgence in their significance, even in the United States, with the establishment of a Development Bank in New York State that is focused on Greening the economy, and the new president is optimistic and committed to addressing climate change and poverty while balancing growth, with a specific focus on Africa and the challenge of preserving the environment and addressing climate change, and the people within the bank are enthusiastic about this president's commitment to development and Global public goods
    • Fiscal policy has proven to be effective in managing the economy, discrediting the reliance on monetary policy and exposing the dangers of bad economics in managing post-pandemic inflation.
    • Inflation was not solely due to excess aggregate demand, but also to supply-side problems such as car chip shortages and supply chain interruptions, leading to temporary market power and increased markups.
    • Housing prices in the United States did not decrease as expected during the pandemic due to an asymmetry of price adjustment, with demand shifting to nicer places outside of cities.
    • Raising interest rates has exacerbated various problems, such as shortages in housing and the failure of Silicon Valley Bank, and the central banks, particularly the Fed, have performed poorly in regulating banks and managing conflicts of interest.
  • 1:27:43 
    The speaker discusses the challenges of post-neoliberal globalization, emphasizing the need to question the intellectual foundations of the neoliberal system, address population growth and income disparities, and promote competition and innovation in the new global order.
    • The speaker discusses the issue of post-neoliberal globalization and the challenges of implementing fair and sustainable economic reforms due to the influence of big global multinational corporations, suggesting the need to question the intellectual foundations of the neoliberal system and its emphasis on eternal economic growth.
    • The speaker argues that the post-neoliberal global order should question the need for economic growth and market pleasures, consider the effects of technology and population shifts, and recognize the limitations of the neoliberal model, with China playing a significant role in this new order.
    • The global population growth needs to be limited in order to mitigate climate change and address migration pressures, with a focus on reducing income disparities and promoting economic growth in Africa, rather than increasing population size.
    • Competitive market power contradicts the reality of globalization, as seen in tax negotiations and the exertion of power over national interests, leading to inconsistencies in policies and a failure to win hearts in the new Cold War.
    • The Biden Administration is taking aggressive action against dominant companies like Amazon and enforcing antitrust laws to increase competition and create a more competitive economy as part of the post-neoliberal agenda.
    • More competition between firms is necessary for stimulating innovation and growth, rather than relying on dominant monopolistic firms.
登录后才可评论.