Writing in Scientific American (!), Nobel-prize-winning economist Joseph E Stiglitz (previously) describes the US economy as an "inherited plutocracy" that's "rigged" to shift an ever-greater share of the national wealth to the very richest people: Stiglitz blames the rigging on Ronald Reagan's dismantling of antitrust enforcement, inheritance tax, and other progressive measures 40 years ago — and says that the orthodox economic apologists for economists who attribute inequality to globalism or other factors are wrong and unsupported by evidence.
Nobel prize-winning economist Joseph Stiglitz has resigned from the Panamanian committee set up to probe the country's money-laundering industry in the wake of the Panama Papers leak, because the Panamanian government has reneged on its promise to publish the committee's findings and now says it will keep them secret.
2001 Nobel laureate in economics Joseph Stiglitz has a long history of being on the right side of history. For example: pricing the Iraq war at $3T; raising the alarm about sovereign wealth funds acquiring US debt; nailing the double-standard on bailouts for debt crises (and the way that this destabilizes poor countries); sounding the alarm about austerity in times of recesssion; coming out early and strong over wealth concentration; calling for the imprisonment of the top executives at Barclays bank; and damning the TPP as "the worst trade deal ever."
Nobel Prize-winning economist Joseph Stiglitz says the Trans-Pacific Partnership, or TPP, could be the worst trade agreement ever negotiated in history. In an interview with CBC News, he recommended that the government of Canada insist on reworking it. — Read the rest
Nobel-winning economist Joseph Stiglitz writes in this month's Vanity Fair about the corrosive, self-reinforcing wealth concentration that has hijacked American politics, in which the America's future is sacrificed to give ever more money to an ever-smaller group of oligarchs. We've heard lots of people talking about wealth concentration before, but Stiglitz combines impeccable credentials with a lay-friendly explanation:
— Read the rest
America's inequality distorts our society in every conceivable way.
Nobel prizewinning economist Joseph Stiglitz, former chief economist of the World Bank, blasts UK exchequer George Osborne for cutting spending during a recession. Stiglitz says it's a recipe for disaster:
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"If you have a household that can't pay its debts, you tell it to cut back on spending to free up the cash to pay the debts.
Nobel-prize-winning economist Joseph E. Stiglitz contrasts the American response to its economic crisis with the measures it shoved down the throats of poor countries during their crises, and discusses why rich-world double-standards ("Buy American/European" provisions in bailouts that only discriminate against poor countries) contribute to a global disillusionment in the values that the rich world nominally espouses: democracy, transparency, and so on. — Read the rest
Big Think presents a short video of Columbia University economist Joseph Stiglitz explaining how foreign governments are buying America.
With trustbusting in the air and Big Tech in the crosshairs, Bloomberg's Dina Bass reflects on the antitrust case against Microsoft in the 1990s, which the company bungled badly (but still survived, thanks to a judiciary in thrall to a bizarre theory of antitrust that has no problem with monopolies).
Back in 2017, a law student named Lena Khan made waves in policy circles with the publication of her massive, brilliant, game-changing 24,000-word article in the Yale Law Journal, Amazon's Antitrust Paradox, which revisited the entirety of post-Ronald-Reagan antitrust orthodoxy to show how it had allowed Amazon to become a brutal, harmful monopoly without any consequences from the regulators charged with ensuring competition in our markets.
I'm 100% down for the trend toward trustbusting, and I'm very glad to see it applied to Big Tech, because, like Tom Eastman, I'm old enough to remember when the Internet wasn't a group of five websites, each consisting of screenshots of text from the other four. — Read the rest
According to a widely reported rumor — first published by the WSJ — the DoJ is preparing to launch an antitrust probe of Google, though it's not clear on what basis such a probe would proceed.
AT&T has come a long way from the supernormative, feel-good messages of its You Will ads; now CEO Randall Stephenson predicts a future where his company will dynamically alter your TV ads based on what it thinks you will buy; and chase you with that ad from your TV to your computer to your phone, and then spy on your location to see whether you go to a retailer to buy the thing you've had advertised to you; and use that intelligence to command high advertising rates from advertisers.
Without generous financial support of six companies (AT&T, Eli Lily, Walmart, Pfizer, Coca-Cola, and Aetna), the politicians who are enacting bans on legal, safe abortion would not have attained office; these companies don't fund these politicians because they want women to die; they fund them because they're indifferent to the death of women, provided that they get tax breaks and other favorable treatment — the garden variety get the turkeys to vote for Christmas strategy that exchanges unlimited oligarchy for performative acts of grotesque cruelty against brown people, sexual minorities and (of course) women.
The Supreme Court has ruled on a key question in Apple Inc v Pepper, a class action suit arguing that the App Store violated antitrust law by driving up prices through the monopolistic tactic of prohibiting users from buying apps from third parties, and then taking a 30% commission on every app sold, which led software companies to raise prices in order to remain profitable after Apple had taken its cut.
In 2017, law student Lina Khan shifted the debate on Amazon and antitrust with a seminal paper called Amazon's Antitrust Paradox, which used Amazon's abusive market dominance to criticize the Reagan-era shift in antitrust enforcement, which rewrote the criteria for antitrust enforcement, so that antitrust no longer concerned itself with preventing monopoly, and only focused on "consumer harm" in the form of higher prices.
Chris Hughes co-founded Facebook with Mark Zukerberg, and describes Zuckerberg in warm terms as a friend, but in a long op-ed for the New York Times, Hughes calls for the breakup of Facebook and identifies Zuckerberg's shortsighted prioritization of "clicks" instead of "security and civility" for the platform's toxicity, blaming the company's unusual share structure (which gives Zuckerberg an absolute veto over all matters of company policy despite holding a minority of its shares) for a situation in which Zuckerberg is surrounded by yes-men who never check his worst impulses.
In 2017, a 28-year-old law student named Lina Khan turned the antitrust world on its ear with her Yale Law Review paper, Amazon's Antitrust Paradox, which showed how Ronald Reagan's antitrust policies, inspired by ideological extremists at the University of Chicago's economics department, had created a space for abusive monopolists who could crush innovation, workers' rights, and competition without ever falling afoul of orthodox antitrust law.
Update: See below for important corrections to this story
"Fruit Belt" is a 150-year-old predominantly Black neighborhood in Buffalo that has faced a series of systemic hurdles, each worsening the next, with the latest being the erasure of its very name, with the Big Tech platforms unilaterally renaming the area "Medical Park."