I realized that Dr Stiglitz may not be the so called capitalist economist, he is capitalist but with a touch of a Just and relatively Equal society. So, when I started reading “The price of Inequality” I started wondering what kind of wealth difference exist in the US. Since, I have never been to the US so the picture of the USA I have always created is – no poverty, everyone having enough and more to not only survive but also a lavish life, a home with front garden, a car parking (of course too), wonderful interiors of the home etc. This picture is largely because of the Movies we watch – on a lighter note Hollywood is responsible for that ;).
Well, while reading the book, I came across a video on Facebook (watch below).
Though, some may argue this video is shared for more socialistic reform e.g. healthcare reform, but that is not the point of contention for me. Watch Margin Call to understand the point of view of the bosses of the investment banks – well to sum up “They do not care! Everything will be fine in sometime.”
My perspective is not a fight on any economic approach e.g. socialism Vs Capitalism, I favor inclusive growth and I believe for achieving that we need to follow a middle path wherein a mixed approach be used.
Read my previous blogs related to the book – Globalization and its discontents