“…The Barclays Libor scandal may have shocked the British public – but Joseph Stiglitz saw it coming decades ago.
And he’s convinced that jailing bankers is the best way to curb market abuses.
A towering genius of economics, Stiglitz wrote a series of papers in the 1970s and 1980s explaining how when some individuals have access to privileged knowledge that others don’t – free markets yield bad outcomes for wider society.
That insight (known as the theory of “asymmetric information”) won Stiglitz the Nobel Prize for economics in 2001.
And he has leveraged those credentials relentlessly ever since to batter at the walls of “free market fundamentalism”…”
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