Stiglitz on Reforming Globalization Market Imperfections and In

約瑟夫·斯蒂格利茨談改革全球化：解決市場不完善和不平等問題

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

視頻的核心思想是，當前的新自由主義全球化模式存在缺陷，需要改革，重點解決市場不完善、資源分配不平等以及國際機構和貿易協定的負麵影響。

約瑟夫·斯蒂格利茨主張建立一個新的全球秩序，解決舊的新自由主義全球化模式的缺陷，例如市場不完善和資源分配不平等，並批評自由貿易協定缺乏真正的自由貿易。
新自由主義全球化因2008年金融危機和特朗普無視規則等事件而受到破壞，國際機構和貿易協定使企業和強國受益，但在大流行期間阻礙了發展中國家獲得疫苗和治療方法，導致不必要的住院治療、憤怒 、不公平的出口限製和新冷戰。
中美之間日益加深的分歧正在導致整合並推動采取更強有力的行動，而新自由主義全球化的潛在破裂和強國的存在對國際法治的建立提出了挑戰，使不平等現象長期存在，並使得建立公正的國際秩序變得困難。 沒有全球政府的全球規則體係。
由於對逃稅、全球最低稅倡議、迫在眉睫的債務危機以及缺乏解決信貸市場危機的國際框架的擔憂，當前的經濟體係功能失調，需要改革。
新自由主義全球化的失敗導致了權力動態的轉變、民主的衰落和煽動者的崛起，引發了人們對全球化的未來以及巴西和印度尼西亞塑造全球經濟新秩序的潛力的質疑。
歐洲需要建立自己的國防軍並變得更加獨立，以支持民主和人權，因為美國民主的現狀是支離破碎的。
開發銀行在應對氣候變化和支持發展中國家的實際投資方麵發揮著重要作用，其重要性在全球範圍內重新崛起，而財政政策已被證明可以有效管理經濟並暴露大流行後通貨膨脹中不良經濟的危險。
演講者討論了後新自由主義全球化的挑戰，強調需要質疑新自由主義體係的知識基礎，解決人口增長和收入差距問題，並促進全球新秩序中的競爭和創新。
重要見解
國際合作與權力動態
南非和印度在疫情爆發之初請求疫苗豁免，強調了技術轉讓和強製許可在解決全球健康危機中的重要性。
大流行期間的疫苗囤積和出口限製導致了所謂的“疫苗種族隔離”。
? 全球經濟新冷戰的出現，以俄羅斯入侵烏克蘭為代表，正在塑造新的地緣政治。
美國和中國之間日益擴大的分歧是民主黨和共和黨的普遍觀點，盡管中國並沒有做太多值得受到這種待遇的事情。
斯蒂格利茨建議采用基於羅爾斯正義理論的公平貿易體係，其中國際規則將確保創新的有效分配和收入的廣泛再分配。
應對氣候變化的全球合作至關重要，因為我們都是相互聯係的，如果不這樣做，將為每個人帶來災難性後果。
經合組織的 BEPS 倡議旨在解決稅基侵蝕和利潤轉移問題，強調全球合作打擊避稅的必要性。
盡管當前全球權力動態帶來了挑戰，但民主是實現廣泛和包容性社會福祉的唯一出路。
斯蒂格利茨鼓勵觀眾參與和討論，強調參與不同觀點的重要性。
金磚國家正在積極合作，挑戰先進國家的主導地位，建立多極的全球秩序。
市場缺陷和經濟現實
約瑟夫·斯蒂格利茨 (Joseph Stiglitz) 是一個例子，說明了如何通過政策中出現的問題來激發良好的思維，並提出塑造機構治理並使事情發生的解決方案。
最大化 GDP 並不能保證每個人都會過得更好，因為有些人最終可能會分到更小的份額，並且情況會變得更糟。
由於市場不完善和風險市場不完全，亞當·斯密所描述的競爭均衡和市場看不見的手在現實中並不存在。

“許多實力雄厚、創新的企業都擅長逃稅和避稅，比如蘋果公司就聲稱歐洲的所有利潤都來自愛爾蘭少數工人的經濟活動，讓他們隻繳納0.2%的稅。”
全球化及其後果
全球化的舊秩序已經消亡，問題是新秩序會是什麽樣子。
2008年金融危機和2017年特朗普當選展示了新自由主義全球化的缺陷，因為它表明管理不善的金融市場和無視規則的強國可能會產生全球性後果。
斯蒂格利茨認為，歐洲的“去風險”概念可能為全球關係提供更實際、更相關的方法。
氣候變化和環境挑戰
氣候變化的巨大外部性並未納入市場價格，它破壞了自由貿易的基礎，並暴露了世界各國政府提供的巨額補貼，挑戰了市場經濟反映實際成本的觀念。
高利率給尋求綠色轉型融資的國家帶來了問題，因為有利可圖的投資變得無利可圖，這凸顯了多邊開發銀行需要更多資本。
詳細總結

00:00
約瑟夫·斯蒂格利茨主張建立一個新的全球秩序，解決舊的新自由主義全球化模式的缺陷，例如市場不完善和資源分配不平等，並批評自由貿易協定缺乏真正的自由貿易。
諾貝爾經濟學獎獲得者約瑟夫·斯蒂格利茨討論了麵對後新自由主義全球化迅速變化的情況，需要新的全球治理和政策解決方案。
舊的全球化秩序已經消亡，演講者討論了建立新的全球秩序的必要性，以解決產業政策和重寫國際規則等問題。
新古典主義全球化模式以權力關係和市場完善假設為基礎，忽視了市場不完善、外部性、技術變革等缺陷，以及通過消除市場失靈而減少福利的可能性，最終導致資源分配低效和不平等。 資源。
由於市場不完善和風險市場不完整，競爭均衡和市場看不見的手並不存在，貿易和資本市場自由化實際上會讓每個人的境況變得更糟，正如約瑟夫·斯蒂格利茨的研究和他反對國際貨幣基金組織推動資本市場自由化的鬥爭所表明的那樣 。
新自由主義全球化之所以行不通，是因為它缺乏分析基礎，具有負麵的分配效應，並且沒有考慮到無成本流動性和地方效應的缺乏。
自由貿易協定，通常稱為夥伴關係協定，並不是真正的自由貿易，因為它們是包含特殊條款和補貼的冗長文件，特別是在農業領域。

19:39
新自由主義全球化因2008年金融危機和特朗普無視規則等事件而受到破壞，國際機構和貿易協定使企業和強國受益，但在大流行期間阻礙了發展中國家獲得疫苗和治療方法，導致不必要的住院治療、憤怒 、不公平的出口限製和新冷戰。
國際製度和貿易協定反映了大企業和強國的利益，例如有利於大型製藥公司的知識產權條款和國際貨幣基金組織作為富裕國家的征信機構，但2008年金融危機和特朗普無視規則等事件 破壞了新自由主義全球化。
拒絕任命世貿組織法官和通過巨額補貼導致不公平的競爭環境，並引起發展中國家和新興市場的抱怨。
在大流行期間，全球知識產權規則阻止發展中國家獲得疫苗和治療方法，盡管它們有生產能力，南非和印度也要求豁免疫苗。
疫情期間製藥公司對強製許可的抵製阻礙了快速行動，因為它們希望以壟斷價格獲得補償，導致疫苗豁免失敗並造成人員傷亡。
全球化導致了不必要的住院治療、發展中國家的憤怒以及不公平的出口限製，例如歐洲要求印度尼西亞維持新殖民關係以及美國拒絕出口關鍵疫苗成分，導致疫苗囤積和種族隔離。
對經濟支持的不平衡和市場經濟的脆弱性顯而易見，凸顯了可預見的市場失靈以及俄羅斯入侵烏克蘭引發的新冷戰。

28:05

28:05
中美之間日益加深的分歧正在導致整合並推動采取更強有力的行動，而新自由主義全球化的潛在破裂和強國的存在對國際法治的建立提出了挑戰，使不平等現象長期存在，並使得建立公正的國際秩序變得困難。 沒有全球政府的全球規則體係。
美國和中國之間的分歧日益擴大，民主黨和共和黨都同意對中國采取強硬態度，這正在引發整合並推動采取更強有力的行動，盡管中國並沒有做太多值得這種待遇的事情。
演講者討論了統一的概念以及定義誰被視為朋友的重要性，以確定誰從歐洲去風險的想法中受益。
邊界在全球體係中很重要，新自由主義全球化有可能破裂，而且還有其他因素破壞它，例如氣候變化的外部性和服務業經濟結構的變化。
強國的存在挑戰了國際法治的建立，而小國則主張建立國際法治以保護自己，而在邊做邊學的貿易體係中，中等國家之間的合作和大國的競爭可以引導國際法治的建立。 到一個更加平衡的係統。
理想的全球貿易體係將涉及創新產生的收入的公平分配，而當前形勢的特點是強國製定有利於自己的規則，並在方便時打破規則，從而使不平等長期存在。
強國可能不會執行不符合自身利益的規則，從而導致不平等加劇，在沒有全球政府的情況下很難建立公正的全球規則體係，而當前世界的分歧不是以意識形態為中心，而是涉及 與非民主國家的可疑聯盟。

44:02
由於對逃稅、全球最低稅倡議、迫在眉睫的債務危機以及缺乏解決信貸市場危機的國際框架的擔憂，當前的經濟體係功能失調，需要改革。
麵對新冷戰和應對氣候變化全球合作的迫切需要，當前經濟體係功能失調，正在討論改革來解決這一問題。
蘋果等公司通過聲稱愛爾蘭少數工人創造的利潤來逃稅，引發了人們對稅收收入的擔憂。
全球議程旨在停止允許利潤轉移和避稅的轉讓定價製度，2008 年危機後，經合組織設立了名為 BEPS 的流程來解決這一問題。
全球最低稅倡議雖然試圖阻止逐底競爭，但由於稅率低且征稅權向富裕國家分配而收效甚微，而發展中國家和新興市場迫在眉睫的債務危機更是全球關注的焦點。 金融係統。
當利率較低時，許多企業和國家過度借貸，導致債務水平較高，而隨著利率上升，許多國家無力償還債務，這是資本主義的常見現象，可以通過破產法來解決。
解決複雜且不斷演變的信貸市場危機缺乏國際框架，所提出的原則沒有得到聯合國大會的通過，導致債權人眾多、國際貨幣基金組織措施無效。

56:59
新自由主義全球化的失敗導致了權力動態的轉變、民主的衰落和煽動者的崛起，引發了人們對全球化的未來以及巴西和印度尼西亞塑造全球經濟新秩序的潛力的質疑。
國際貨幣基金組織不斷提高的利率和附加費給尋求綠色轉型融資的國家帶來了財務問題，凸顯了全球經濟和政治力量的新平衡。
市場意識形態作為解決一切問題的信念已經發生轉變，不再被堅持，從而在替代方麵留下了空白。
權力動態和新自由主義全球化的失敗導致了民主的衰落以及全世界煽動者和獨裁者的崛起。
美國擺脫無國界世界的轉變以及孤立主義的興起，引發了人們對全球化的未來以及哪些國家，特別是小國，可以介入填補領導力空白的疑問。
巴西和印度尼西亞是新興市場中兩個最大的民主國家，有潛力塑造全球經濟新秩序的議程和規範，但由於兩極分化以及需要在一個領域施加限製，合作可能會受到限製。 在另一個方麵達成合作。

約瑟夫·斯蒂格利茨發表了關於後新自由主義全球化的演講，並鼓勵觀眾提出問題並參與討論。

1:06:05
歐洲需要建立自己的國防軍並變得更加獨立，以支持民主和人權，因為美國民主的現狀是支離破碎的。
該問題要求澄清正在形成的新世界秩序中關鍵參與者的數量以及歐洲或歐盟在其中的作用。
巴西和印度尼西亞等依賴中國但又與民主國家結盟的國家沒有譴責俄羅斯的侵略，以保持中立並避免在全球衝突中選邊站隊。
以金磚國家為代表的中國、俄羅斯等大型經濟體的崛起，挑戰了發達國家的主導地位，創造了多極化的全球秩序。
歐洲目前通過北約與美國結盟，但缺乏自己獨立的國防力量，這使得歐洲對美國產生依賴，盡管許多歐洲人更願意與美國結盟，但他們認為美國是一個不可靠的盟友。
由於美國民主目前的狀況是支離破碎的，歐洲需要建立歐洲防禦體係並發出更加獨立的聲音，以支持民主和人權。
演講者討論了政府聽取經濟學家意見的必要性以及央行在全球秩序中角色的變化，包括其對金融市場和實體經濟管理的影響，以及美元霸主地位麵臨的潛在挑戰 。

1:14:26
開發銀行在應對氣候變化和支持發展中國家的實際投資方麵發揮著重要作用，其重要性在全球範圍內重新崛起，而財政政策已被證明可以有效管理經濟並暴露大流行後通貨膨脹中不良經濟的危險。
演講者以巴西為例，討論了應對氣候變化的重要性以及多邊開發銀行在支持發展中國家實際投資方麵的作用。
開發銀行，特別是在綠色經濟的背景下，非常重要，而且即使在美國，隨著紐約州成立了一家專注於綠色經濟的開發銀行，其重要性也重新出現。 新行長持樂觀態度，致力於解決氣候變化和貧困問題，同時平衡增長，特別關注非洲以及保護環境和應對氣候變化的挑戰，銀行內部人士對這位行長對發展和全球的承諾充滿熱情 公共物品
事實證明，財政政策在管理經濟方麵是有效的，消除了對貨幣政策的依賴，並暴露了在管理大流行後通脹方麵不良經濟學的危險。
通貨膨脹不僅僅是總需求過剩造成的，還有汽車芯片短缺、供應鏈中斷等供給側問題，導致暫時的市場支配力和加價上升。
疫情期間，由於價格調整的不對稱性，美國房價並未按預期下降，需求轉向城市以外更好的地方。
加息加劇了住房短缺、矽穀銀行倒閉等各種問題，而各國央行尤其是美聯儲在監管銀行和管理利益衝突方麵表現不佳。

1:27:43
演講者討論了後新自由主義全球化的挑戰，強調需要質疑新自由主義體係的知識基礎，解決人口增長和收入差距問題，並促進全球新秩序中的競爭和創新。
演講者討論了後新自由主義全球化問題以及由於全球大型跨國公司的影響而實施公平和可持續經濟改革的挑戰，提出有必要質疑新自由主義體係的知識基礎及其對永恒經濟增長的強調。
演講者認為，後新自由主義全球秩序應該質疑經濟增長和市場樂趣的必要性，考慮技術和人口變化的影響，並認識到新自由主義模式的局限性，而中國在這一新秩序中發揮著重要作用。
為了緩解氣候變化和解決移民壓力，需要限製全球人口增長，重點是縮小收入差距和促進非洲經濟增長，而不是增加人口規模。

競爭性的市場力量與全球化的現實相矛盾，如稅收談判和對國家利益的權力運用，導致政策不一致，在新冷戰中無法贏得民心。

作為後新自由主義議程的一部分，拜登政府正在對亞馬遜等占主導地位的公司采取積極行動，並執行反壟斷法以增加競爭並創造更具競爭力的經濟。

為了刺激創新和增長，企業之間需要加強競爭，而不是依賴占主導地位的壟斷企業。

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.