Downstream: American Democracy Is Collapsing, and This Man Predicted It w/ Joseph Stiglitz

In this influential book, Milton Friedman discusses the role of economic capitalism in a liberal society. He argues that economic freedom is a precondition for political freedom and advocates for limited government intervention. The book covers various topics, including the relation between economic and political freedom, the role of government in a free society, monetary policy, international trade arrangements, and the role of government in education. Friedman's work has been highly influential in economic theory and policymaking, and the book has been translated into eighteen languages and sold over half a million copies since its publication in 1962.

Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

In this book, Joseph E. Stiglitz critiques the management of globalization by international institutions such as the IMF, World Bank, and WTO. He argues that the policies pursued by these institutions, based on neoliberal assumptions, are fundamentally flawed and have led to economic disasters in various regions, including East Asia and sub-Saharan Africa. Stiglitz advocates for a more nuanced approach to globalization, emphasizing the importance of national governance, gradual reform, and addressing market failures. He also discusses the need for greater transparency and accountability in international financial institutions to promote equitable economic growth and reduce poverty.

In 'The Price of Inequality', Joseph Stiglitz argues that economic inequality in the U.S. is not only morally wrong but also detrimental to economic productivity. He contends that political power wielded by the wealthy has shaped markets to their advantage, leading to a self-perpetuating cycle of inequality. Stiglitz offers a vision for a more equitable society through policy reforms.