Redefining the Role of the State: Joseph Stiglitz on building a ‘post-Washington consensus’
An interview with introduction by Brian Snowdon
Published: September 2001
An interview with introduction by Brian Snowdon
Professor Joseph Stiglitz is without question one of the world’s leading
economists. In his extensive research he has made seminal contributions to the
analysis of the economic consequences of incomplete information and
uncertainty. This work has greatly enhanced economists’ understanding of the
welfare properties of markets and the sources of market failure. His research has
also contributed to the development of better microeconomic foundations for
Keynesian macroeconomic models. Most recently Professor Stiglitz has been
heavily involved in controversial public policy debates relating to the East Asian crisis, problems of transition from communism to capitalism, the limitations of
the ‘Washington consensus’, and globalisation and development. A common
theme in all of these debates relates to the role of government and legitimate
borders of the state in both developed and developing economies. In this
article/interview Professor Stiglitz gives his views on these and several other
important global issues.