Headline, February 27 2019/ '' ' NATIONS -STUDENTS- NOTIONS ' ''



THE WORLD STUDENTS SOCIETY : is the exclusive ownership of every student of America -just as it is the exclusive ownership of every student in the world......rises -

RISES to give the students of America a standing ovation, and to thank them, and the great nation they represent, - for the sustained support over this very difficult, past decade.

IN THE VERY SAME HONORS, I thanks the many, many students of great India, in extending to me a most loving and caring and respectful invitation to visit India, and pay my respects to the Holy  Shrines, Temples and All Places of Holy Worship.

NOBEL PRIZE-WINNING ECONOMIST JOSEPH  E. STIGLITZ is known and admired the world  over for his critical views regarding the current state of capitalism and neoliberal economic policies.

However, in his latest masterpiece : ''People, Power and Profits; Progressive Capitalism for an age  Age of Discontent'', he has gone further to examine the impact of these economic policies on the lives of ordinary people and how these policies translate into increasing the concentration of power for a select few.

Professor Stiglitz makes it clear that his aim of writing this book was to find out what ails the United  States' economy and to come up with prescriptions that will lead to faster-growing economy, with shared prosperity, in which the kind of life to which most Americans aspire is not a pipe dream but an attainable reality.''

He also makes it clear that the key to the wealth of the nations lies in ''wealth creation'' and not  in ''wealth extraction''.

Wealth extraction can be vertical, i.e along the class structure, as well as horizontal, ie along national or political borders. He also sets the tone of the book at the end of the preface by declaring that  ''before economic reform there will have to be political reform.''

Stiglitz further differentiates between wealth creation and wealth grabbing. Wealth creation is achieved through innovation, creating new products, establishing new sectors of the economy etc, whereas wealth grabbing can be plain old corruption, exploitation of labour and so on.

These practices, while while very effective in exploitation, are somewhat dated. The latter wealth  grabbing techniques are mainly one of these two :
Getting overpaid for selling to the government [defence contractors and drug companies] or  underpaying the government for public goods [oil and mining firms and timber firms].

Stiglitz minces no words in saying that wealth grabbing is just redistribution of wealth - mostly taking from the poor and giving to the rich - and that often destroys a significant amount of wealth in the process.

Professor Stiglitz describes the root cause of all economic woes in these words:

''While America doesn't excel in growth, it does so in inequality; the country has greater income inequality than any other advanced country; in terms of inequality of opportunity it also ranks well toward the bottom.''

And the reason for this phenomenon is that the share of those who are at the top of the economic ladder is increasing in the economic pie.

Further investigation according, according to Stiglitz, reveals that the sole responsibility for this falls on the ''deep and pervasive misunderstandings about what makes for a strong economy'' and the policies begun under former president Ronald Reagan, ie those under so called ''trickle-down economics''.

Stiglitz rightfully argues that ''standard economics textbooks'' which are used by the elite class to justify neoliberal economic policies ''focus on the importance of competition.''

However, the very same policy makers clamour for more and more deregulation of the market forces to allow large enterprises to gain exploitative powers similar to monopolies in order to extract  ''excess profits''. These excess profits are at the root of growing inequality in the American society.

This inequality. in turn, perpetuates the supply of low-wage employees in the big corporations. Thus, in the absence of a competitive economic atmosphere, both consumers and workers are exploited.

The Honor and Serving of  this Great Operational Research on Economics, Great Thinkers and State of Perceptions, continues. The World Students Society thanks review author Umair Khan.

With respectful dedication to the Leaders, Students, Professors and Teachers of the world.

See Ya all prepare and register for Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW - The Ecosystem 2011:

''' Inequality Instance '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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