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Nobel Laureate to discuss global economy next week
Thursday November 05 2009
Imagine for a moment being able to add to your rèsumè impressive accomplishments such as Nobel Prize Winner or Senior Vice President and Chief Economist to the World Bank, or maybe such attainments as Professor at Columbia University and Liaison to the International Monetary Fund are more your style?Many of these titles seem like far away ideas to college students, and our knowledge about such organizations is limited to what we have learned in economics and international relations classes; however, these accomplishments are all a reality for Dr. Joseph Stiglitz, who will speak at Elizabethtown College on Wednesday, Nov. 11, 2009.
Born in Gary, Ind. in 1943 to conservative Jewish parents, Stiglitz quickly proved himself to be different from other children. He entered college at 17, and he first studied at Amherst College but transferred to Massachusetts Institute of Technology (MIT) for his senior year. After receiving his undergraduate degree, he went on to obtain his Ph.D. from MIT while also acting as an assistant professor in the field of economics.
After receiving his Ph.D., Stiglitz went on to serve as a professor at several institutions including Yale University, Stanford University, Duke University, Oxford University, Princeton University, and Columbia University, where he is currently a professor .
In addition to teaching, Stiglitz has found time to make his mark on international economics and politics as well. Stiglitz served as a member of the Council of Economic Advisers to the Clinton administration from 1993 to 1997, first as a member of the committee and later as chairman of the council from 1995 through 1997.
When Clinton was re-elected, Stiglitz was asked to remain the chairman of the committee but rejected the offer because he was already working on his next project: the World Bank. He was approached by the World Bank and accepted its offer to step in as its Senior Vice President for Development Policy and its Chief Economist.
During his term at the World Bank, Stiglitz worked closely with the International Monetary Fund to raise awareness of the struggles third world countries go through, as well as to question conventional methods of helping them. Because of his strong beliefs, he got much attention on an international scale; however, his actions were not always appreciated. In early 2000, Stiglitz stepped down from his position at the World Bank, ready for a new challenge.
By July 2000, Stiglitz had founded the Initiative for Policy Dialogue (IPD). According to Columbia University’s Web site, the goal of the IPD is “to help developing countries explore policy alternatives and enable wider civic participation in economic policy making.” The IPD has grown to become a network of over 200 economists and political scientists representing all areas of the world and working together to achieve Stiglitz’s goals for the organization.
By 2001, Stiglitz made such a mark on the economic world that he was awarded the Nobel Prize in Economics. According to his personal Web site, the award was given to him for his “analyses of markets with asymmetric information.”
Stiglitz is still very active in world economics, serving as the chair to the United Nations’ Commission of Experts on Reform of the International Financial and Monetary System as well as the European Commission on the Measurement of Economic Performance and Social Progress.
In addition to his numerous jobs within the world of global economics, Stiglitz has authored and co-authored 17 books. His most popular book, “Globalization and Its Discontents,” has been translated into over 35 languages and has sold over one million copies worldwide. This book was essentially a bitter polemic outlining the negative policies of the International Monetary Fund, World Trade Organization and the World Bank. A more recent book, “Making Globalization Work” continues criticizing the World Trade Organization and calls globalization something “almost too good to be true.” However, it also proposes reforms to make Globalization less of a malevolent aspect of the modern economy.
Etown is honored to have one of the world’s leading economists speak on the topic of “Ethics and the Global Economic Crisis.” The event, which will be held in Leffler Chapel, is free, but tickets are required and can be obtained by calling ext. 4757. Be sure to get your ticket and come to the much anticipated lecture Wednesday, Nov. 11!
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