Towards a General Theory of Deep Downturns

Joseph E. Stiglitz is University Professor at Columbia University, USA, and the winner of the 2001 Nobel Prize for Economics. He served as Chairman of the U.S. Council of Economic Advisers in the mid-1990s and as Chief Economist and Senior Vice President of the World Bank during the East Asia Crisis. In the aftermath of the 2008 crisis, he chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System.

Introduction 1. Three Fundamental Questions 2. Three Strands of Theory 3. The Capitalist Economy as a Credit Economy Concluding Remarks: The Crisis in Economics Bibliography