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The Economy:
The Roaring Nineties, Joseph
E. Stiglitz. New York, NY: 2003. W.W. Norton.
Stiglitz, a Nobel recipient in economics and member of Clinton’s
Council of Economic advisors, reviews the 1990’s. His
perspective is one that markets are imperfect because of asymmetric
information; thus, he has criticize for the Clinton administration
(though muted) as well as both Bush administrations. His insightful
and interesting review of Alan Greenspan’s role in the
economy (positive and negative) helps to understand how one
person, but not a President, can influence the economy. Probably
his most revealing presentation is the process by which the
financial markets (Wall Street and banks) captured the economy,
setting the tone for decision-making and resource utilization;
this shifted the time from of CEO’s from the medium or
long term to the present – in fact down to 3 month windows
with devastating effect on labor. Deregulation during this period,
particularly in accounting, energy, and banking contributed
to Enron, Ken Lay and the resulting collapse of several big
players in the economy. At times gets to absorbed with the “I”
word; for an insider a somewhat balanced read. Not a must read
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