Joseph Stiglitz on People, Power, and Profit | Munich Security Conference 2020

One of the better & more succinct of many talks by Prof. Stiglitz. Timely & highly recommended.

Congratulation again to the master Joseph Stiglitz for his ample and acute knowledge. I remember Joseph Schumpeter who talks about private monopoly power and innovation and the direct relationship between them. But as Stiglitz said we need to regulate this monopoly power because it´s only interested in business and profits. One of the ways to internalize the social profits in private businesses and innovation processes is related to due regulation to get it. Then, put on the same convergence line the private and public benefits according to the great goals of social benefits and economic growth in the long run. Particularly, monopoly power has to be regulated to balance private power and create a framework of genuine competitive market relations. All of these matters include the political market, I mean a genuine democratic game. I think this is the first step to renew social participation in the new context to recover the trust and confidence in the new way of global capitalism expression of today.

Push on weakness and test the strength. Repeat...

Though it superficially does not appear to be so, the loss of true generosity, treat your neighbour as thyself mentality, along with many other qualities lies at the base of greedy, exploitative behaviour. The interesting thing is when this depletes in the mind paradoxically the ability to be joyous depletes too, just like in the Chrismas Catol, Ebenezer 's heart.

I'd like it polled. Do you trust your government to act on your best interest ? by demographic

The 16:36 comment in reference to those who study economics is very interesting.

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Do you trust your government to act in your best interest? I'll wager most wont understand the question. ( what's your best interest ? )

My sacrifice 🙏🏻it’s my opinion on the USA sanctions, don’t make any progress for economic prosperity. What’s happening with a lot of conditions for any reason just to be advantage first and for the USA government stability reference, please advise me what’s to do. 😊

I've come to see the U.S. as a predatory society. Wish it would change.

tell me which society are you talking about, and I will tell you which kind of government is ruling that society

On further thought , I've come to see most nations as predatory , which is in the hands of policy makers to right the practices. I'm looking forward to these new constitutional laws Russia is about to try to pass, if I miss my guess , it will be a modernization and correction of that kind of distortion.

Economics suffers badly from the fact that it is a science that lacks the protection from the prestige gained from aging, as is the case with physics which results from repeating experimentation every time which emphises the foundations of that science in different, varied, and surprising ways. And all reinforce that science. The author Walid Ahmed Kamal Al-Hababi, in his book "The Economic Risk Theory" (the Islamic Macroeconomic System), deals with achieving maximum benefit, detailing the new economic system, which is called the "risk" system in which wealth is distributed to everyone, as it is a stable and more efficient system than the system of free market. In his book "The Theory of Economic Risk" (The Islamic Macroeconomic System), the author believes that the basic idea of ​​this book is to clarify the idea of ​​how to use the principle of time preference in imposing taxes, in order to motivate everyone to invest and raise productivity through tax. He also touched on the state's duties regarding its implementation and the extent of its participation in the market accurately. The author spoke of the zakat banks as the state budget, while the state budget remains the most controversial point among policy makers in countries. At the same time, the writer believes that while economic writings are scarce from a total point of view, there is no writer who spoke about a holistic Islamic economy as a previous system; So this is the only writing, up to the moment. You cannot change a system by fighting the existing truth, as Muslim economists always do, but to change something, you must create a model that makes the current system an outdated system. furthermore If we know that this system achieves the highest rate of spending in a country without need for other economic resources - without taxes or anything else - thus we can see that we are facing unique writings. Whereas, it lays out clear features for the Islamic economy that distinguish it completely from the socialist and capitalist economies, and not a fabrication to be similar to either of them. And he affirms that with this system, other systems will not be able to catch up with our economic progress, no matter what efforts are made, except to implement it. On the other hand, he believes that we will not be able to catch up with the West economically with the current systems, no matter what we try. Finally, the author asserts, that economics is the only thing that clarifies the purpose of Islamic customs and rituals apart from their devotional meaning in human life. So that it can be proven without doubt that it is indispensable for a person to perform it such as Hajj, Zakat, prayer ... etc. He also confirms that all of this is found in the book (The Theory of Economic Risk) in this book issued by the House of “Yemeni Books” for printing, publishing and distribution within 305 pages and distributed in three main chapters, that this Islamic macroeconomic system is; He is the one who will bring us the maximum benefit يعاني علمُ الاقتصادِ بشدةٍ من أنه العلمُ الذي يفتقدُ إلى الحمايةِ التي تُؤمنها الهَيبة المكتسبة من تقادم العمر، كما هو الحال مع علمِ الفيزياءِ الناتج عن ترسيخ التجربة المتكررة في كلِ مرة للأسس بطرقٍ مختلفةٍ، ومتنوعةٍ، و مدهشةٍ. وجميعها تعززُ مكانة ذلك العلمِ. وتناول المؤلف وليد أحمد كمال الحبابي، في كتابه" نظرية المخاطرة الاقتصادية" (النظام الاقتصادي الكلي الإسلامي) تحقيق المنفعة القصوى، إيراد تفاصيل النظام الاقتصادي الجديد ، والذي يسمى نظام "المخاطرة" والذي تتوزع فيه الثروة على الجميع ، باعتباره نظاماً مستقراً أكثر كفاءة من نظام السوق الحر. ويرى المؤلف في كتابه" نظرية المخاطرة الاقتصادية" (النظام الاقتصادي الكلي الإسلامي) تحقيق المنفعة القصوى، أن الفكرة الأساسية لهذا الكتاب تكمنْ في توضيح فكرة كيفية استخدام مبدأ التفضيل الزمني في فرض الضريبة، وذلك لتحفيز الجميع على الاستثمار ورفع الانتاجية من خلال الضريبة. كما تطرق الى واجبات الدولة بخصوص تطبيقه ومدى اشتراكها في الأسواق بدقه . وتحدث المؤلف عن أن مصارف الزكاة تعتبر هي موازنة الدولة، فيما تظل موازنة الدولة هي النقطة الاكثر جدلا بين صانعي السياسات في البلدان. وفي الوقت نفسه يرى الكاتب أنه فيما تندر الكتاباتُ الاقتصاديةِ من ناحيةٍ كلية، ولا يوجد كاتبٌ تحدث عن اقتصادٍ إسلامي كلي كنظام سابقًا؛ وبالتالي فهذه هي الكتابة الوحيدة، حتى اللحظة. ويضيف لا يمكنك تغيير نظام بمحاربة الحقيقة القائمة، كما يفعل ذلك الاقتصاديون المسلمون دوما ، ولكن لتغيير شيءٍ، يجب عليك وضع نموذج يجعل النظام الحالي نظام عفا عليه الزمان؛ فإذا علمنا أن هذا النظام يحقق أعلا معدل إنفاق في دولة بلا موارد اقتصادية_ دون اللجوء إلى ضرائبٍ، أو غيرها_ فحينها يمكن أن نرى أننا أمام كتاباتٍ فريدةٍ من نوعها؛ حيثُ أنها تضع للاقتصاد الإسلامي ملامحًا واضحةً تميزهُ تمامًا عن الاقتصادين الاشتراكين و الرأسمالين، وليس تلفيقًا ليشابه أحدهما. ويؤكد أنه بهذا النظام لنْ تتمكن الأنظمةُ الأخرى من اللحاقِ بتقدمنا الاقتصادي مهما بذلت من جهود سوى تطبيقه. وعلى الجانب الآخر يرى أننا لن نتمكن نحنُ من اللحاق بركب الغرب اقتصاديًا بالنظم الحالية مهما حاولنا. وأخيرًا يجزم المؤلف، إن الاقتصاد هو الشيء الوحيد الذي يوضح الغرض من العاداتِ والعباداتِ الإسلامية بعيدًا عن معناها التعبدي في حياة الإنسان؛ بحيث يثبت بما لا يدع للشكِ أنه لاغنى للإنسان عن القيام بها من حج، وزكاة، وصلاة... الخ. كما يؤكد أن كل ذلك نجدهُ في كتاب ( نظريةُ المخاطرةِ الاقتصاديةِ) في هذا الكتاب الصادر عن دار "الكتب اليمنية" للطباعة والنشر والتوزيع ضمن 305 صفحة وموزع على ثلاثة أبواب رئيسية ، أن هذا النظام الاقتصادي الكلي الإسلامي؛ هو الذي سيحققُ لنا المنفعة القصوى.. .. ,,لتنزيل نسخة مجانية من الكتاب https://www.mediafire.com/file/tvpyra7ojgvocbc/الاقتصاد+الكلي+الاسلامي.pdf/file لمشاهدة لقاء مع المؤلف حول موضوع الكتاب يرجى زيارة الرابط التالي https://youtu.be/GnFWgDlzWt0 ارجوا ان يتم وضعه كمادة تدرس في المنهج الدراسي لطلبة الاقتصاد في الفصل القادم وشكرا.. ..... .. And. . .thanks ...alot ..

Every dollar of "government " support does not come from the goverment it comes from the tax payer by order of the goverment. I preffer to donate my money to whom i want to donate, not as politians want me to donate for their own selfish interest.

Communism didn't pull "750 million people out of poverty." Anyone with one eye open knows this. The West, Capitalism, the US sending all our manufacturing overseas did, along with Clinton Administration granting the CCP "most favored nation status" (which was as absurd as having them on the human rights counsel at the UN along with other horrifically evil regimes), and bringing them into the WTO, etc.. As with everything else, that status should be earned first. "Basic Science rests on foundation of public expenditures." Think upon this idea for a moment if you have any depth whatsoever. ...as if the government produces ANYTHING, and instead doesn't just spend what the free market has created from creativity, demand, etc.. To not understand the basics of cause and effect in your sixth or seventh decade is it pretty sad state of affairs.

Stiglitz dies not substantiate with evidence