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The Great Divide: Unequal Societies and What We Can Do About Them First Edition

by Joseph E. Stiglitz (Author)
4.3 4.3 out of 5 stars 343 ratings
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How has America become the most unequal advanced country in the world, and what can we do about it?

In The Great Divide, Joseph E. Stiglitz expands on the diagnosis he offered in his best-selling book The Price of Inequality and suggests ways to counter America’s growing problem. With his signature blend of clarity and passion, Stiglitz argues that inequality is a choice―the cumulative result of unjust policies and misguided priorities.

Gathering his writings for popular outlets including Vanity Fair and the New York Times, Stiglitz exposes in full America's inequality: its dimensions, its causes, and its consequences for the nation and for the world. From Reagan-era to the Great Recession and its long aftermath, Stiglitz delves into the irresponsible policies―deregulation, tax cuts, and tax breaks for the 1 percent―that are leaving many Americans farther and farther beyond and turning the American dream into an ever more unachievable myth. With formidable yet accessible economic insight, he urges us to embrace real solutions: increasing taxes on corporations and the wealthy; offering more help to the children of the poor; investing in education, science, and infrastructure; helping out homeowners instead of banks; and, most importantly, doing more to restore the economy to full employment. Stiglitz also draws lessons from Scandinavia, Singapore, and Japan, and he argues against the tide of unnecessary, destructive austerity that is sweeping across Europe.

Ultimately, Stiglitz believes our choice is not between growth and fairness; with the right policies, we can choose both. His complaint is not so much about capitalism as such, but how twenty-first-century capitalism has been perverted. His is a call to confront America's economic inequality as the political and moral issue that it is. If we reinvest in people and pursue the other policies that he describes, America can live up to the shared dream of a more prosperous, more equal society.

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  1. ISBN-10
    9780393248579
  2. ISBN-13
    978-0393248579
  3. Edition
    First Edition
  4. Publisher
    W. W. Norton & Company
  5. Publication date
    April 20, 2015
  6. Language
    English
  7. Dimensions
    6.5 x 1.5 x 9.6 inches
  8. Print length
    448 pages
  9. See all details
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Editorial Reviews

Review

"[Joseph Stiglitz] is an insanely great economist."
― Paul Krugman, New York Times

About the Author

Joseph E. Stiglitz is a Nobel Prize–winning economist and the best-selling author of People, Power, and Profits: Progressive Capitalism for an Age of Discontent; Globalization and Its Discontents Revisited: Anti-Globalization in the Age of Trump; The Price of Inequality; and Freefall. He was chairman of the Council of Economic Advisers under President Clinton, chief economist of the World Bank, named by Time as one of the 100 most influential individuals in the world, and now teaches at Columbia University and is chief economist of the Roosevelt Institute.

Product details

  • ASIN ‏ : ‎ 0393248577
  • Publisher ‏ : ‎ W. W. Norton & Company; First Edition (April 20, 2015)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 448 pages
  • ISBN-10 ‏ : ‎ 9780393248579
  • ISBN-13 ‏ : ‎ 978-0393248579
  • Item Weight ‏ : ‎ 1.47 pounds
  • Dimensions ‏ : ‎ 6.5 x 1.5 x 9.6 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 343 ratings

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Joseph E. Stiglitz

Joseph E. Stiglitz

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Joseph E. Stiglitz is a professor of economics at Columbia University and the recipient of a John Bates Clark Medal and a Nobel Prize. He is also the former senior vice president and chief economist of the World Bank. His books include Globalization and Its Discontents, The Three Trillion Dollar War, and Making Globalization Work. He lives in New York City.

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4.3 out of 5 stars
4.3 out of 5
343 global ratings

Top reviews from the United States

Bill Wells
5.0 out of 5 stars Choices have and do create harsh consequences.
Reviewed in the United States on September 20, 2015
Verified Purchase
This is a thoughtful, readable book that articulated thoughts I've had but not really expressed.
As a 3-percenter I've benefited from a graduate level public education as the first and only male in my family to graduate from collage.
I work at a national lab where we truly do invent the future, and watch the struggle for funding to do so.
Sure I'd like lower taxes, but I'd rather see education, infrastructure and R&D well funded.
This book is about choosing to increase demand by crafting rules to circulate money.
It has helped a smart but macro-economically bias and naive guy (me) better understand the real world around me and give me an idea as to what I may be able to do to help improve it. It's a good book for those who wish to learn about the economic and social influencing forces around them.
8 people found this helpful
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John Stephens
4.0 out of 5 stars Top offering for non-economists.
Reviewed in the United States on May 9, 2015
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If you honestly want to understand what has happened economically during the past 35 years (and you are not an economist or in the 1%), this is the book for you. Easy reading say compared to two lengthy texts (both of which I finally managed to get through); Picketty and Congressional report on the housing bubble crash. Those two are crammed with fact but it is about 1200 - 1300 pages of data packed economics.. so you might enjoy but will need lots of coffee!

I think Stiglitz's most important contribution is that he (in my opinion) unequivocally refutes the notion that high levels of inequality are simply an unavoidable byproduct of modern capitalism, globalization, growth and technology. All of which have been greatly exploited in every argument possible by neocons! They endlessly spin all these while raking and raking money from the working / middle class. Unlimited talking heads and op eds discuss these topics and lament... sorry things are not better for you all. But this is just how it must be, to live in the good old USA!!!

For a long time, I thought about the vibrant period in the US following WWII. You know building lots of things, basic research, best educational system, large and growing middle class, a huge renaissance following the Depression. I mistakenly attributed this to the extraordinary events during the middle of the 20th century.. two wars and the depression, and a stronger social sense of my parents generation. Which luckily caused the US to come out on top. More 1% bunk!!!!! Please, don't blow me off now, about how lucky the US was that its manufacturing was not destroyed during the war, like in Europe. That was an advantage. And surviving the Depression and WWII, I am sure added to civic backbone. But if you buy the 'good luck' version you just took the Blue pill and never get to see behind the curtain!

Change begins with honesty, and Stiglitz helps with the painful realizations of what sort of society the US has actually become. He manages to do this without bashing, just by using simple facts, for example... no matter if the stock market is 18,000 and unemployment has dropped... if middle / working people earn every year less than they did 25 years ago... that society is not economically healthy. Or, the US health care system must be broken when we spend 2x as much as other countries with universal care, and they produce considerably better outcomes. There is NOOOO rational explanation for that, period! Only a bunch of lame excuses to justify another system constructed to benefit an exploitive few, and does not care a lick for the less well off. Trust me, if you disagree, then either you own lots of pharma stock or have been brain washed!

Stiglitz's book is a starter on deprogramming you! If you do not think that US society is asleep.. ask yourself why do people keep voting against their own interests??? For 35 years the reprogramming and movement away from democracy has been going on, mostly invisible, tiny steps at a time, changes in the tax code, 'unavoidable' reductions of the public educational system, restrictions on voting, financialization of every aspect of life, two generations of bogus enemies that 'must' be fought by US armies, or locking away vast numbers of people for crimes not against society in for profit jails. US society is now weak, in-debt, poorly educated, without much real hope for upward movement, addicted to cheap goods, reality TV, alcohol or drugs. Just the way you want an army of obedient underlings to be... too tired, too drained, and without hope, to be able to offer any real resistance or self mobilization.

Now the good news.. I have heard Stiglitz is collaborating with Piketty on the next book and it will contain extensive information on the French Revolution and actual construction details for guillotines! Must reading for those 1%-ers inside their gated communities! LOL. We are coming just for you.
15 people found this helpful
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digital reader
5.0 out of 5 stars ... complex economic issues with clarity that even a layman like me can comprehend
Reviewed in the United States on July 13, 2015
Verified Purchase
Stiglistz writes about complex economic issues with clarity that even a layman like me can comprehend. He is in direct opposition to the Chicago School of unfettered Free Market Capitalism and Privatization of Milton Friedman et al. And he proves just how wrong that group is. First he documents the history of the rapid growth of inequality in America over the last 30+ years; he explains just how devastating to the economy, the Middle Class, and to America this trend has been. And then he proposes several ways in which to correct this. Of course, the remedies are anathema to not only the present day GOP, they are dismissed by the Corporate Media as well as many Democrats who have accepted the mantra of the 'Debt Crises', Austerity, and No Taxes as Gospel Truth. It is infuriating to read this book for all the right reasons. Then listen to HIllary Clinton's wobbly stand on fixes to the problems facing America's economy and I want to scream. It's all bulls***...and all it does is continue the strengthening of the Plutocracy. Stiglitz is a Nobel-Prizewinning economist. But you won't see him advising Clinton. And that's a shame. Read this book. Get informed and get involved.
5 people found this helpful
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D. R. Martz
5.0 out of 5 stars Any presidential candidate with him on the staff gets my vote
Reviewed in the United States on May 28, 2015
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This is a collection of articles written by J. Stiglitz, ordered into subject sections, along with introductory and hindsight observations about the material. It is pretty much a dead-on accurate portrayal of the 2008 recession, what caused it, how we haven't fixed the causes, and so on. No doubt it will get fewer stars from those who disagree with the analysis, but you have to be ideologically blind to refuse to see these truths. The one criticism I have is that he is still an apologist for capitalism, as though somehow we might misconceive his point of view as favoring communism or something. He keeps saying we currently have ersatz capitalism, that capitalism is fine as long as it is properly run and regulated. Really. Is there any engine that does not need steering, brakes, accelerators, modulators, or governors? These items are part and parcel of automobiles, power plants, nuclear reactors, and so on. We don't go around saying atomic bombs are fundamentally sound; they just need proper modulation. Trying to separate policy and regulation from capitalism, even if just in the text, is problematic. A useful engine is a holistic thing.
6 people found this helpful
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Flaxchicago
5.0 out of 5 stars it made it easy for US Corporations to move their production overseas and ...
Reviewed in the United States on October 4, 2015
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Stiglitz hits the whole problem right on the head and expands upon Piketty's book CAPITAL. When the US Government dropped the whole tariff scheme after signing all these foreign trade agreements, it made it easy for US Corporations to move their production overseas and offshore American jobs. This was, perhaps, the single biggest reason why the Middle Class has had their wealth transferred to foreign nations. Then, the US Treasury suffered due to the fact that these corporations could, then, keep their profits offshore and not pay the taxes on them that they owe here. Think Congress is going to do anything to reverse this trend? Stiglitz is not so sanguine on that either since our wonderful Supreme Court gave Corporations even more power over us by letting them buy the elections with the Citizens United case.
2 people found this helpful
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Top reviews from other countries

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Fabrice KANA
4.0 out of 5 stars Mitigé
Reviewed in France on June 13, 2020
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Bien que je sois favorable au programme de l'auteur et que j'aie beaucoup apprécié le Capitalisme de Piketty, j'ai eu du mal à m'en sortir. Non seulement les essais sont répétitifs par nature - les différents essais reprennent inévitablement certains des mêmes points à plusieurs reprises - mais le ton semble être intellectuellement snob. J'avais l'impression que l'auteur voulait montrer à tout le monde pourquoi ils auraient dû l'écouter alors qu'il se sentait ignoré ou méprisé.
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s mohanty
5.0 out of 5 stars A good book for the general reader.
Reviewed in India on May 30, 2017
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An insightful and thought provoking book by a well known economist is a must read for the general reader who does not have prior formal training in economics.The essays are well written and ,particularly for foreigners who want to understand the USA of today.Just as any Indian wishing to understand USA should read Henry Adam's book "The History of the United States during the administration of Jefferson and Madison" and Tocqueville's "Democracy in America" there is the same compelling reason to read Joseph Stiglitz's book.
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2 people found this helpful
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Luc REYNAERT
5.0 out of 5 stars Of Myths and Ersatz
Reviewed in the United Kingdom on November 27, 2017
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In his outstanding book 'The Price of Inequality', J. Stiglitz analyzed brilliantly the detrimental economic impact of huge income and wealth inequality in a country, because it undercuts economic performance, lowers global demand and increases instability. In this book, he explains perfectly the nature, the origin, the causes of the inequality plague and the necessary 'political' solutions to tackle it.

Nature
There are many growing inequalities in the world, but the root of them all is the income and wealth inequality.
Wealth is foremost a question of ownership of stocks of industrial/financial/service companies which generate income and wealth through dividends and share price increases.
Wealth inequalities within a population lead to big differences in health care, education, opportunity, justice, exposure to environmental hazards, police protection and in the quality of housing and infrastructure. Importantly, it generates also political inequality : the wealthy few control the political decision making. For the many, through a lack of good education and opportunities it turns the American dream into a Myth.

The origin of the growth of inequality
The turning point was the Reagan administration, which implemented a deregulation of the financial sector and a reduction in the progressivity of the tax system. Other key moments were the tax cuts for the rich under the Bush administration, which were presented as beneficial for all Americans through the trickle-down effect. But, the 'effect' of this effect proved to be a Myth.

Causes : Finance
At the heart of the inequality problem lays the increasing financialization of the world's economies. The political clout of the financial sector became all too evident after the banking crisis of 2008: the poor suffered heavily by losing their jobs and their houses, while the responsible bankers, the shareholders and the bondholders of the banks were bailed out. The crisis revealed also a corrupt financial sector : insider trading, manipulation of interest and foreign exchange rates, monopoly power in credit and debit card practices and predatory and discriminatory lending.

Causes : Globalization
Globalization offers not only the possibility of exploiting tax loopholes ; but it presents also the opportunity to concoct biased trade agreements.
Today, those agreements are centered on intellectual property (patents), particularly in the pharmaceutical and entertainment industries. The agreements hamper the marketing of generic drugs, thereby raising the price of medicines. For J. Stiglitz, this illustrate the fact that corporate profits are more important than human lives.
One of the most controversial propositions is the creation of an international tribunal, which could decide that national regulations are detrimental to (potential) corporate profits and should be abolished and/or compensate the punitive damages.

Causes : Politics and Policies
The wealthy are afraid of strong governments, because the latter could use their power to adjust the balance between the rich and the poor.
Through campaign contributions, the wealthy few 'buy' policies that bring riches to the few, turning elections into a one dollar/one vote outcome. Real democracy becomes a Myth.

Summary : Ersatz capitalism
The slogan 'socialism for the rich, free markets for the rest' is perfectly illustrated by the outcome of the banking crisis of 2008: the losses were socialized, while the gains were privatized.
In markets with perfect competition profits would be driven to zero. But instead, we see monopolies and oligopolies making persistently high profits. Free markets and free trade are a Myth.

Solutions
For J. Stiglitz, governments should be made more accountable to all of the people and their interest by creating a fair tax system. That should include banking regulations, a financial transaction tax and antitrust laws. Taxes should encourage good activities (job creation, education, health care), not bad ones (pollution, speculation). Long-term investments should be made in schools and infrastructure and not in weaponry and wars.

His own profession
J. Stiglitz points his finger at his own profession, the economists. They pretended that markets were self-regulating, another Myth.

This outspoken and hard hitting book written by a superb free mind, is a must read for all people of good will.
3 people found this helpful
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RaceBannon
5.0 out of 5 stars Excellent
Reviewed in Canada on December 9, 2016
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Excellent, very interesting. Looking for more from this author!
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Rodrigo Soccol
5.0 out of 5 stars Must read
Reviewed in Italy on October 27, 2016
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Easy to understand and hard not get upset. Stiglitz explain what's behind the scene, how disapointing politicians can be, it doesn't metter if blue or red.
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