Joseph Stiglitz sits relaxed in a Munich hotel suite. He has only one wish: turns air conditioner on! It’s too hot. Since his time as chief economist of World Bank, 74-year-old has become a critic of globalization and growing inequality with planet. Now he wants to talk about new age in which criticism of globalization does not come from left, but from right. Visible in election successes of US President Donald Trump or AfD in Germany.
Stiglitz sees a rebellion of victims of globalisation in upswing of right-wing populists. “People realize that globalization has worked for businesses and very wealthy super, but not for rest of citizens.” Specifically related to AfD, he explained: “There is an economically justified fear in Germany. There are plenty of people who earn very little, whose income has stagnated for years and who are very unhappy. Governments have underestimated importance of decent income for human dignity. “
However, dissatisfaction is not only related to economic factors. “There is anor reason: because people suffer from fear, y are prone to fear. Xenophobia and hatred for refugees have reached a level that is appalling and has nothing to do with reality. Unfortunately, re are a lot of right-wing populists who abuse this fear of voice capture.
Stiglitz does not believe that losers of globalization benefit from politics of right-wing populists such as Trump. “His whole agenda will make you ill.” According to his concept, taxes rose even for a portion of middle class, while y were for rich tenants. “No government ever had audacity to propose such a thing.”
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Joseph Stiglitz accuses Donald Trump of damaging rule-based world order irreparably. “Trump says: re are limits again. A country can choose a crazy guy like me at any moment. Goods can no longer be sold freely across borders. ” Every company is at a high risk in global supply chains, according to World Bank’s former chief economist. “No company can control more what is happening in US.” The United States has traditionally been a champion of free markets. “The US played a major role in building rule-based world order. The fact that inventor of this system throws a grenade is amazing. “
“Trump throws a grenade into world order” Nobel Prize economist on America under new president, uprising of victims of globalisation and Wahlerfo LG AfD in Germany. Interview by Alexander Hagelüken and Carine Hoffmann more…
