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[Joseph Stiglitz] A New Social Contract

06.05.2020 - By David BarsamianPlay

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After 40 years the economic doctrine of neoliberalism has reached a dead end. But not for everyone. The 500 richest people in the world, all of whom are billionaires, gained a combined $1.2 trillion in wealth in 2019. Advocates of neoliberalism preach a kind of economic fundamentalism, i.e., markets rule, tax cuts for the rich, deregulation, privatization and austerity. As Ganesh Sitaraman in The Nation magazine reports, "Neoliberal policies created gaping inequality, unleashing the economically powerful to reshape politics, markets, and society to serve their own interests. Neoliberalism’s radical individualism sapped society of community and solidarity, leaving people lonely and isolated, ultimately pushing us to retreat into tribal identities. We can now see,” Sitaraman concludes, “that its results were disastrous.” What needs to happen? It's time for a new social contract.

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