In this week’s books podcast, my guest is the Nobel prize-winning economist Joseph Stiglitz, architect of Bill Clinton’s “Third Way” and former chief economist at the World Bank.
His new book People, Power and Profits: Progressive Capitalism for an Age of Discontent argues Trump’s economic boom is a “sugar-high”, and that the US economy is in a far, far worse state than anybody thinks.
As a result, he says, we need to reevaluate our whole faith in free markets. The reason the “invisible hand” is invisible, he says, is because it isn’t there. He tells me why he thinks that, and what we need to do about it. He also tells us about the desperate economic mistake at the heart of the EU.