10 Years After the Financial Crisis

By Joseph Stiglitz |

It has been ten years since the financial crisis dealt the biggest blow to the world economy since the Great Depression. While growth has returned, and the jobmarket  has by now tightened—especially in the United States, where the crisis originated—the reverberations of the crisis continue to affect us in ways both large and small, both obvious and indirectly connected.

The devastating damage to our economy calls for profound reflection and change, in economics, politics, the financial sector, among policymakers, and in our behavior. With the United States now done staving off total disaster with emergency measures, it is time for the country to root out the causes of the crisis and make deep adjustments to protect against another such painful and utterly wasteful episode.

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Also published on Medium.

Joseph E. Stiglitz is Senior Fellow and Chief Economist at the Roosevelt Institute and a professor at Columbia University. A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president’s) Council of Economic Advisers.