Markets, States, and Institutions

By Joseph Stiglitz |

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This paper highlights how our thinking about this subject has changed over the past third of a century; and to provide an overarching framework into which these changes can be placed—a framework that both helps explain why the approaches taken in the past have been less successful than was hoped in promoting development, and provides some guidance for policy reforms and research going forward.

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.