Quotessence
Home / Quotes / Quote by Joseph Stiglitz

Quote by Joseph Stiglitz

“I don't think anybody really thinks that one should get rid of the World Bank. Reform is one thing, but getting rid of it I think would be wrong.”

Quote by Joseph Stiglitz

Create image

Author

Joseph Stiglitz
Joseph Stiglitz

Joseph Stiglitz is a renowned economist born on February 9, 1943, in the United States. He has made extensive contributions to the field of economics, particularly in the areas of development economics, globalization, and financial policy. Stiglitz served as Chief Economist and Senior Vice President at the World Bank and was awarded the Nobel Prize in Economics in 1998. more

You May Also Like

“The IMF is a more complicated issue. I think there is a broad sentiment among both the left and the right that the IMF may be doing more harm than good. On the right, there's the view that it represents a form of corporate welfare that is counter to the IMF's own ideology of markets. But anybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises. If the IMF weren't there, it would probably be reinvented. So the issue is fundamentally reform.”

IfsThinkingWayNeedsMayGovernmentFormLeftViewsIssuesCrisisInstitutionsComplicatedHarmIdeologyReformCorporateWelfareSentimentsBroadsImf
Author:Joseph Stiglitz
Create image

“Finance ministers and central bank governors have the seats at the table, not labor unions or labor ministers. Finance ministers and central bank governors are linked to financial communities in their countries, so they push policies that reflect the viewpoints and interests of the financial community and barely hear the voices of those who are the first victims of dictated policies.”

FirstsCountryVoiceInterestCommunityPolicyLaborVictimTablesUnionsFinancialFinanceMinistersSeatsGovernorsLinkedViewpointsCentral BanksLabor Union
Author:Joseph Stiglitz
Create image

“The IMF insisted that both Russia and Brazil maintain their currency at over-valued levels. Who are you protecting when you try to maintain that exchange rate by having high interest rates? You're protecting domestic and foreign firms that have gambled on the exchange rate. And who is paying the price? The small businesses that did not gamble [and no longer can afford loans], the workers who are going to be put out of jobs.”

TryingJobsInterestLevelsWorkersRateRussiaFirmCurrencySmall BusinessLoanGambleBrazilInterest RateImf
Author:Joseph Stiglitz
Create image