Summary of the Argument
Stiglitz was significantly influenced by Great Recession and its impacts in coming up with this article. In this article, Stiglitz argues on the impacts and crises of Great Recession. In his perception, the author blames flawed government policies as well as personal and corporate financial behaviors that were unscrupulous. Amazingly, Stiglitz believes that the Great Recession started in the United States thereby spreading to other parts of the global economy. Stiglitz focuses on how to prevent a re-occurrence of the Great Recession.
In addition, Stiglitz argues on the contribution of America’s broken system towards Great Recession. The author argues on the restoration of balance that should exist between governments and markets for the purposes of eliminating and preventing further Great Recession. In discussing these concepts, Stiglitz provides an understanding of the various sectors in the American economy such as healthcare, environment, energy, manufacturing, and education.
The article connects to the chapter in the main book, which talks about trade and politics. Since the chapter in the main text book addresses the relationships between trade and politics, it is related to the article that addresses the balance between the governments and markets (Friedan, Lake, and Schultz 303). There are specific ways through which politics affect the operations of markets.
Reflection
I strongly agree with Stiglitz’s arguments. The arguments have articulated the issues that have surrounded the concepts of Great Recession. Indisputably, the Great Recession started in United States of America and spread to other regions in the global arena. Many nations experienced negative impacts of the Great Recession. There is no doubt that creating a balance between the government and markets will undoubtedly enhance the relationship between trade and politics. Indeed, the Great Recession had serious negative impacts, and it is high time that we discussed ways of avoiding re-occurrence of the same.
Works Cited
Friedan, Jeffry., Lake, David., and Schultz, Kenneth. World Politics: Interests, Interactions, Institutions. New York, NY: W.W. Norton & Company, 2012. Print.
Stiglitz, Joseph. From freefall: America, Free markets, and the sinking. New York, NY: W. W. Norton, 2010. Print.
