"For years many economists have avoided studying inequality", recalled Stiglitz "considering it a controversial question. The result is that inequality has grown considerably in the last few decades, also in Europe". Stiglitz went on to recall that Denmark is the country with the fewest social differences, whereas the USA, Britain and Italy are at the top of the world classifications. "The prospects for a young American", said the Nobel laureate "depend more on his parents' income than on his ability or level of education ".
"We can act to change the policy that generates inequality", remarked Stiglitz "but we must intervene rapidly. It is not enough to make small adjustments; fundamental and urgent changes are required. We need to understand the causes much better and rewrite the rules of the capitalist economy, otherwise in 30 years we will have an even more unequal society. The problem", he concluded "is not 21st century capitalism, but rather the policy implemented ". -
