Nobel Laureate briefs about world economy and debt crisis

“The economic challenges are great. And the policy frameworks responding to these economic challenges are not up to the mark. In fact, in many countries, they are going in the wrong direction,” said Joseph Stiglitz, recipient of the 2001 Nobel Prize in Economics as he briefed a meeting held by the Second Committee and ECOSOC on 24 October.

Professor Stiglitz shared his fairly pessimistic view about the global economy and he also explained some of the outcomes of the crisis. “One of the big changes that have emerged in the aftermath of the crisis is the recognition by the IMF that under certain circumstances capital controls are a good thing. A position that the UN has taken and that I took when I was at the World Bank a decade ago. Now it seems to have become part of the conventional wisdom,” he said.

“The global economic situation and sovereign debt crisis” was the theme of the meeting organized by DESA’s Development Policy Analysis Division and the Office for ECOSOC Support and Coordination in cooperation with Project LINK –– Expert Group Meeting of DESA on the World Economy.

To view the presentation by Professor Joseph Stiglitz:

For the entire meeting:

UN News story on the meeting: