After Austerity

by Joseph E. Stiglitz Joseph E. Stiglitz is University Professor at Columbia University, a Nobel laureate in economics, and the author of Freefall: Free Markets and the Sinking of the Global Economy. 07.05.2012

Introduction

"The consequences of Europe’s rush to austerity will be long-lasting and possibly severe.........there is no example of a large economy – and Europe is the world’s largest – recovering as a result of austerity......But that is what Europe is doing. Indeed, its leaders’ willful ignorance of the lessons of the past is criminal."
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