, 15 tweets, 6 min read Read on Twitter
I'm reading @JosephEStiglitz's new book, "People, Power, & Profits".

Really appreciate this point about globalisation & wages:

It's not just that wages are cheaper overseas, but our trade agreements give companies stronger rights if they invest overseas than at home. #ISDS
and @JosephEStiglitz cleverly frames #ISDS as undermining something valued by many of his centrist readers:

the USA's comparative advantage in property rights!
The discussion of antitrust, market power, and monopsonies is both empirically detailed & very accessible.

But again what's especially clever is the framing: tapping into widely-shared ideals, and showing how the status quo fails to deliver the American dream.
Why China won Trump’s trade war
- more tools available
- accelerated its preexisting desire to upgrade & diversify

(again, this won’t be new to my trade wonk pals, but it’s super clear for a wider audience)
What’s wrong with the current rules of globalisation?

@JosephEStiglitz it safeguards corporations, rather than workers, health, tax collection, or the environment.

[i entirely agree, so very hyped to hear his solutions...]
Whew, Chapter 5 is starting bold.
So Stiglitz obviously isn’t the first to say any of this, but it’s really well packaged: clear, non-technical, explaining big picture dynamics, tapping into widely shared values.

(Precisely what we need more of from econ rtn)
The chapter on technology is esp. interesting

Draws parallels w/ agric innovation pre the Great Depression

Denies retraining is a panacea (cos robots will still outdo us)

Instead champions a focus on employment, workers’ 💪, sharing proceeds of IP, paying teachers more, & care
So this paragraph really captures the spirit of the book: arguing that sensible regulation would restore American values of innovation, fairness, property rights.

But dammit why blame centrists’ capitulation to capital on the “distraction” of LGBT advocacy? This is BS.
Maybe I'm interpreting that line unkindly?

Maybe he just means that conservatives focused on these issues, in order to divide urban liberals and blue-collar workers?? Maybe?

But if he's saying that we shouldn't have enacted gay rights, then that is not "growth with equality"
It's a fantastic book - aptly diagnosing the problems with big data, automation, monopsony, the current rules of globalisation. Here, I'm 100% on board.

But I was surprised not to hear more ideas on race, green growth, or better rules for globalisation?

His next book maybe? 😃
I guess it really comes down to, who is he trying to convince, and of what?

As I see it, he’s trying to convince centrist white readers that stronger regulation furthers their values & interests.

That’s a hugely important constituency, but others (inspired by AOC) may want more
For those persuaded by @JosephEStiglitz's argument that we need to reform the rules of globalisation,

The next question is HOW?

We know *very* little about

- How to build political support for reform?

- How to design effective inter/national laws that MNCs can't skip over?
Personally, I have zero clue. Even if there was mass support for reforming the rules of globalisation to curb corporate power, i don’t think we know how to do this effectively...?
Isn’t that crazy tho? Of all academia, in all the world, we do not know how to reform the rules of globalisation so as to curb wage competition, environ. degradation, rights abuses, profit shifting..? Even as economics increasingly documents these ills. That’s kinda baffling..
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