Stiglitz on Brown — What went wrong!

Joseph Stiglitz reviews Gordon Brown’s book on the financial crisis which Brown calls the first crisis of globalization (tell that to the chronically unemployed)

As soon as Northern Rock began to teeter, he realized there were deep structural problems with the financial sector and he tried to act on what he saw. He grasped immediately that the problem was not just one of liquidity but of a weakness in the financial sector built on years of mismanagement, lax regulation and reckless speculation.

Read the article.

Medicynical note: There is a message here about the greed of unregulated markets that applies to our medical non-system. How else to explain our out of proportion, unaffordable costs–50-100% more/capita than in other industrialized nations; the mediocre outcomes; the 50 million or so people who are uninsured.

The problems in health care also were built on years of mismanagement, lax regulation and endless speculation (that people will pay more for anything related to health) and a cost plus mentality.  Value?  Cost efficiency?  Not anyone’s department.


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