I suspect that I may possibly be replying to an arrogant Australian writer. Joseph Stiglitz is obviously a perspicuous and knowledgeable economist. But much more than that, Joseph Stiglitz argues for decency, fairness and a humane approach. This is of course, not a popular stand with neo-liberal free-marketeers.



My view on Duncan's remarks that those changes to economic policy that were forced upon us in the 1970’ by the disciples of Ayn Rand and the followers of Margaret Thatcher and Ronald Reagan, have clearly resulted in the formation of a much wider chasm between the rich and the poor in any country that you care to look at around the world. This is obviously something that that current Australian Prime Minister, Mr Tony Abbott favors. Incidentally, it should be clearly stated for the benefit of overseas readers that the raison d'etre of Mr Abbott and his Liberal Party is nothing less than the transfer of wealth from the poor to the rich. Americans in particular, please note very carefully that this party is anything but liberal in the sense that you folks use the word. Mr Abbott would stand tall in the Tea Party. The use of the term 'liberal' by the Liberal Party here in Australia is a perversion of the word and is something that George Orwell has dealt with extensively.



Duncan's comment that “The previous Australian government created circumstances that would have eventually led to our own economic collapse…” conveniently overlooks the fact that the Rudd government was, like other governments around the world, dealing with the latest crisis for capitalism in 2008. We here in Australia seemed to manage to come out of that crisis relatively unscathed compared to other countries, thanks mainly to the resources boom.



Thank you Joseph Stiglitz for an insightful and instructive article. If you ever decide to leave the United States then you would be most welcome to come to Australia as we need more people like you (and Paul Krugman) here.

