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May 20, 2024
The Road to Freedom
Economics and the Good Society
Summary
In his latest book, The Road to Freedom: Economics and the Good Society (W. W. Norton, 2024), Nobel laureate Joseph E. Stiglitz rethinks the nature of freedom and its relationship to capitalism.
While many agree that freedom is good and we want more of it, we don’t agree about what it is, whose freedom we’re talking about, or what outcomes we desire.
Stiglitz asks the question: whose freedom are we talking about, and what happens when one person’s freedom means a loss of freedom for someone else?
Narratives of neoliberalism have been accepted as gospel despite decades of research showing that less regulation and more trust in the 'hidden hand' of free market economics do not produce greater prosperity or freedom for most individuals.
Stiglitz examines how unregulated markets reduce economic opportunities for majorities by prioritizing the freedom of corporations and wealthy individuals over that of individuals, resulting in the siphoning wealth from the many to ensure the freedom of the few, from property and intellectual rights to education and opportunity.
The Road to Freedom re-evaluates of what constitutes a good society and provides a roadmap to achieve it.
Recommended reading: The Groves of Academe by Mary McCarthy
