Neoliberalism must be pronounced dead and buried. Where next? | Joseph Stiglitz

For decades the US and others have pursued a free-market agenda which has failed spectacularly

What kind of economic system is most conducive to human wellbeing? That question has come to define the current era, because, after 40 years of neoliberalism in the United States and other advanced economies, we know what doesn't work.

The neoliberal experiment - lower taxes on the rich, deregulation of labour and product markets, financialisation, and globalisation - has been a spectacular failure. Growth is lower than it was in the quarter-century after the second world war, and most of it has accrued to the very top of the income scale. After decades of stagnant or even falling incomes for those below them, neoliberalism must be pronounced dead and buried.

There is no magic bullet that can reverse the damage done by decades of neoliberalism