Joseph Stiglitz: ‘GDP per capita in the UK is lower than it was before the crisis. That is not a success’
by Andrew Anthony from on (#9N33)
Nobel prize-winner Joseph Stiglitz is the world's foremost critic of economic and political inequality. He thinks the lessons of the global crash are being ignored, and he's not much taken with the UK's recovery either"
Think back to 2008. There was an inquest into Princess Diana's death, Portsmouth won the FA Cup and Jonathan Ross and Russell Brand got in trouble for making a prank call to Andrew Sachs. Oh yeah, and the global economy almost collapsed.
To prevent the disintegration of international banking, and capitalism as we know it, governments were forced to pour trillions of dollars into rescue packages. In Britain alone, government loans to and investment in the banks amounted to hundreds of billions of pounds, which in turn presaged a debt crisis and years of austerity measures.
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