Joseph Stiglitz, Nobel laureate economist and former World Bank official, has argued that the International Monetary Fund’s “one-size-fits-all” approach to economic development should be replaced with a participatory one, but it is unclear how Stiglitz’s scheme would foster prosperity. Although elegant in the abstract, Stiglitz’s case for more government involvement via a “people’s capitalism” rests on shaky empirical ground.
Scott A. Beaulier is dean of business and professor of economics at the University of Wyoming (UW). Prior to joining UW in 2022, Beaulier served as the Ronald & Kaye Olson Dean of Business at North Dakota State University.
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Other Independent Review articles by Scott A. Beaulier
Winter 2022/23 We Have Met the Enemy, and He Is Us
Winter 2020/21 The Political Economy of Flannery O’Connor
Fall 2014 Democracy and Political Ignorance: Why Smaller Government Is Smarter