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Nobel Laureate Lectures in Chinese University on China and the Global
Economy
¡@¡@In the lecture, Professor Stiglitz said that China's rapid economic growth has great impact on the global economy, but this is not a "zero-sum" game as some worry, rather, China's success can contribute to a more prosperous and stable global economy. He pointed out that China's accession to WTO creates opportunities which include access to international markets, capital and technology inflows; but it also entails a need for changes, such as enhancing domestic productivity, and changing role of banks and financial institutions in moving towards market economy. ¡@¡@According to Professor Stiglitz, there is an increased perceived risk associated with the US dollar as a reserve asset, and a growing dissatisfaction in developing countries with the global reserve system. He believes that China will have to play a central role in reforming these systems. Also, China acts as a role model for the developing world, and she should help create a fairer global trading system through engaging in bilateral trade agreements. On the other hand, China should bear the responsibility of pollution and depletion of energy resources during her rapid growth. She should adopt conservation measures and help create a global agreement to reduce emissions. ¡@¡@As a world renowned master in economics, Professor Stiglitz is especially famous for his analysis on global economic policies. During the Clinton administration, he served as Chairman of the Council of Economic Advisors from 1995 to 1997. He then became Chief Economist and Senior Vice-President of the World Bank (1997-2000). Professor Stiglitz has made discriminating comments on numerous economic issues such as the financial crises in Asia and Latin America, economies of developing countries, monetary policies and globalization. ¡@¡@Professor Stiglitz has also made remarkable academic contributions. He helped create a new branch of economics, "The Economics of Information", exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but of policy analysts. In 2001, Professor Stiglitz shared the Nobel Prize in Economic Sciences with Professor A. Michael Spence and Professor George Akerlof for their analyses of markets with asymmetric information. ¡@¡@Professor Stiglitz has written textbooks that have been translated into more than a dozen languages, widely used by universities around the world. His book Globalization and Its Discontents, published in 2001, has been translated into 28 languages and is an international bestseller. ¡@¡@Professor Joseph E. Stiglitz was born in Indiana in 1943. A graduate of Amherst College, he received his PhD from MIT in 1967, became a full professor at Yale in 1970, and in 1979 was awarded the John Bates Clark Award, given biennially by the American Economic Association to the economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now University Professor at Columbia University in New York.
Professor Joseph E. Stiglitz, University Professor at Columbia University and 2001 Nobel Laureate in Economic Sciences.
Professor Joseph E. Stiglitz and Professor Lawrence J. Lau, Vice-Chancellor of CUHK.
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