"Demagogues do not help, he writes: 'Jobs were certainly destroyed in the process of globalisation, but they will be destroyed again in the process of the reckless deglobalisation.' The first half of the book examines four trends the author believes set the US on a path to a dismal economy: monopoly power, mishandled globalisation, poor financial regulation and new technologies that enable further exploitation and psychological manipulation — all familiar themes on the Democratic party’s campaign trail. The second part sets out what to do next. Alongside the standard centre-left prescriptions of more government spending, a stronger welfare state and beefed up regulation, are a few of the more radical ideas bounced around by Democratic outriders: employment guarantee or universal basic income. None of the ideas is original and all are explored better elsewhere, but that is not really the point. This eminent economist provides an authoritative defence of government intervention using mainstream economics and a justification for how to build a fairer society without sacrificing growth."

"He argues that the American system of capitalism has fallen down and needs government help to get back up again. People, Power, and Profits builds on Stiglitz’s earlier work and adds some pretty big ambitions. In the preface, he writes: 'This is a time for major changes. Incrementalism — minor tweaks to our political and economic system — are inadequate to the tasks at hand.' [...] Stiglitz’s diagnosis of what ails the American economy will have a familiar ring to anyone who has followed these debates. The rules of the game have been stacked in favor of the haves over the have-nots. This has widened economic inequality and increased the concentration of market power among leading firms in every sector, slowing down broad-based productivity growth. These firms and wealthy individuals are converting their riches into political power, further revising the rules to entrench their position at the top. [...] People, Power, and Profits goes beyond diagnosis to treatment. At the core of Stiglitz’s plan is the strengthening of the state. [...] He proposes a whole host of reforms, including significant investments in public goods like basic research, more stringent regulation of firms and measures to preserve and protect the voting franchise. [...] One of his book’s comparative advantages is that while Stiglitz has impeccable economic credentials, he also recognizes some of his profession’s blind spots. He observes, correctly, that standard textbook economics talks a lot about competition but little about economic power. He also excels at swatting away bromides about the miracles of markets and the failures of governments. [...] Stiglitz could have done much better, however, if he had narrowed his focus to the sharpest arguments in his policy quiver. [...] Stiglitz should be selling the hell out of it; instead, he breezes through it in one page. Some of his other ideas seem less thought out or more politically toxic. [...]"