Joseph Stiglitz Quotes


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At the time there was very little such legislation or regulation, and the little there was only occurred after massive lobbying efforts by organized labor. In modern times, often it takes a horrible tragedy to occur before the political will can be mobilized to cope with issues of occupational health and safety.


In 1902 there was a major coal and railroad labor crisis. The owners and operators refused to negotiate or bargain with labor: This quotation is very famous because it is an iconic picture of the views and attitudes of the large industiralists at the turn of the 20th Century. More than opposing labor unions, they actually believed that God had selected them to run the economic and business affairs of the country if not the world. It was their Christian values and paternalism that the workers should look to in order to determine the rights and priviliges of the working man or woman. This upper class attitude was one of the major reasons that class warfare broke into the open. Ironically, there was not much difference between the attidudes of the industiral leaders and the notions of fudalism.


At the time, the mine owners and operators claimed that they had NO obligations to their workers—not even to ensure a safe mine. There was no OSHA and workers died and were maimed on the job much more frequently than they do today. Many mine owners now accept that they have obligations to the workers, and the rest are required to have responsible and safe working conditions by law and OSHA regulations.


Joseph Stiglitz
Joseph Stiglitz
  • Born: February 9, 1943
  • Nationality: American
  • Profession: Economist

Joseph Eugene Stiglitz is an American economist, public policy analyst, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the (US president's) Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists (whom he calls "free-market fundamentalists"), and of international institutions such as the International Monetary Fund and the World Bank.