Al Arabiya at Gov Summit: Nobel winner Joseph Stiglitz on 'Inequality & Globalisation'

The failings of the unfettered market economy have become blatantly apparent in the last few years.

These profound flaws are reflected in growing and persistent inequality not only in incomes but also more prominently in wealth.

These shortcomings are not a case against globalization per se, and are not an argument for the protectionism flaunted by the rising populists of our times. Rather it’s a call to rewrite the rules that have been changed more than three decades ago to favor the 1 percent, in order to bring about a new economy that is more inclusive, where the prosperity of this globalization is more fairly shared.

However, are these outcomes possible in the midst of rising inequalities and impending climate disaster? Are they driven by choice? Are they inherent in the current design of our economic systems? How can we challenge the institutional and political factors underpinning the system of governance in order to rewrite the rules? Will the 4th Industrial Revolution save us? Or is it just a constructed elusion to attempt a last ditch effort to double down again on the same economic recipes of the last 35 years?

Naser El-Tibi, Senior Producer and Presenter at Al Arabiya, hosts Nobel Prize winning economist, Prof. Joseph Stiglitz at the World Government Summit in Dubai and addresses these issues.