Economics Quote by Joseph Stiglitz
“Globalization and trade liberalization were supposed to make us all better off through the mechanism of trickle-down economics. What we seemed to be seeing instead was trickle-up economics, accompanied by a destruction of democratic politics, as we moved ever closer to a system of 'one dollar, one vote' as opposed to 'one person, one vote.'”
About This Quote
Source Book: Globalization and Its Discontents, 2002
Trade liberalization promised broad benefits but often leads to inequality and weakened democracy.
In simple terms: Trade can hurt democracy and equality.
Key Takeaway
Advocate fairer trade policies.
Themes
globalization
trade
inequality
democracy
Mood
critical
analytical
Type
economic
political
When to use this quote
- policy debates
- labor rights
- voting reforms
Key Concepts
Economic theory
political economy
Questions to Reflect On
- What safeguards can protect democracy?
- How to balance growth with equity?
A Different Perspective
Liberalization can raise living standards for some.
![“World War II was really unusual, because America was in the Great Depression before. So the war did help the US economy to get securely out of this decline. This time, the war [in Iraq] is bad for the economy in both the short and long run. We could have spent trillions in research or education…” quote by Joseph Stiglitz](https://sms4smile.com/quotes/img-quotes/860/joseph-stiglitz-1351_america_world-war-ii-was-really-unusual-because_156000.jpg)
