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The Road to Freedom- Economics and the Good Society -Joseph Stiglitz- A review

This book by Joseph Stiglitz stands out among modern economics works of the decade. Stiglitz critiques current neoliberal policies, exploring their implications for individual and societal freedom. He questions whether individuals should prioritize their own well-being over the needs of others and whether corporations should wield significant influence over people's choices. These core questions drive the narrative and invite readers to examine the real meaning behind such dilemmas.
The Road to Freedom- Economics and the Good Society -Joseph Stiglitz- A review
A Book Review

Stiglitz has used the ideologies of Milton Friedman and Friedrich Hayek as the basis of arguments for the entire book to examine how the opinions of individuals are formed. The author strongly opines for the need for freedom to express ideas and remain unregulated so as to promote growth, potentially in the individual as well as in society. In the world we live in today, Stiglitz has stated how neoliberal economics has impacted people through the policies in our polices, social structures, legal and social systems, media, education, and also intellectual rights.

The initial chapters of the book speak about the traditional economist’s viewpoints of how people’s views are unchanging and unaffected by other individuals. This is more in line with the concept of ceteris paribus conceptualization. The latter half incorporates the behavioural economics concepts to counterpoint the initial beliefs stated in the book. The last section of the book encompasses the ideas encapsulated in the initial two thoughts to give a holistic picture of how a society could potentially function harmoniously. It's how the thoughts are woven and entwined, which helps in giving a thought-provoking read.

If one thinks more closely, our modern society has ruthlessly promoted the concept of “self-interest”. This has invariably created an imbalance in the whole economic construct in the world economy, which includes oppression, deprivation, and destitution. If we could flip the picture altogether with the concepts mentioned in the book, as Stiglitz called it “progressive capitalism,” it could potentially change the fate of democracies. With the collective action of all the social systems we have created over a period of time, the societies could make a change for the better.

The expansion of freedom with meticulously curated, regulated, public investments, and financed by taxes, collectively, could bring about a positive change. It's all about the creation of a balance of freedom, rather than suppressing others' rights. Keeping the markets in check for radicals who are to create disruptions is one way to maintain a sense of balance in the economic sphere. Progressive capitalism is what the book is mainly trying to wish for the people of America, giving them basic access to life, be it the social and healthcare facilities. It's meant for all the people.

Most of the concepts revolve around the American economy and its democracy; the ideas from the book can be used to think in the context of Indian democracy as well. The ideas in the book will keep all the economics professionals, students, and general readers intrigued.

I highly recommend this book. Share its thought-provoking ideas with your community.

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Dec 05
Rated 5 out of 5 stars.

The book review is insightful

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