Joe Stiglitz's Presentation On Why The Entire Global Economic System Is Doomed To Fail

At the Institute for New Economic Thinking conference in Berlin, economist Joe Stiglitz delivered a presentation titled Is Mercantilism Doomed to Fail? China, Germany, and Japan and the Exhaustion of Debtor Countries. The basic idea is: A few powerhouses like China, Germany, and Japan, plus some commodity based economies, have thrived in a system where they do all the exporting, and a few countries like the US run massive trade deficits. But that system is coming to an end, as countries realize that their trade deficits are unsustainable, and...