America Knows Best - Or Does It?

Paper Summary:

An analytical examination of Stiglitz's article which discusses the supposed successful prosperity of the United States in the 1990s and put it into perspective using the hindsight that knowledge today provides. The basic question examined is whether the capitalist economic system based on the American methodologies utilized in the nineties were the answer to the world?s financial woes.

From the Paper:

"For many, the nineties were perceived as a booming time. The nineties were a decade of plentiful jobs, soaring technology, falling inflation, and decreasing poverty. The nineties are often celebrated as a time of resounding economic well-being and prosperity. However, Stiglitz argues that many of the perceptions we have as to what we know about the prosperity of the 1990's is incorrect, and history, essentially, needs to be rewritten taking into account the effects and implications of events in the 1990's that are felt today. According to the article, the nineties saw the flow of capital to emerging markets multiply sixfold in a matter of six years. The decade, as a whole, was perceived as a prosperous, successful time for the United States. U.S. representatives urged other countries to emulate the American capitalist system as the only sure-fire way to an improved economy."

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