Spectator Books: Joseph Stiglitz - the invisible hand doesn't exist

Sam speaks to the Nobel prize-winning economist Joseph Stiglitz, architect of Bill Clinton’s “Third Way” and former chief economist at the World Bank. 

His new book People, Power and Profits: Progressive Capitalism for an Age of Discontent argues Trump’s economic boom is a “sugar-high”, and that the US economy is in a far, far worse state than anybody thinks. As a result, he says, we need to reevaluate our whole faith in free markets. The reason the "invisible hand" is invisible, he says, is because it isn’t there. He talks about why thinks that, and what we need to do about it.

Spectator Books is a series of literary interviews and discussions on the latest releases in the world of publishing, from poetry through to physics. Presented by Sam Leith, The Spectator's Literary Editor. Hear past episodes of Spectator Books here.