- During Ronald Reagan’s eight years as president, between 1981 and 1989, he ushered in an era of lower taxes and deregulation that’s continued to this day
- Economist Joseph Stiglitz argues that’s had disastrous consequences.
- He argues it’s time to issue a verdict on whether the free-market policies of Reagan and subsequent presidents have been successful.
A few hours after Donald Trump left a courtroom in lower Manhattan on April 22 for his hush-money trial, Joseph Stiglitz sat in a conference room uptown at Columbia Business School and talked about what a second term for the former president could mean for the country.
Trump’s flame-throwing method of governing is a world away from Stiglitz’s preference for a more temperate approach, and he warns this could adversely affect the global economy. If Trump is elected again, Stiglitz said, he could well pull support for Ukraine, sending grain prices soaring. Russia would also be clear to continue its expansionary efforts. Tensions with China could heat up further at a time when Beijing is threatening military action in Taiwan.
In addition to all of that, Stiglitz fears that if he’s elected, Trump will do his best to stay in power by whatever means necessary.”He’s shown every sense of being an authoritarian,” Stiglitz told Business Insider. “I see no example of restraint.”