Joseph Stiglitz: A Path to Freedom for a Better Economy and Society

Joseph Stiglitz, a world-renowned economist and Nobel Prize winner in Economics in 2001, is a visionary expert in economics. His work on Asymmetric Information Theory earned him the Noble Prize. This theory analyses how capitalism and market mechanisms, where information is unevenly distributed, influence decision-making by buyers and sellers, leading to economic and social inequality, and preventing sustainable economic development.
Beyond his outstanding academic contributions, Stiglitz served as Chair of the Council of Economic Advisors during the Bill Clinton administration from 1995-1997 and was the Chief Economist of the World Bank from 1997-2000. Since 2000, he has been a professor at Columbia University.
Recently, Professor Joseph was invited as a keynote speaker at a symposium co-hosted by the School of International and Public Affairs at Columbia University and Siam University. Associate Professor Dr. Jomphong Mongkhonvanit, Vice President and Dean of the Graduate School of Business, Siam University, who is one of Stiglitz’s former students, acted as the interviewer and discussed ideas with other distinguished alumni, such as Dr. Porametee Vimolsiri, Chairman of the Board of Directors, Bank of Thailand, Mr. Piyabutr Cholvijarn, President and Vice Chairman of Kenan Foundation Asia, Mr. Kasit Piromya, former Minister of Foreign Affairs  and Mr. Suranand Vejjajiva, former Prime Minister’s Office minister. They exchanged perspectives on sustainable development and reducing urban-rural inequality in Thailand.
At this event, Professor Joseph also spoke about his new book, ‘The Road to Freedom: Economics and the Good Society’, which presents an economic development approach focusing on creating a just and good society. It aims to critique capitalism and neoliberalism while proposing a shift toward an economy focused on the common good. The book is suitable for general readers and those seeking new economic alternatives.  
Professor Joseph critically evaluated the current capitalist system, stating that it cannot create true freedom and prosperity for all, instead fostering economic inequality, environmental degradation, and social instability. He suggests that economic policies should prioritise equality, sustainability, and community well-being rather than growth-driven development, which often leads to disparity. He emphasised the critical role of government in addressing the failures of the free market and implementing policies that benefit the majority, rather than allowing the freedom of the few who benefit from the current economic and social structures to define the freedom of the majority.  
He also called for global economic reform, drawing examples from countries with greater social equity, which demonstrate a balance between freedom and regulation.  
Professor Joseph Stiglitz’s talk covered a wide range of topics, including the impacts of monetary policies, politics, the environment, economic and social inequality, and education, in great detail.  
Monetary Policy Critique: Professor Joseph emphasised that merely reducing interest rates benefits investors and financial institutions but does little to help rural populations or low-income groups. Thus, monetary policies must consider their broader societal impacts. He also argued that policies to reduce economic inequality must be inclusive and not only benefit the wealthy.  
Political and Natural Environment: He highlighted the influence of politicians and business groups in shaping policies that often do not reflect the needs of the majority and called for greater transparency and public participation in policy-making. Regarding the natural environment, he discussed the impact of climate change on the economy and society, urging the implementation of environmental policies that focus on reducing greenhouse gas emissions and conserving natural resources to align with sustainable development goals. Achieving a common direction for both the political and natural environments would lead to sustainable economic and social development.  
Economic and Social Inequality: Professor Joseph noted that economic and social inequality is intensifying in Thailand. Economic development focused on major urban areas has left rural regions lacking the necessary opportunities and resources, resulting in unequal access to basic services such as education, healthcare, and employment. Economic development should aim to distribute opportunities to rural areas through infrastructure investments, career development, and promoting sustainable agriculture, ensuring equal access to resources and opportunities for all.  
Education as the Key to Sustainable Development: Professor Joseph stressed that education is the most important tool for building a just society. He believes that high-quality education is the key to sustainable development.
Associate Professor Dr. Jomphong concluded by stating, “Education is the key to creating freedom and equal opportunity. Investing in an education system that focuses on quality and equality will help reduce inequality and enhance competitiveness on a global scale. Therefore, in this era, it is crucial to emphasise using technology and innovation as tools to connect knowledge to everyone in all areas, whether in cities or rural regions, to expand learning opportunities and develop the potential of learners comprehensively and sustainably. This is the key to building a stable future for every country.”  
The symposium not only served as a platform for knowledge exchange between a world-class economist and distinguished Thai experts but also inspired the pursuit of a just and sustainable economic and social future.