The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis is a book on economics written by Nobel Laureate economist Joseph Stiglitz, documenting the necessary changes and reforms of the international financial institutions in the wake of the

financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

, and the subsequent

Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...

arisen from it. In October 2008, the President of the

General Assembly of the United Nations The United Nations General Assembly (UNGA or GA; french: link=no, Assemblée générale, AG) is one of the six principal organs of the United Nations (UN), serving as the main deliberative, policymaking, and representative organ of the UN. Curr ...

Miguel d'Escoto Brockmann Miguel d’Escoto Brockmann (February 5, 1933 – June 8, 2017) was an American-born Nicaraguan diplomat, politician and Catholic priest of the Maryknoll Missionary Society. As the President of the United Nations General Assembly from September ...

, established the "Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System" chaired by author and Nobel Laureate economist

Joseph E. Stiglitz Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, and a full professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the ...

. This commission had the aim of proposing necessary reforms in the world financial system that would prevent another event like the

. The report frames the crisis as part of a series of simultaneous crisis, those of

energy crisis An energy crisis or energy shortage is any significant bottleneck in the supply of energy resources to an economy. In literature, it often refers to one of the energy sources used at a certain time and place, in particular, those that supply n ...

food crisis Food is any substance consumed by an organism for Nutrient, nutritional support. Food is usually of plant, animal, or Fungus, fungal origin, and contains essential nutrients, such as carbohydrates, fats, protein (nutrient), proteins, vitamins ...

water scarcity Water scarcity (closely related to water stress or water crisis) is the lack of fresh water resources to meet the standard water demand. There are two types of water scarcity: physical or economic water scarcity. Physical water scarcity is whe ...

, and sustainability. Besides Stiglitz, members of the commission included Andrei Bougrov, Yousef Boutros-Ghali,

Jean-Paul Fitoussi Jean-Paul Fitoussi (19 August 1942 – 15 April 2022) was a French economist and sociologist of Sephardi Jewish descent. Biography Born in La Goulette, French Protectorate of Tunisia, Fitoussi earned his Ph.D. ''cum laude'' in Law and Econ ...

Charles Goodhart Charles Albert Eric Goodhart, (born 23 October 1936) is a British economist. His career can be divided into two sections: his term with the Bank of England and its associated public policy; and his academic work with the London School of Econom ...

Robert Johnson Robert Leroy Johnson (May 8, 1911August 16, 1938) was an American blues musician and songwriter. His landmark recordings in 1936 and 1937 display a combination of singing, guitar skills, and songwriting talent that has influenced later generati ...

Jomo Kwame Sundaram Jomo Kwame Sundaram ( ta, ஜோமோ குவாமே சுந்தரம், Jōmō Kuvāmē Cuntaram) (born 1 December 1952), fondly known just as Jomo, is a prominent Malaysian economist. He is a senior adviser at the Khazanah Resea ...

, Benno Ndulo,

José Antonio Ocampo José Antonio Ocampo Gaviria (born 20 December 1952) is a Colombian writer, economist and academic who was the professor of professional practice in international and public affairs and director of the Economic and Political Development Concentra ...

Pedro Páez Pedro Páez Jaramillo, S.J. ( pt, Pêro Pais; 1564 – 20 May 1622) was a Spanish Jesuit missionary in Ethiopia. Páez is considered by many experts on Ethiopia to be the most effective Catholic missionary in Ethiopia. He is believed to be the ...

Avinash Persaud Avinash D. Persaud born 22 June 1966 in Barbados, West Indies) is Emeritus Professor of Gresham College in the UK. He was Chairman of Intelligence Capital Ltd., a company specializing in analyzing, managing and creating financial liquidity in in ...

, Yaga Venugopal Reddy,

Rubens Ricupero Rubens Ricupero (born March 1, 1937) is a Brazilian academic, economist, bureaucrat and diplomat. He served as the fifth Secretary General of the United Nations Conference on Trade and Development from September 1995 to September 2004. Education ...

, Eisuke Sakakibara,

Chukwuma Soludo Charles Chukwuma Soludo (; born 28 July 1960) is a Nigerian politician, banker, and economics professor who has served as governor of Anambra State since March 2022. He is a former governor and chairman of the board of directors of the Centra ...

Heidemarie Wieczorek-Zeul Heidemarie Wieczorek-Zeul (born 21 November 1942) is a German politician and a member of the Social Democratic Party (SPD) since 1965. Early life and career Wieczorek-Zeul (pronounced ''VEE‐choreck TSOIL'') began her career as a teacher 1965� ...

, Yu Yongding and

Zeti Akhtar Aziz Ungku Zeti Akhtar binti Ungku Abdul Aziz (born 26 August 1947) was the 7th Governor of Bank Negara Malaysia, Malaysia's central bank. She served as Governor from 2000 to 2016, and was the first woman in the position. Zeti was one of the members o ...

Jan Kregel Jan A. Kregel (born 19 April 1944) is an American post-Keynesian economist. Kregel has served since 2006 as Professor of Finance and Development at Tallinn University of Technology, Tallinn, Estonia. He is an adjunct professor at Johns Hopkins SA ...

acted as rapporteur. The report goes through four main topics: # Macroeconomic Issues and Perspectives # Reforming Global Regulation to Enhance Global Economic Stability # International Institutions # International Financial Innovations The concluding comments of the report blame flawed policies as well as unsound economic philosophies for the crisis. The report advocates for the global community to "work for a robust and sustainable recovery" and for changes that support "long-term, democratic, equitable, stable, and

sustainable growth Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The desi ...

References

External links

* The Stiglitz Report, The New Press, New York, 2010, * {{cite book , title= Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System , publisher= United Nations , place= New York , date= September 21, 2009 , url= http://www.un.org/ga/econcrisissummit/docs/FinalReport_CoE.pdf * http://www.un.org/ga/president/63/commission/background.shtml Great Recession Books by Joseph Stiglitz