Fireside chat with Joseph Stiglitz - What economics for a good society

Fireside chat with Joseph Stiglitz - What economics for a good society

by Sciences Po

Humanities, Social Sciences & Thought Economics & Finance KCEconomicsKCAEconomic theory and philosophy
🎙 Sciences Po 👥 68K 📅 October 10, 2025 ⏱ 74 min 👁 6K 📄 debate 🧭 2026-08-15
Available in: English (current) Français

Keywords

multilateralismtrade deficittariffsglobal governanceeconomic cooperation

Summary

In this fireside chat, Nobel laureate Joseph Stiglitz and Professor Thierry Mayer discuss the shifting landscape of global economic cooperation, focusing on the United States’ move away from multilateralism under the Trump administration. Stiglitz traces the historical roots of US isolationism and argues that the current dissatisfaction stems from the US losing its dominant position and not always getting its way in international institutions. He critiques Trump’s mercantilist view of trade deficits, explaining that deficits are macroeconomic phenomena linked to savings-investment gaps, not unfair practices. Stiglitz also analyzes why Europe and other countries are capitulating to US demands, attributing it to defense dependence and the hope that Trump is a passing phenomenon. He advocates for a new multilateralism based on self-enforcing agreements among coalitions of the willing, focusing on global public goods like climate change. The discussion covers the need for Europe to achieve defense autonomy and the potential for a ‘G minus one’ architecture. The conversation concludes with reflections on how clubs of countries can create incentives for broader cooperation.

171 words

Critical Evaluation

Value of the Information & Strength of the Argument

The value of the information is high, as Stiglitz provides expert insights into the economic and political dynamics of multilateralism. His arguments are well-structured and grounded in economic theory, such as the macroeconomic identity linking trade deficits to savings-investment gaps. He also offers a nuanced historical perspective, noting the bipartisan nature of US dissatisfaction with multilateral institutions. The argumentation is solid, with clear causal reasoning and concrete examples, such as the WTO appellate body and the carbon border adjustment mechanism. However, some claims are presented without detailed evidence, and the discussion is more conversational than rigorously cited.

106 words

Title / Content Match

The title accurately reflects the content: a fireside chat with Joseph Stiglitz discussing economic issues for a good society.

Quality & Reliability

8/10

Discussion by a Nobel laureate economist and a professor of economics, grounded in economic theory and historical context. The arguments are coherent and well-supported, though the format is an informal debate without formal citations.

Key Moments

Markers derived by PSI from the transcript: the creator did not define chapters.

Cited Sources

  • Sciences Po App - App Store — Link to Sciences Po app in the video description.
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  • Sciences Po Snapchat — Link to Sciences Po Snapchat in the video description.

Concurring Sources

Contribution & Novelties

The video provides a unique perspective from a Nobel laureate on the current crisis of multilateralism, offering both historical context and forward-looking proposals. Stiglitz’s emphasis on self-enforcing agreements and ‘clubs of the willing’ as a pragmatic path forward is a valuable contribution to the debate.

Pour aller plus loin :

  • Multilateralism — Overview of the concept and its evolution.
  • Thucydides Trap — The concept referenced by Stiglitz regarding US-China relations.
  • Carbon Border Adjustment Mechanism — The policy discussed as an incentive for cooperation.

83 words

Radar Profile

The radar profile shows high scores in quantity and quality of information, reflecting the depth of the discussion. The technical level is moderate, making it accessible to a broad audience. The overall reliability is high due to the speaker's expertise.

Reliability 8/10