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 Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, political activist, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2 ...

, documenting the necessary changes and reforms of the international financial institutions during the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, and the

Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.

. In October 2008, the President of the

General Assembly of the United Nations The United Nations General Assembly (UNGA or GA; , AGNU or AG) is one of the six principal organs of the United Nations (UN), serving as its main deliberative, policymaking, and representative organ. Currently in its 79th session, its powers, ...

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 20 ...

, 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, political activist, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2 ...

. 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 (production), 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 particu ...

food crisis A famine is a widespread scarcity of food caused by several possible factors, including, but not limited to war, natural disasters, crop failure, widespread poverty, an economic catastrophe or government policies. This phenomenon is usuall ...

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. One is ''physical.'' The other is ''economic water scarcity''. Physic ...

, 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,

Robert Johnson Robert Leroy Johnson (May 8, 1911August 16, 1938) was an American blues musician and songwriter. His singing, guitar playing and songwriting on his landmark 1936 and 1937 recordings have influenced later generations of musicians. Although his r ...

, Jomo Kwame Sundaram, Benno Ndulo,

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

, Pedro Páez, Avinash Persaud, 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. Educatio ...

, Eisuke Sakakibara, Chukwuma Soludo, Heidemarie Wieczorek-Zeul, Yu Yongding and

Zeti Akhtar Aziz Ungku Zeti Akhtar binti Ungku Abdul Aziz (born 27 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 and at 16 years, the longest ...

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 S ...

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 approach to growth and human development that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs.United Nations General Assembly (1987)''Report of th ...

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