JOSEPH STIGLITZ became a full professor at Yale in 1970 at the age of 27, and in 1979 was awarded the John Bates Clark Award, as the economist under 40 who had made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and Oxford, and is now University Professor at Columbia University, Chair of Columbia's Committee on Global Thought, and co-founder and Executive Director of the Initiative for Policy Dialogue.
Stiglitz was a member and chairman of the Council of Economic Advisers during the Clinton administration, and later Chief Economist and Senior Vice-President of the World Bank. In 2001, he was awarded the Nobel Prize in economics and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize.
JOSEPH STIGLITZ is the author of, among other books, Globalization and Its Discontents, Fair Trade for All, Making Globalization Work, The Three Trillion Dollar War: The True Cost of the Iraq Conflict, with Linda Bilmes, and his newest, Freefall: America, Free Markets, and the Sinking of the World Economy.
NIALL FERGUSON is Lawrence A. Tisch Professor of History at Harvard University, a Senior Research Fellow at Jesus College, Oxford, a Senior Fellow of the Hoover Institution at Stanford, an op ed columnist for the LA Times, and the other of several books, the newest is THE ASCENT OF MONEY: A Financial History of the World.
In THE ASCENT OF MONEY, NIALL FERGUSON says that finance is the foundation of human progress, and that financial history is the essential back-story behind all history.
He explains how banks provided the material basis for the the Italian Renaissance, while the bond market was the decisive factor in conflicts from the Seven Years' War to the American Civil War. Ferguson points out the origins of the French Revolution in a stock market bubble, and shows how a financial revolution is propelling the world's most populous country from poverty to power in a single generation.
The single most important lesson of financial history is that sooner or later every bubble bursts - sooner or later the bearish sellers outnumber the bullish buyers - sooner or later greed flips into fear.
We'll discuss how history can be helpful at a moment like this. And, what can it tell us about our current crisis and the way out?