DSOC 1101 Lecture Notes - Lecture 13: Metastasis, Social Capital, Henry Paulson
12 Jun 2016
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According to marx: controlled by the ruling elite. According to stiglitz: biased from undue influence of the wealthiest citizens. Politics: the practice or profession of conducting political affairs (dictionary. com: who has political power within the u. s. , stiglitz: the people, except that democracy is biased toward the 1 percent, marx (maybe weber): ruling class. Power: the possession of control or command over others; authority; ascendancy (ibid) Stiglitz"s political preferences (he is partisan & a liberal economist. Democrats & doesn"t agree with many economists: allies: enlightened elites. Examples: brazil"s lula, some u. s. democratic leaders including president clinton, some economists including peter diamond. Examples: some republicans, rigid free market economists, note: the extent that economists such as stiglitz interact/advise economic & political elites via the council of economic advisors, the world bank, etc. Stiglitz statement illustrating political biases, allies, & friends. The right (republicans), like many economists overestimate the benefits & underestimate the costs of incentive pay (p. 134)
