Joseph Stiglitz on his progressive capitalism plan to rebuild America’s middle class

While Trump boasts about his “strong economy,” Nobel Prize-winning economist Joseph Stiglitz is warning about the dangers of trade wars, globalization and government inaction. The author of the bestseller “The Price of Inequality,” is out with a new book that sounds the alarm on the disturbing level of economic inequality in America, “People, Power, and Profits: Progressive Capitalism for an Age of Discontent."

Stiglitz, also a former chief economist of the World Bank and chairman of Clinton’s Council of Economic Advisors, joined Salon’s Dean Obeidallah on “Salon Talks” to break down Trump's economic policies, the shortcomings of American-style capitalism, and his advice for how America should move forward.

When asked about the concept of progressive capitalism Stiglitz explained, “The word capitalism is to remind us that the market is going to be a big part of the economy.” He described the system as “a mixed economy with better balance between the market and collective action,” including rethinking education and health care and removing big money from politics.

And, Stiglitz notes, using the word “socialism” means something totally different today than it did 100 years ago. “I don’t know anybody who says because I’m in favor of Social Security, I’m a socialist,” he joked. “When Lyndon B. Johnson introduced Medicare, some of the Republicans said that’s socialism. Today, you ask one person on medicare whether they’re a socialist.”

Watch the episode above to hear more on Stiglitz’s plan and his explanation on how Trump is appealing to the richest people in the business community.

SalonTV host Dean Obeidallah is also the host of the daily national SiriusXM radio program, "The Dean Obeidallah Show" on the network's progressive political channel. Follow him on Twitter and Facebook.

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