The Theory of Bankruptcy in Modern Capitalism

Joseph E. Stiglitz is the World Bank Senior Vice President for Development Economics and chief economist, and a past chairman of the Council of Economic Advisors. He is currently on leave from Stanford University, where he is professor of economics. Previous academic positions include Princeton University, Yale University and All Souls College, Oxford.

Professor Stiglitz holds a B.A. from Amherst and a Ph.D. from Massachusetts Institute of Technology. A former Fulbright Scholar and Tapp Junior Research Fellow at Oxford, he is a fellow to the National Academy of Sciences, the America Academy of Arts and Sciences, the Econometric Society, the American Philosophical Society and the British Academy.

Dr. Stiglitz is an eminent expert and pioneer in both information economics and economics of the public sector. He developed pivotal concepts, such as adverse selection and moral hazard. His graduate and undergraduate textbooks have been leading texts in economics of the public sector for the past decade, with translations in German, Spanish, Italian, Japanese, Chinese, Latvian, Ukrainian, Russian and Turkish.

Professor Stiglitiz’s honors include the John Bates Clark Award of the American Economic Association, the Italian Academia Lincei's International Prize, the French UAP's Scientific Prize, the German Recktenwald Prize and honorary doctorates from the University of Leuven and from Ben Gurion University.

He served as a member of the executive committee and as vice president of the American Economic Association, and as the founding editor of the Journal of Economic Perspectives.