Professor Stiglitz is no doubt one of the most recognized authorities on the subject globalization, at least one side of it. As a guest of  ‘Silk Lectures Featuring Nobel Laureates’ at University of San Francisco, he introduced his latest  book, ‘ People, Power, and Profits- progressive capitalism for an age of discontent’. This is a reoccurring theme throughout Stiglitz’s work, which has been drawing attention on discontents of globalization and its effects on deepening the income and social inequality. The current form of capitalism that the Western countries, especially the US have embraced for the past 40 years is driven by corporate profits and maximizing the shareholders investments in the detriment of employees wages and benefits. Stiglitz praises the success and efficiency of state institutions and regulations, cooperative structures and universities, while decrying the greed of financial institutions that drove the last financial and housing crises of 2008.

As expected, prof. Stiglitz made references to another Nobel prize ( Nobel Memorial  prize that is) winner and unapologetic capitalist- Milton Friedman (‘Free to Choose’), emphasizing the failures in Friedman’s economic theories. That is nothing new, since Friedman and the Chicago school of economics were on the other side of globalization.

Stiglitz’ solution is progressive capitalism, otherwise an oxymoronic concept. Progressive capitalism is a new order of capitalism that would be driven more by social justice and less by market economy’s performance with the scope of leveling economic and social discrepancies.

He is not the only economist promoting a reformed version of capitalism, in a more socially conscientious form. Thomas Piketty and Paul Krugman are other two economists who believe that the current state of capitalism has to change, starting with a major taxation system overhaul in the U.S.A and other Western countries and a different corporate compensation and salary structure, while increasing the role of government and tightening market regulations.

There were no mentions about the hundreds of million of people lifted  from poverty as a direct result of participation in global trade and technology allows people in countries without basic infrastructure to connect with the rest of the world. Although he is a fervent advocate of education, science andf technology, there is a relatively small chapter in the book about the technology as a globalization catalyst and a true disruptor.

Stiglitz’s opinion and approach of capitalism in the era of globalization is only one side of the story. In his writings, globalization and corporate capitalism are perennial evils that have little to show in the socio-economic journey of last 40 years, but inequality and decreased mobility.

I would have truly enjoyed to listen a debate between Joseph Stiglitz and his fellow Columbia professor, Jagdish Bhagwati, who unlike Stiglitz is considered a neoclassical economist and an advocate of free trade. It is always good to contemplate both sides of globalization and its complexity.

There was no Socratic debate or open Q &A session and with few exceptions ( questions about Stiglitz support for Bernie Sanders and fail of goverments and thier egalitarian socio-economic policies in countries such as Venezuela or Cuba), most questions were rather an endorsment.

While I was waiting in line to greet the Nobel prize laureate and have his book autographed, the irony of a lady dressed in a Chanel suit and proudly displaying an expensive Chanel handbag taking pictures with the champion of capitalist restrain was not lost on me.

After all, there are two sides of the globalization.