Task – ‘Open-source’ task. Theory – 10 point task – a ‘Open-source’ task. Find/identify main postulates of given great thinker/scholar [from Martin Griffiths

Joseph stiglitz
Joseph Stiglitz is a Nobel Prize-winning economist and a prominent figure in the field of International Relations. He is best known for his critiques of globalization and his work on the failures of neoclassical economics in addressing global poverty and inequality. Some of his main postulates include:

1. 
   Market failures: Stiglitz argues that markets can be fundamentally flawed and fail to allocate resources efficiently. He believes that there are a number of systemic issues that can undermine market outcomes, including imperfect information, unequal bargaining power, and externalities.
   
2. 
   Asymmetric information: Stiglitz argues that information asymmetry, in which one party in a transaction has more or better information than the other, can lead to significant market failures. He believes that this can result in inefficient outcomes and can exacerbate poverty and inequality.
   
3. 
   Role of government: Stiglitz believes that government intervention can be necessary to address market failures and improve economic outcomes. He argues that government can play a crucial role in addressing issues like information asymmetry, market power, and externalities, and can help to ensure that markets produce more equitable and sustainable outcomes.
   

Illustrative examples of events/cases in IR include:

1. 
   The 2008 Financial Crisis: Stiglitz has been a vocal critic of the way the 2008 financial crisis was handled by policymakers. He argues that the crisis was caused, in part, by market failures and asymmetric information, and that the subsequent government interventions were insufficient to address these underlying issues.
   
2. 
   Global Poverty: Stiglitz has long been an advocate for reducing global poverty and inequality. He has argued that these issues are largely the result of market failures and that government intervention is necessary to address them.
   
3. 
   Trade liberalization: Stiglitz has been critical of the way trade liberalization has been pursued in recent decades, arguing that it has often led to market failures and increased poverty and inequality. He believes that trade policies need to be better designed to ensure that they produce equitable and sustainable outcomes, and that government intervention is necessary to address these issues.