"A disproportionate amount of the best in modern economics is Stiglitz's creation. This book uses it to illuminate a classic question concerning the organization of the public side of our lives. Judged in terms of both depth and reach, this elegantly written volume is never less than what we have come to expect for one of the most significant social thinkers of our time." -- Partha Dasgupta, University of Cambridge "Whither Socialism? is to be recommended. It offers deep new thinking on a big subject: the role of the state. It is rigorous and accessible, a rare combination." -- The Economist The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. In this book, Joseph Stiglitz explainshow the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz...

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