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Creating a Learning SocietyA New Approach to Growth, Development, and Social Progress$
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Joseph Stiglitz and Bruce Greenwald

Print publication date: 2014

Print ISBN-13: 9780231152143

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231152143.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 25 September 2021

Financial Policy and Creating a Learning Society

Financial Policy and Creating a Learning Society

(p.401) Chapter Thirteen Financial Policy and Creating a Learning Society
Creating a Learning Society

Joseph E. Stiglitz

Bruce C. Greenwald

Columbia University Press

A key objective of government policy should be the creation of a financial sector that fosters learning and helps create a learning economy. Standard policies have simply ignored the effects of the financial sector on learning and have, as a result, fostered a financial sector which is often not only not conducive to learning, but inimical to it. This chapter explores the various links between financial sector policies and learning. It first discusses financial market liberalization and capital market liberalization. It then takes up the issue of financial policy as an instrument of industrial policy. What emerges from the analysis is a set of policy recommendations that is markedly different from those of the conventional wisdom. These include financial restraint, access to credit for learning sectors, and access to credit for new entrepreneurs and small and medium-sized enterprises.

Keywords:   financial policy, economic policy, learning society, financial market liberalization, capital market liberalization

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