A group that includes, among others: former Treasury Secretary and Chairwoman of the Federal Reserve Janet Yellen, French economist Thomas Piketty and Nobel Prize winner Daren Acemoglu, called in an open letter for the creation of a body similar to the UN Intergovernmental Panel on Climate Change (IPCC) that would coordinate actions against the catastrophic effects on modern society.
Last week, Tesla shareholders voted to give the company's CEO, Elon Musk, the largest potential compensation package in history. $1 trillion (PLN 3.6 trillion). Musk, who also owns social media platform X, is here the richest man in the world.
The IPCC has led the gathering and dissemination of scientific consensus on climate change for 40 years and acts as a powerful force for driving environmental policy. According to economists, new “International Commission on Inequality” it would serve a similar function, gathering evidence and pushing governments to take action to close wealth gaps.
Rich and poor
The proposal first appeared in a recent report on inequality. It was authored by a G20 study commission chaired by Stiglitz, who focused on inequality as chief economist at the World Bank in the 1990s. The report stated that in the years 2000–2024 the richest 1 percent humanity gathered 41 percent all new wealth. At the same time, 1 percent the poorest half of the world's population gathered only 1 percent. this wealth. This means average profit of $1.3 million. (PLN 4.73 million) for 1 percent. the richest, compared with $585. (PLN 2.1 thousand) for people from the poorest half.
These large differences between the rich and the poor were stark political consequences. The report found that countries with high levels of inequality were “seven times more likely to experience democratic decline than countries with greater equality.”
Stiglitz told POLITICO that the growing gap between rich and poor is evidence that the last four decades of moderate governance on both sides of the Atlantic have ended in failure. Populists throughout the West, including US President Donald Trump, took advantage of this situation by playing on the dissatisfaction caused by the defeat, the expert added.
— I believe that centrists on both sides of the Atlantic have believed in neoliberal fantasythat trade liberalization, financial liberalization and privatization will ensure greater economic growth, and trickle-down economics [populistyczny termin na określenie polityki gospodarczej przychylnej najbogatszym] will make it a win-win for everyone,” Stiglitz said.
A decent life
The expert praised the recent victory of democratic socialist Zohran Mamdani, who was elected mayor of New York. According to the economist, he deals with everyday problems of peopleunlike politicians of both the center-left and center-right.
Mamdani, who cruised to victory last week over both his Democratic rival Andrew Cuomo and Republican challenger Curtis Sliwa, has mounted a highly effective media campaign focused on the city's rising cost of living. His program included promises of assurance free bus travel, state-owned supermarkets and rent-controlled housing.
However, Stiglitz, who described himself as “very market-friendly”, said that he believed the left-wing mayor had opened up space for debate.
“It talks about issues that are important to people: housing, food, transportation, health care,” the expert said. — He simply lists things that are necessary for a decent life and says that something isn't working here, he added.
Zohran Mamdani at the Education Center, New York, November 13, 2025.Michael M. Santiago / AFP
The biggest weakness of the USA
In 2001, Stiglitz won the Nobel Prize for his work on information asymmetry in markets. He served as chief economist at the World Bank and chairman of the Council of Economic Advisers during former President Bill Clinton's administration, where he had a famously tempestuous relationship with Treasury Secretary Larry Summers. Thanks to their support for globalization and the Internet revolution, Clinton's team had a huge impact on setting the parameters of the modern world economy.
The influential economist stated that the fight against inequality is not just a moral choice, but political necessity. He added that the huge gap between rich and poor weakens the United States' position in economic and technological competition with China.
— [USA] they won't win if we are a divided, polarized society, Stiglitz said, referring to the rhetoric of the last Cold War. — The greatest weakness of the United States today is this division.
