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Joseph E. Stiglitz, a Fellow of the American Academy of Arts and Sciences since 1983, is University Professor at Columbia University. He won the Nobel Prize in economic science in 2001. His recent books include "Globalization and Its Discontents" (2002) and "The Roaring Nineties: A New History of the World's Most Prosperous Decade" (2003). He is indebted to the MacArthur, Mott, and Ford Foundations for financial support.