Joseph Stiglitz: Three headwinds that could cause the next recession

Joseph Stiglitz on what will cause the next recession
Joseph Stiglitz on what will cause the next recession

Joseph Stiglitz, a Noble Prize-winning economist, says there are "several problems facing the global economy."

These challenges range from President Trump's protectionism to trouble in Europe and concerns about the stability of growth in China.

He points to the increased deficits from Republican tax cuts, which he says are "not well designed," as the primary driver of increased growth in the United States. He expects a growth slowdown moving forward.

Stiglitz, a longtime skeptic of the broad benefits of globalization, also discusses Trump's strategy of bringing manufacturing jobs back to the U.S.

"Many of us who were critics of the WTO, and I think correctly, didn't really appreciate the virtues of the WTO until we actually confronted the reality of a world without rules," he says.

Watch the video above to hear more from economist Joseph Stiglitz on risks to the economy and global trade.

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