It's the Brian Larry Show on WNYC.

Good morning again, everyone.

Now we continue our WNYC Centennial series,

A Hundred Years of a Hundred Things.

This week, things 34 and 35, 100 years of American

capitalism and 100 years of American socialism. We did socialism earlier in the week, now capitalism,

with Nobel Prize for Economics winner and Columbia University professor Joseph Stiglitz. He is a former

chief economist of the World Bank

and a former chair of the U.S. Council of Economic Advisors under President Clinton. He is currently

the chief economist at the Roosevelt Institute think tank, which draws on the work of Franklin

and Eleanor Roosevelt to consider economy and democracy-related policies for today.

Joseph Stiglitz's latest book, for which he was on with us earlier this year,

is The Road to Freedom, Economics, and the Good Society.

A lot of that book was about the history and philosophy of American capitalism.

Professor Stiglitz, we're always happy when you can join us.

Welcome back to WNYC in our 100-year series.

Nice to be here.

We started on Monday by asking our guest Michael Kaysen

if he could define socialism.

Can you define the word capitalism or say where it came from, if you know the origin,

and why it centers the word capital?

Well, the origin of the term goes back maybe 200 years as the economy moved out of agriculture into modern industry, central to the creation

...