KEY POINTS
  • U.S. economist Joseph Stiglitz told CNBC that the coronavirus pandemic has highlighted how the economic system isn't working.
  • The former chief economist of the World Bank said he's optimistic that many existing problems can be tackled simultaneously, since they're related.
  • In July, 130 countries backed a global minimum corporate tax rate of 15%, and Stiglitz said that move has ended the race to the bottom on taxes.

U.S. economist Joseph Stiglitz believes now is a good time to rewire the U.S. economy, arguing that "we shouldn't let a crisis go to waste."

The former senior vice president and chief economist of the World Bank said on Thursday that the coronavirus pandemic has highlighted how the economic system isn't working, referencing inequality, the climate crisis and the lack of resilience of the market economy.