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Joseph E. Stiglitz

University Professor
School: 
Business, International & Public Affairs, School of the Arts
Department: 
Business, International and Public Affairs, Economics
Office: 
Uris Hall, Room 814
Email: 
joseph.stiglitz@sipa.columbia.edu
Phone: 
212-854-0671
Fax: 
+1 (212) 662-8474
Appointments
  • Co-Director, SDEV PhD Program
  • Co-founder and Co-President, Initiative for Policy Dialogue
  • Chair of the Management Board, Brooks World Poverty Institute, University of Manchester
  • Member, Committee on Global Thought
Biography

Joseph E. Stiglitz was born in Gary, Indiana in 1943. A graduate of Amherst College, he received his PHD from MIT in 1967, became a full professor at Yale in 1970, and in 1979 was awarded the John Bates Clark Award, given biennially by the American Economic Association to the economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now University Professor at Columbia University in New York and Co-Chair of Columbia University's Committee on Global Thought. He is also the co-founder and Co-President of the Initiative for Policy Dialogue at Columbia. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information, and he was a lead author of the 1995 Report of the Intergovernmental Panel on Climate Change, which shared the 2007 Nobel Peace Prize. In 2011, Time named Stiglitz one of the 100 most influential people in the world.

Stiglitz was a member of the Council of Economic Advisers from 1993-95, during the Clinton administration, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000. In 2008 he was asked by the French President Nicolas Sarkozy to chair the Commission on the Measurement of Economic Performance and Social Progress, which released its final report in September 2009. In 2009 he was appointed by the President of the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System, which also released its report in September 2009.

Stiglitz serves on numerous boards, including the Acumen Fund and Resources for the Future.

Stiglitz helped create a new branch of economics, "The Economics of Information," exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but of policy analysts. He has made major contributions to macro-economics and monetary theory, to development economics and trade theory, to public and corporate finance, to the theories of industrial organization and rural organization, and to the theories of welfare economics and of income and wealth distribution. In the 1980s, he helped revive interest in the economics of R&D.

His work has helped explain the circumstances in which markets do not work well, and how selective government intervention can improve their performance.

Recognized around the world as a leading economic educator, he has written textbooks that have been translated into more than a dozen languages. He founded one of the leading economics journals, The Journal of Economic Perspectives. His book Globalization and Its Discontents (W.W. Norton June 2001) has been translated into 35 languages, besides at least two pirated editions, and in the non-pirated editions has sold more than one million copies worldwide. Other recent books include The Roaring Nineties (W.W. Norton); Towards a New Paradigm in Monetary Economics (Cambridge University Press) with Bruce Greenwald; Fair Trade for All (Oxford University Press), with Andrew Charlton; Making Globalization Work, (W.W. Norton and Penguin/ Allen Lane, 2006); The Three Trillion Dollar War: The True Cost of the Iraq Conflict, (W.W. Norton and Penguin/ Allen Lane, 2008), with Linda Bilmes of Harvard University; and Freefall: America, Free Markets, and the Sinking of the World Economy(W.W. Norton and Penguin/ Allen Lane, 2010). His most recent book is The Price of Inequality: How Today's Divided Society Endangers Our Future, published by W.W. Norton and Penguin/ Allen Lane in June 2012. 

Research & Other Works
Working paper
From Global Savings Glut to Financing Infrastructure
Report
Economics and Policy: Some Lessons from Africa’s Experience
Article
The Cambridge-Cambridge Controversy in the Theory of Capital; A View from New Haven: A Review Article
Article
Increases in Risk and in Risk Aversion
Article
Growth with Exhaustible Natural Resources: Efficient and Optimal Growth Paths
Article
The Demand for Education in Public and Private School Systems
Article
The Theory of Screening, Education, and the Distribution of Income
Article
Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs: Reply
Article
Incentives, Risk, and Information: Notes Towards a Theory of Hierarchy
Article
The Corporation Tax
Article
Information and Competitive Price Systems
Article
The Efficiency Wage Hypothesis, Surplus Labor, and the Distribution of Income in L.D.C.s
Article
The Design of Tax Structure: Direct vs. Indirect Taxation
Article
Monopoly and the Rate of Extraction of Exhaustible Resources
Article
Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information
Article
Some Lessons from the New Public Finance
Article
On Value Maximization and Alternative Objectives of the Firm
Article
Monopolistic Competition and Optimum Product Diversity
Article
Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion
Article
Monopoly, Non-linear Pricing, and Imperfect Information: The Insurance Market
Article
Symposium on Economics of Information: Introduction
Article
Tariffs vs. Quotas as Revenue Raising Devices Under Uncertainty
Article
Efficiency in the Optimum Supply of Public Goods
Article
Notes on Estate Taxes, Redistribution, and the Concept of Balanced Growth Path Incidence
Article
Equilibrium in Product Markets with Imperfect Information
Article
Aggregate Land Rents, Expenditure on Public Goods, and Optimal City Size
Article
The Theory of Commodity Price Stabilization Rules: Welfare Impacts and Supply Responses
Article
Monopolistic Competition and Optimum Product Diversity: Reply
Article
Uncertain Industrial Structure and the Speed of Research and Development
Article
Stockholder Unanimity in Making Production and Financial Decisions
Article
Industrial Structure and the Nature of Innovative Activity
Article
On the Impossibility of Informationally Efficient Markets
Article
Resource Depletion Under Technological Uncertainty
Article
Entry, Innovation, Exit: Towards a Dynamic Theory of Oligopolistic Industrial Structure
Article
Project Appraisal and Foreign Exchange Constraints
Article
Pareto Optimality and Competition
Article
Potential Competition May Reduce Welfare
Article
Market Structure and Resource Extraction Under Uncertainty
Article
Aggregate Land Rents and Aggregate Transport Costs
Article
Credit Rationing in Markets with Imperfect Information
Article
Risk Aversion, Supply Response, and the Optimality of Random Prices: A Diagrammatic Analysis
Article
Self-Selection and Pareto Efficient Taxation
Article
The Inefficiency of the Stock Market Equilibrium
Article
The Choice of Techniques and the Optimality of Market Equilibrium with Rational Expectations
Article
Utilitarianism and Horizontal Equity: The Case for Random Taxation
Article
On the Impossibility of Informationally Efficient Markets: Reply
Article
Sharecropping and the Interlinking of Agrarian Markets
Article
Invention and Innovation Under Alternative Market Structures: The Case of Natural Resources
Article
Market Structure and Resource Depletion: A Contribution to the Theory of Intertemporal Monopolistic Competition
Article
Optimal Commodity Stockpiling Rules
Article
The Theory of Sales: A Simple Model of Equilibrium Price Dispersion with Identical Agents
Article
Prizes and Incentives: Towards a General Theory of Compensation and Competition
Article
Alternative Approaches to Analyzing Markets with Asymmetric Information: Reply
Article
Money, Credit Constraints, and Economic Activity
Article
Information, Competition, and Markets
Article
Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria
Article
Implicit Contracts and Fixed Price Equilibria
Article
Preemption, Leapfrogging, and Competition in Patent Races
Article
Some Aspects of the Taxation of Capital Gains
Article
Strategic Considerations in Invention and Innovation: The Case of Natural Resources
Article
Incentive Effects of Terminations: Applications to the Credit and Labor Markets
Article
Pareto Inferior Trade
Article
Information Externalities in Oil and Gas Leasing
Article
Price Rigidities and Market Structure
Article
Informational Imperfections in the Capital Market and Macroeconomic Fluctuations
Article
Credit Markets and the Control of Capital
Article
Human Fallibility and Economic Organization
Article
The General Theory of Tax Avoidance
Article
Equilibrium Wage Distribution
Article
Equilibrium Unemployment as a Worker Discipline Device: Reply
Article
Labor Turnover, Wage Structures, and Moral Hazard: The Inefficiency of Competitive Markets
Article
The Social Cost of Labor and Project Evaluation: A General Approach
Article
Can Unemployment Be Involuntary?
Article
Information and Economic Analysis: A Perspective
Article
The New Development Economics
Article
Moral Hazard and Optimal Commodity Taxation
Article
Externalities in Economies with Imperfect Information and Incomplete Markets
Article
The Pure Theory of Country Risk
Article
Cost-Sharing Arrangements under Sharecropping: Moral Hazard, Incentive Flexibility, and Risk
Article
The Architecture of Economic Systems: Hierarchies and Polyarchies
Article
Landlords, Tenants, and Technological Innovations
Article
The Economics of Price Scissors: Reply
Article
Some Theoretical Aspects of Agricultural Policies
Article
Price Scissors and the Structure of the Economy
Article
Imperfect Information, Credit Markets, and Unemployment
Article
The Invariance of Market Innovation to the Number of Firms
Article
Keynesian, New Keynesian and New Classical Economics
Article
The Consequences of the Dependence of Quality on Price
Article
Credit Rationing: Reply
Article
Privatization, Information, and Incentives
Article
Foreword
Article
Wage Rigidity, Implicit Contracts, Unemployment, and Economic Efficiency
Article
Competition and the Number of Firms in a Market: Are Duopolies More Competitive than Atomistic Markets?
Article
Technological Change, Sunk Costs, and Competition
Article
Examining Alternative Macroeconomic Theories
Article
Taxation, Information, and Economic Organization
Article
On the Market for Principles of Economics Textbooks: Innovation and Product Differentiation
Article
Potential Competition, Actual Competition, and Economic Welfare
Article
Vertical Restraints and Producers' Competition
Article
Pareto Inefficiency of Market Economies: Search and Efficiency Wage Models
Article
Learning-by-Doing, Market Structure and Industrial and Trade Policies
Article
Committees, Hierarchies and Polyarchies
Article
The Basic Analytics of Moral Hazard
Article
Randomization with Asymmetric Information
Article
Why Financial Structure Matters
Article
Money, Credit, and Business Fluctuations
Article
Implicit Contracts, Labor Mobility, and Unemployment
Article
Incentives, Information, and Organizational Design
Article
Reflections on the State of Economics: 1988
Article
Toward a Theory of Rigidities
Article
Markets, Market Failures, and Development
Article
The Informational Content of Initial Public Offerings
Article
Impact of the Changing Tax Environment on Investments and Productivity: Financial Structure and the Corporation Income Tax
Article
Using Tax Policy to Curb Speculative Short-term Trading
Article
Symposium on Bubbles
Article
Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior
Article
Peer Monitoring and Credit Markets
Article
Another Century of Economic Science
Article
The Quality of Managers in Centralized vs. Decentralized Organizations
Article
Dynamic Optimal Income Taxation with Government Commitment
Article
Symposium on Organizations and Economics
Article
Moral Hazard and Nonmarket Institutions: Dysfunctional Crowding Out or Peer Monitoring?
Article
Towards a Reformulation of Monetary Theory: Competitive Banking
Article
Capital Markets and Economic Fluctuations in Capitalist Economies
Article
Asymmetric Information in Credit Markets and Its Implications for Macroeconomics
Article
Financial Market Imperfections and Business Cycles
Article
Monopolistic Competition and Optimum Product Diversity: Reply
Article
Report of the Editor--Journal of Economic Perspectives
Article
International Perspectives in Undergraduate Education
Article
Post Walrasian and Post Marxian Economics
Article
New and Old Keynesians
Article
Information and Economic Efficiency
Article
Labor-Market Adjustments and the Persistence of Unemployment
Article
Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies
Article
Financial Markets, Public Policy, and the East Asian Miracle
Article
Some Lessons from the East Asian Miracle
Article
Moneylenders and bankers: price-increasing subsidies in a monopolistically competitive market
Article
Looking out for the National Interest: The Principles of the Council of Economic Advisers
Article
Georgescu-Roegen versus Solow/Stiglitz
Article
Dumping on Free Trade: The U.S. Import Trade Laws
Article
Reflections on the Natural Rate Hypothesis
Article
Competition and Insurance Twenty Years Later
Article
International Financial Institutions and the Provision of International Public Goods
Article
Interests, Incentives and Institutions: An Economist's Experience of Government Failure
Article
Distinguished Lecture on Economics in Government: The Private Uses of Public Interests: Incentives and Institutions
Article
Moneylenders and bankers: price-increasing subsidies in a monopolistically competitive market
Article
Central Banking in a Democratic Society
Article
Economic Crises: Evidence and Insights from East Asia
Article
More Instruments and Broader Goals: Moving toward the Post-Washington Consensus
Article
Lessons from East Asia
Article
Toward a General Theory of Wage and Price Rigidities and Economic Fluctuations
Article
Interest Rates, Risk, and Imperfect Markets: Puzzles and Policies
Article
Beggar-Thyself versus Beggar-Thy-Neighbor Policies: The Dangers of Intellectual Incoherence in Addressing the Global Financial Crisis
Article
Reforming the Global Economic Architecture: Lessons from the Recent Crises
Article
Taxation, Public Policy, and Dynamics of Unemployment
Article
Public-Private Technology Partnerships
Article
The Procyclical Role of Rating Agencies: Evidence from the East Asian Crisis
Article
The East Asian Crisis: Lessons for Today and for Tomorrow: Introduction
Article
Introduction
Article
The World Bank at the Millennium
Article
Responding to Economic Crises: Policy Alternatives for Equitable Recovery and Development
Article
Credit and Equity Rationing in Markets with Adverse Selection
Article
Conclusions: The East Asian Crisis: Lessons for Today and Tomorrow
Article
The Krugman Thesis
Article
Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?
Article
Two Principles for the Next Round or, How to Bring Developing Countries in from the Cold
Article
Capital Market Liberalization, Economic Growth, and Instability
Article
The Contribution of the Economics of Information to Twentieth-Century Economics
Article
Principles of Financial Regulation: A Dynamic Portfolio Approach
Article
Not Poles Apart: "Whither Reform?" and "Whence Reform?"
Article
Failure of the Fund
Article
Towards a New Paradigm for Development: Strategies, Policies and Processes
Article
Capital Market Liberalization and Exchange Rate Regimes: Risk without Reward
Article
Financial Market Stability and Monetary Policy
Article
Employment, Social Justice, and Societal Well-Being
Article
The Role of the IMF
Article
Participation and Development: Perspectives from the Comprehensive Development Paradigm
Article
New Perspectives on Public Finance: Recent Achievements and Future Challenges
Article
Democratizing the International Monetary Fund and the World Bank: Governance and Accountability
Article
Globalization, Technology, and Asian Development
Article
Mexican Investment After the Tequila Crisis: Basic Economics, "Confidence" Effects, or Market Imperfections?
Article
Globalization and Growth in Emerging Markets and the New Economy
Article
An End To Global Trade?
Article
Globalization and Growth in Emerging Markets
Article
The Parties' Flip-Flops on Deficit Spending: Economics or Politics?
Article
Securing Social Security for the Future
Article
A Development-Friendly Prioritisation of Doha Round Proposals
Article
On Selective Indirect Tax Reform in Developing Countries
Article
The Ethical Economist
Article
The High Cost of the Iraq War
Article
Reply: Transfers vs. Economic Costs of the Iraq War
Article
Economic Crisis or Global Malaise in 2006?
Article
A New Agenda for Global Warming
Article
Civil Strife and Economic and Social Policies
Article
Social Justice and Global Trade
Article
Is Populism Really So Bad for Latin America?
Article
Latin America Goes Left
Article
Helping Infant Economies Grow: Foundations of Trade Policies for Developing Countries
Article
What Is the Appropriate Role of the Federal Government in the Private Markets for Credit and Insurance? What Is the Outlook?
Article
Fair Trade for All: How Trade Can Promote Development
Article
Financial Hypocrisy
Article
Democratizing the World Bank
Article
Credit Chains and Bankruptcy Propagation in Production Networks
Article
China: Towards a New Model of Development
Article
The $3 Trillion War
Article
2007 Grotius Lecture Regulating Multinational Corporations: Towards Principles of Cross-Border Legal Frameworks in a Globalized World Balancing Rights with Responsibilities
Article
Exiting a Lawless State
Article
The Fall of Wall Street
Article
Making Globalisation Work--The 2006 Geary Lecture
Article
Two Ideas to Increase Innovation and Reduce Pharmaceutical Costs and Prices
Article
GDP Fetishism
Article
America's Socialism for the Rich
Article
The Anatomy of a Murder: Who Killed America's Economy?
Article
Trade Agreements and Health in Developing Countries
Article
Dividend Taxation and Intertemporal Tax Arbitrage
Article
Descent of the Dollar and Rise of the Rest
Article
The Current Economic Crisis and Lessons for Economic Theory
Article
Time for More Stimulus
Article
Moving beyond Market Fundamentalism to a More Balanced Economy
Article
Ownership Changes and Access to External Financing
Article
Business Fluctuations and Bankruptcy Avalanches in an Evolving Network Economy
Article
What Is Progress?
Article
The People's Professor
Article
Time for a Second Stimulus
Article
Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Article
Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable
Article
Equilibrium Fictions: A Cognitive Approach to Societal Rigidity
Article
Lessons from the Global Financial Crisis of 2008
Article
Robust Growth or Anemic Recovery in the U.S. and the Global Economy
Article
The Financial Accelerator in an Evolving Credit Network
Article
Fixing America's Housing Market
Article
The IMF's Switch in Time
Article
Should the Government Invest, or Try to Spur Private Investment?
Article
An Analysis of the Japanese Credit Network
Article
Where the G-20 Stands
Article
Rethinking Development Economics
Article
Rethinking Macroeconomics: What Failed, and How to Repair It
Article
The Failure of Macroeconomics in America
Article
Heterogeneous Interacting Agent Models for Understanding Monetary Economies
Article
Stimulating the Economy in an Era of Debt and Deficit
Article
Macroeconomic Fluctuations, Inequality, and Human Development
Article
The Journal of Economic Perspectives and the Marketplace of Ideas: A View from the Founding
Article
Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk
Article
Mobility Constraints, Productivity Trends, and Extended Crises
Article
Default Cascades: When Does Risk Diversification Increase Stability?
Article
The Price of Inequality
Article
The Global Crisis, Social Protection, and Jobs
Some Are More Unequal Than Others
Working paper
A Modest Proposal for International Monetary Reform
Working paper
Development-Oriented Tax Policy
Article
Lessons from the Global Financial Crisis of 2008
Working paper
Responding to the Crisis
Article
Medicine for Tomorrow: Some Alternative Proposals to Promote Socially Beneficial Research and Development in Pharmaceuticals
A Modest Proposal for the G20
Article
The Allocation of Investment in a Dynamic Economy
Article
Output, Employment, and Wages in the Short Run
Article
The Effects of Income, Wealth, and Capital Gains Taxation on Risk-Taking
Article
The Implications of Alternative Saving and Expectations Hypotheses for Choices of Technique and Patterns of Growth
Article
Factor Price Equalization in a Dynamic Economy
Article
On the Optimality of the Stock Market Allocation of Investment
Article
Alternative Theories of Wage Determination and Unemployment in LDC's: The Labor Turnover Model
Article
Benefit-Cost Analysis and Trade Policies
Article
Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs: Reply
Article
Incentives, Risk , and Information: Notes Towards a Theory of Hierarchy
Article
Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information
Article
Notes on Estate Taxes, Redistribution, and the Concept of Balanced Growth Path Incidence
Article
Aggregate Land Rents, Expenditure on Public Goods, and Optimal City Size
Article
Stockholder Unanimity in Making Production and Financial Decisions
Article
Uncertainty, Industrial Structure, and the Speed of R and D
Article
Risk Aversion, Supply Response, and the Optimality of Random Prices: A Diagrammatic Analysis
Article
The Choice of Techniques and the Optimality of Market Equilibrium with Rational Expectations
Article
Toward a Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria
Article
Implicit Contracts and Fixed Price Equilibria
Article
Prices and Incentives: Towards a General Theory of Compensation and Competition
Article
Labor Turnover, Wage Structure and Moral Hazard: The Inefficiency of Competitive Markets
Article
Externalities in Economies with Imperfect Information and Incomplete Markets
Article
The Invariance of Market Innovation to the Number of Firms
Article
Price Scissors and the Structure of the Economy
Article
Competition and the Number of Firms in a Market: Are Duopolies More Competitive Than Atomistic Markets?
Article
Randomization with Asymmetric Information
Article
The Quality of Managers in Centralized Versus Decentralized Organizations
Article
Financial Market Imperfections and Business Cycles
Article
The Role of Exclusive Territories in Producers' Competition
Article
Dumping on Free Trade: The U.S. Import Trade Laws
Article
Beggar-Thyself versus Beggar-Thy-Neighbor Policies: The Dangers of Intellectual Incoherence in Addressing the Global Financial Crisis
Article
The Contributions of the Economics of Information to Twentieth Century Economics
Article
Information and the Change in the Paradigm in Economics, Part 1
Article
Information and the Change in the Paradigm in Economics, Part 2
Article
Evaluating Economic Change
Article
Scrooge and Intellectual Property Rights
Article
The Asymmetric Effect of Diffusion Processes: Risk Sharing and Contagion
Article
It Doesn't Take Nostradamus
Article
Turn Left for Sustainable Growth
Article
Economic Foundations of Intellectual Property Rights
Article
Edmund Phelps: American Economic Association Luncheon Speech Honoring the 2006 Nobel Laureate in Economics
Article
Spring is Here, but Contain Your Excitement
Article
Towards A New Global Reserve System
Article
Contagion, Liberalization, and the Optimal Structure of Globalization
Article
The Dangers of Deficit Reduction
Article
Should the Government Invest, or Try to Spur Private Investment?
Working paper
Introduction: Time for a Visible Hand: Lessons From the 2008 World Financial Crisis
Working paper
Introduction: Debates on the Measurement of Global Poverty
Working paper
The Financial Crisis of 2007-2008 and its Macroeconomic Consequences
Article
Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Presentation
Research Agenda on the Resource Curse
Presentation
Government Failure vs. Market Failure: Principles of Regulation
Presentation
Sharing the Burden of Saving the Planet: Global Social Justice for Sustainable Development: Lessons from the Theory of Public Finance
Report
The Development Round of Trade Negotiations in the Aftermath of Cancun: A report for the Commonwealth Secretariat
Article
Institutions and Policies Shaping Industrial Development: An Introductory Note
Presentation
Towards a New Model of Development: Remarks prepared for the China Development Forum, Beijing, March 2007
Report
Aid for Trade: A report for the Commonwealth Secretariat
Article
Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk
Presentation
Capital Market Liberalization, Globalization and the IMF
Working paper
Macro-Policy Issue: Dealing with an Economic Downturn
Working paper
Alternative Approaches to Stabilization Policy: An Overview
Working paper
Some Comments on IMF Paper on Restructuring Sovereign Debt
Working paper
Development Oriented Tax Policy
Working paper
The Doha Round of Trade Negotiations: An Agenda to Promote Development and Facilitate Adjustment
Working paper
A Development-Friendly Prioritization of Doha Round Proposals
Working paper
Sovereign Debt: Notes on Theoretical Frameworks and Policy Analyses
Working paper
Capital Market Liberalization and Poverty
Working paper
The Future of Global Governance
Working paper
Common Values for the Development Round
Working paper
Good Growth and Governance for Africa: Rethinking Development Strategies: Introduction and Overview
 
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