On 18 March 2011,the China Association for World Economics hosted “The Presentation of the 2010 Pushan Award for Excellent Papers on International Economics ” at the China Central University of Finance and Economics.Over 700 scholars and students from home and abroad attended the ceremony.Professor Joseph Stiglitz,the winner of the Nobel Prize in Economics,presented the awards and gave a speech on “The Failure of Economics in America.” The following speech transcript has been approved and edited kindly by Professor Stiglitz. On 18 March 2011, the China Association for World Economics hosted “The Presentation of the 2010 Pushan Award for Excellent Papers on International Economics” at the China Central University of Finance and Economics. Over 700 scholars and students from home and abroad attended the ceremony.Professor Joseph Stiglitz, the winner of the Nobel Prize in Economics, presented the awards and gave a speech on “The Failure of Economics in America. ” The following speech transcript has been approved and edited kindly by Professor Stiglitz.