The Nobel Prize winning economist Joseph Stiglitz has publicly backed Bolivia’s decision to nationalize its vast gas and oil reserves and to renegotiate all contracts with foreign oil companies. Stiglitz met with Bolivian President Evo Morales on Friday. The former World Bank official said Bolivia was right to receive just compensation for its natural resources and that nationalization is part of a process of returning what already belonged to the Bolivian government. Stiglitz added that it is clear that the neo-liberal economic policies of Washington have failed the people of Bolivia.