A forceful argument against America’s vicious circle of growing inequality by the Nobel Prize–winning economist.
The top 1 percent of Americans control 40 percent of the nation’s wealth. And, as Joseph E. Stiglitz explains, while those at the top enjoy the best health care, education, and benefits of wealth, they fail to realize that “their fate is bound up with how the other 99 percent live.” Stiglitz draws on his deep understanding of economics to show that growing inequality is not inevitable: moneyed interests compound their wealth by stifling true, dynamic capitalism. They have made America the most unequal advanced industrial country while crippling growth, trampling on the rule of law, and undermining democracy. The result: a divided society that cannot tackle its most pressing problems.
With characteristic insight, Stiglitz examines our current state, then teases out its implications for democracy, for monetary and budgetary policy, and for globalization. He closes with a plan for a more just and prosperous future.
Joseph Stiglitz: “The Price of Inequality: How Today’s Divided Society Endangers our Future
DemocracyNow.org – Several months before Occupy Wall Street, the Nobel Prize-winning economist Joseph Stiglitz wrote, “Of the 1%, by the 1%, for the 1%,” an article for Vanity Fair. He returns to the subject in his new book looking at how inequality is now greater in the United States than any other industrialized nation. He notes, that the six heirs of the Wal-Mart fortune command wealth equivalent to the entire bottom 30 percent of American society. “It’s a comment both on how well off the top are and how poor the bottom are,” Stiglitz says. “It’s really emblematic of the divide that has gotten much worse in our society.”
On Tuesday, Bloomberg News reported that pay for the top CEOs on Wall Street increased by more than 20 percent last year. Meanwhile, census data shows nearly one in two Americans, or 150 million people, have fallen into poverty or could be classified as low-income. “The United States is the country in the world with the highest level of inequality [of the advanced industrial countries] and it’s getting worse,” Stiglitz says. “What’s even more disturbing is we’ve [also] become the country with the least equality of opportunity.”
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