Nobel Prize-winning economist and Gary, Indiana, native Joseph Stiglitz’s latest book, The Price of Inequality: How Today’s Divided Society Endangers Our Future, argues that hugely unequal societies are dysfunctional and that even the rich will pay a steep price if economic inequalities continue to worsen.
The book provides an overview into the economic, political and social challenges currently facing the USA and provides options for how we can overcome them.
The Price of Inequality starts with the economic collapse of 2008 and the subsequent Great Recession. He points out in no uncertain terms that the rich continue to get richer and the rest face enormous hardships that are at complete odds with what was once known as the great American dream. The theory could be summed up in one sentence: “The top one-percent of Americans gained 93 percent of the additional income in the country in 2010, as compared with 2009.”
He covers the politics of efficiency and fairness, and says this book is not about envy. He explains how over the last three decades the gap between the wealthy and poor has widened and how the middle class has come under increasing financial stress.
Stiglitz shares his insights into how the upper one percent has amassed political power to influence the government and electorate to enact policies that do not benefit most citizens. He then warns readers that inequitable societies inevitably fail due to distrust, alienation, and perceived unfairness erode societal cohesion.
After sharing his thoughts on all that is awry, he suggests that the 99-percenters could do far better once they realize that the self-interest of the one-percenters does not reflect what is in the best interest of the 99 percent. He also suggests the one-percent should acknowledge that their self-interest is not in their best interest or that of the country and that it is directly at odds with the values in the USA.
Overall, The Price of Inequality this is a well-thought out book that should provide excellent fodder for opening up discussions and debates.Powered by Sidelines