Yesterday, I came across an excerpt from a book written by economist Joseph Stiglitz, which touched upon many crucial points regarding the U.S. economy. I think it’s an important read since it helps explain the roots of the current rebellion taking place within the political system.
Americans aren’t angry because other Americans are fabulously wealthy. Americans are angry because the economy is intentionally rigged to benefit a small group of individuals known as “insiders.” They’re angry because rather than add value to society, these insiders parasitically take from society. Rent-seeking is what economists call their destructive behavior, and the public is fed up with it.
No one would be outraged if genuinely innovative entrepreneurs and creators were the ones cleaning up in the modern economy. Unfortunately, this is not the way things work. Indeed, it’s an unfortunate fact that a disturbingly large number of America’s so-called “economic winners” in 2016 are little more than corrupt, scheming hacks and political types unconscionably profiting from the ongoing destruction of the Republic. “The people” have finally started to wake up.
Now here are a few excerpts from Evonomics:
American inequality didn’t just happen. It was created. Market forces played a role, but it was not market forces alone. In a sense, that should be obvious: economic laws are universal, but our growing inequality— especially the amounts seized by the upper 1 percent—is a distinctly American “achievement.” That outsize inequality is not predestined offers reason for hope, but in reality it is likely to get worse. The forces that have been at play in creating these outcomes are self-reinforcing.
…click on the above link to read the rest of the article…