Tuesday 5 June 2012

Why inequality is bad for all

Joseph E. Stiglitz has an interesting piece in Vanity Fair called The 1 Percent’s Problem. He writes:
Consider the Walton family: the six heirs to the Walmart empire possess a combined wealth of some $90 billion, which is equivalent to the wealth of the entire bottom 30 percent of U.S. society. (Many at the bottom have zero or negative net worth, especially after the housing debacle.) Warren Buffett put the matter correctly when he said, “There’s been class warfare going on for the last 20 years and my class has won.”
Stiglitz argues that inequality is bad for all, including those at the top. He suggests that it would be in the interest of the "1%" to reduce inequality.

Recommended reading.

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