An increase in inequality can never benefit the poor: even if their wealth in some absolute sense rises, their power relative to the rich falls. If it falls enough, the situation is rightly called slavery, no less so because the cage is gilded.
Reposted from
Pitchfork Economics
Neoliberalism promised a rising tide that would lift all boats, but the 2008 financial crash exposed the truth: it wasn’t a rising tide — it was a zero-sum game, where gains for the few came at the expense of the many.
Listen to @glgerstle.bsky.social explain on this week’s pod: bit.ly/GaryGerstle
Listen to @glgerstle.bsky.social explain on this week’s pod: bit.ly/GaryGerstle
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