The Price of Inequality: How Today's Divided Society Endangers Our Future

The Price of Inequality: How Today's Divided Society Endangers Our Future

by Joseph E. Stiglitz


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Product Details

ISBN-13: 9780393345063
Publisher: Norton, W. W. & Company, Inc.
Publication date: 04/08/2013
Edition description: Reprint
Pages: 560
Sales rank: 233,159
Product dimensions: 5.40(w) x 8.10(h) x 1.70(d)

About the Author

Joseph E. Stiglitz is a Nobel Prize–winning economist and the best-selling author of Globalization and its Discontents Revisited: Anti-Globalization in the Age of Trump, The Price of Inequality, and Freefall. He was chairman of the Council of Economic Advisers under President Clinton, chief economist of the World Bank, named by Time as one of the 100 most influential individuals in the world, and now teaches at Columbia University and is chief economist of the Roosevelt Institute.

Table of Contents

Preface ix

Acknowledgments xxvii

Chapter 1 America's 1 Percent Problem 1

Chapter 2 Rent Seeking and the Making of an Unequal Society 28

Chapter 3 Markets and Inequality 52

Chapter 4 Why It Matters 83

Chaffer 5 A Democracy in Peril 118

Chapter 6 1984 Is Upon Us 146

Chapter 7 Justice for All? How Inequality is Eroding the Rule of Law 187

Chapter 8 The Battle of the Budget 207

Chapter 9 A Macroeconomic Policy and a Central Bank by And for the 1 Percent 238

Chapter 10 The Way Forward: Another World Is Possible 265

Notes 291

Index 399

What People are Saying About This

From the Publisher

"Paul Boehmer's deep but gentle tone provides a comforting voice for the harsh realities that Stiglitz reveals. . . . More importantly, Boehmer knows how to project the key sentences of every paragraph, bringing home Stiglitz's point and giving the listener its full weight." —-AudioFile

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The Price of Inequality: How Today's Divided Society Endangers Our Future 4 out of 5 based on 0 ratings. 25 reviews.
Anonymous More than 1 year ago
Everyone should read this!!! It's time for American's to educate themselves about what's going on in our country.
Anonymous More than 1 year ago
Stiglitz writes openly and honestly about a topic he knows very well. He carefully documents and analyzes the events that have brought America to such a divided state in which so few have so much and so many have so little. If your mind is already made up and airtight, then don't read this... the facts may just confuse you. But if you have an honest interest in where we are, how we got here, and where we may be heading, then you'll enjoy this book.
Anonymous More than 1 year ago
This is a very realistic and thought provoking book on what is happening in the US Economy. It is clear the inequality gap has been widening for 30 years or so and there has been one band aid after another put on it. The "Great Recession" ripped that off and now we all can see what has happened and what is continuing to happen. In this book Joseph Stiglitz not only describes what has happened with clear evidence but he also proposes solutions to the problem. This is what I like most about this book is he gives clear and concise recommendations. Whether you agree or not you should take them seriously as Stiglitz is a serious economist and has no political stake in his conclusions. We know how it ends up if we allow this inequality to continue: Just go to any country where the inequality is high - the rich build bigger and bigger gates and walls to wall themselves off from the community, they become self contained and the poor scramble for what remains. Then, in a blink of an eye, things like the Arab Spring occur. So, we know this ends badly and Stiglitz describes this in detail.
Anonymous More than 1 year ago
An excellent explanation of how wealth in America has been transferred from the Middle Class to the elite 1%,and why that transfer will continue unless policy is shifted from supply economics to demand economics.
CENY More than 1 year ago
Insightful and thorough. I give it 4 stars instead of 5, however, because the author gets some facts wrong and tends to lump unrelated things together as worthy of condemnation. If you view the author as a sharp person who just borders on being an ideologue, then the book can be viewed in light of its source and can be taken for what it is. A few examples: (1) False statement: The author states that Reagan's tax cuts increased only the deficit, but not revenues: FALSE. Tax revenues soared during the '80s, along with GDP growth. Federal government spending just increased faster. (2) Another false statement: The author states that government today, pushed by "the rich", is too divided to do anything but lower taxes, and it cannot redistribute. FALSE. Taxes have increased in some respects, such as via healthcare reform, and at least the Federal government imposes progressive taxation and has various social programs, which redistributes money from the rich to the poor. Perhaps the Federal government is too divided to increase taxes or redistribution in the aggregate, but that's not what the author says. (2) Lumping things together: The author says that deregulation pushed by "the wealthy" is "shortsighed" and has caused "instability" in the US. Fine. The author then mentions deregulation of transportation as an example of that at the beginning of a long stretch of criticism of financial deregulation. Deregulation of railroads, for example, should not be treated in the same breath as deregulation of investment banks; the causes and results of both are far different, and when the author lumps them together, he comes across as a statist ideologue..
Anonymous More than 1 year ago
So many people are talking about inequality now and I think that's a good thing. What's not good is that so many of them are terribly bad at it... but not Joe Stiglitz! I think people who read this won't be disappointed and everyone should include this economist in their group of people they listen to. By all means, this doesn't mean you have to always agree, just listen to what the guy has to say!
Anonymous More than 1 year ago
The 1% are now in charge
GraceFerguson106 More than 1 year ago
Joseph E. Stiglitz, a 2001 Nobel Prize winning economist, the author of this book targets numerous examples of economic activity and policy that have led to the paradox of America's self image as the "land of opportunity."Stiglitz discusses aspects that contribute to the inequalities in America like the workings of globalization, financial markets, investment banking, and incentives from the American people. However his key message is that an unequal society is bad for the rich as well as the poor .His solution is that more reform legislation and tighter control of banks and financial institutions will stabilize this growing inequality.What I found most valuable in this book was the interpretation of the two scenarios that exist for the future of the United States. One being a more fair country with more equitable distribution of wealth, a healthier society, and a more democratic system. And the other continually increasing in inequality, with the poor having poorer educational opportunity, poorer health care, and a sense of hopelessness. I would recommend this book because of its directedness towards the issues surrounding the economy and clearly depicts where we stand globally. I found this a tough, but rewarding read. The way Stiglitz relays this information about America’s growing wage gap is repetitive and seems overcrowded with numbers and facts. However, the core message is current and informative about the society we live in today.
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Peter Pan (Stiglitz) rallies the Lost Boys (Keynesians). [paraphrase] Do you remember the 50s, 60s, and 70s, when income inequality was a fraction of what it is today? We can rebuild Neverland! We don't have to grow up! [/paraphrase] Actually, Mr. Stiglitz, we do have to grow up. From 1950 to 1980, the US' primary economic competitor was a communist dictatorship, with just half of the US' population. Furthermore, the USSR would never have sullied themselves with capitalist foreign direct investment, which meant the US could tax the wealthy however it pleased without any real consequences. In the 1970s, the world began to change. Cracks began to show in the Keynesian social technocracy, notably the oil crises and stagflation. The Asian continent began to stir, as well, with the ascendancy of Japan, China, and India. The US middle class now competes with a global population of workers who outnumber Americans ten fold. The global working class is relatively well educated, and they have access to communications and transportation. All countries are competing to attract foreign investment. The genie cannot be put back into the bottle by restricting capital flows and goods flows, nor would that benefit the workers of the world, since Stiglitz' proposed remedy to lack of capital flow, free labor mobility, is pie-in-the-sky. Stiglitz blames the 1% for the lack of global labor mobility, as if the 1% are creating language and cultural barriers, or giving citizens an irrational connection to their immobile elderly relatives or to the geographic area of their birth and upbringing. During the course of the book, it becomes clear that Stiglitz' quarrel is not with the "American Right" (by American Right he is actually referring to all neoliberals) or the wealthy, his quarrel is with a global economic environment beyond his control and the disrepair and inefficiency of Keynesian bureaucracies. Since 1950, payroll taxes have expanded from 10% of all Federal revenues to 40% of all Federal revenues to pay for Neverland, and Keynsians keep trying to treat the problem with income stimulation, which merely increases demand-pull inflation for everything from housing to healthcare. The middle class pay more than ever, yet they get increasingly fewer services from our antiquated social system. As Stiglitz opines, we don't get value for our money, yet he supposes that a group of political opponents, who allegedly don't believe in spending the money in the first place, are the driving force behind waste. Stiglitz gets two stars for being a Nobel laureate and for providing thorough research on income inequality. His advocacy for more intense capitalistic competition is also laudable, and I appreciate has sharp words for the socio-economic consequences of our malignant justice system. The remainder of the book is an awkward attempt to marry his contempt for neoliberalism and globalization to his economic game plan, which reads as a 97-thesis against current Keynesian bureaucrats. At some points, the book lives so far in the halcyon days of America's past, I half expected Mr. Stiglitz to suggest that East-coast urbanites travel westward in covered wagons.
BoobooSmed More than 1 year ago
This is one of the books that responds to the "End of the Liberal Class" line of books... There is a new era coming.
lydiac More than 1 year ago
Good so far.
Anonymous More than 1 year ago
Now what?
Anonymous More than 1 year ago
Too bad there are no stars to rate this. I do not envy people who have "made" it through their own sweat and tears. I do resent people who are constantly "on the dole". America is well on it's way to becomming a banana republic.
Anonymous More than 1 year ago
Stilitz bends the truth around to reach his conclusions. Conveniently likes to leave out facts. I am not buying it and I wished I never bought this book.