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The Rich Get Richer and the Poor Get Poorer

Reference work entry

In his widely acclaimed book, Myths, Politicians and Money, Bryan Gould mounts an attack on globalization and unfettered markets.

It is now widely accepted that inequality in both wealth and income—and, as a consequence, in power as well—has widened substantially in many Western countries over recent decades. This trend has been most marked in the English-speaking democracies—countries such as the USA, the UK and New Zealand. This has been a particularly surprising development in a country such as New Zealand, which recently was one of the most egalitarian countries in the world.

Nobel Prize-winning economist Joseph Stiglitz has highlighted the extent to which this trend has disfigured American society and handicapped US economic development. By 2007, he reports, the income of the top 0·1% of households in the USA was 200 times greater than the average of the bottom 90%. It took them just a day and a half to earn what it took a year for the bottom 90% to receive, while the wealthiest...

Reference

  1. Gould, Bryan, Myths, Politicians and Money. Palgrave Macmillan, 2013.Google Scholar

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