Nov. 4, 2014
In class essay 1
Of the 1%, by the 1%, for the 1% Stiglitz begins by noting that 25 years ago the richest, 1%, of Americans had 33% of the nations wealth. It took 12% of its yearly income, whereas the corresponding figures today are
40% and almost 25%. He offers reasons to trust that nor will those outcomes for this project of massine upwards redistribution about money. More riches beheld will additionally make increased. The american democracy has become a sham. Stiglitz says “an economy in which most citizens are doing worst year after year an economy like America’s is not likely to do well over the long haul”. Growing inequality is the flip side of something else: shrinking opportunity.
Whenever we reduce equality of opportunity, it means that we are not using some of our most valuable thingsour peoplein the most productive way possible. Many of the distortions that lead to inequality such as those spent time with/related to (one company that controls too much) power and special (and good) tax treatment for special interestsundermine the efficiency of the economy. This new inequality goes on to create new distortions , interfering with efficiency even further.
A modern economy requires "total (of everything or everyone) action"it needs government to invest in (basic equipment needed for a business or society to operate), education, and technology.He believes the worst is yet to come.
He calls thoughtfulness regarding the prodemocracy uprising to Egypt, Tunisia, Libya, and
Yemen. They are where riches maybe a fundamental determinant from claiming life.The level of inequality in the U.S. has been increasing very rapidly. He states that we’ve been getting more unequal while other countries have been becoming less unequal. He thinks they should make that top one percent pay their taxes. The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. He