Inequality and Instability

Inequality and Instability

A Study of the World Economy Just Before the Great Crisis

Book - 2012
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Inequality and Instability demonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, James K. Galbraith brings new data to bear as never before, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, Galbraith shows that more equal societies systematically enjoy lower unemployment. He shows how this plays out inside Europe, between Europe and the United States, and in modern China. He explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans-which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue.
Publisher: New York, N.Y. : Oxford University Press, 2012
Edition: 1st ed
Description: xiv, 324 p. : ill. ; 25 cm
ISBN: 9780199855650
Branch Call Number: 339.2 Gal


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Apr 18, 2014

I appreciate Prof. Galbraith's presentation of the data to support what should be an obvious conslusion to anyone and everyone. Unlike Paul Krugman [ooooohhh, he was awarded the Swedish Central Bank's prize for the economical sciences, there is no such thing as a Nobel in economics, folks!] - - who mixes a few facts with extraordinary large doses of fiction and continues to mislead the mindless masses into believing he's a liberal [Krugman has lied repeatedly about the banks and the Fed's Quantitative Easings, falsely claiming the banksters don't want it, and refusing to admit it is the major theft and transfer of wealth from the 99% to the .01% - - Prof. Galbraith is always straightforward and honest!

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