Of the 1%, by the 1%, for the 1%

Vanity Fair

Another commentary by Joseph Stiglitz, this time in Vanity Fair on how unbalanced wealth distribution has become in the US (and New Zealand). Apologists like Bob Jones exemplify the libertarian self righteousness of many of the wealthy, especially those who consider themselves “self made”. Most kiwis don’t resent those who have done well but the pie is only so big and when wealth concentrates in fewer and fewer hands Stiglitz points nothing good can come from it, including the wealthy themselves unless they intend to become isolated,well protected islands within nations.

“The more divided a society becomes in terms of wealth, the more reluctant the wealthy become to spend money on common needs. The rich don’t need to rely on government for parks or education or medical care or personal security—they can buy all these things for themselves. In the process, they become more distant from ordinary people, losing whatever empathy they may once have had.” (read article)

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