Read The Price of Inequality: How Today's Divided Society Endangers Our Future Online
Authors: Joseph E. Stiglitz
Tags: #Business & Economics, #Economic Conditions
privatization, 42, 176–77, 226, 228, 316, 364, 365
Progressive Era, xiii
Prokhorov, Aleksandr, 315
property rights, 190, 194, 197, 198, 199, 323, 368
protectionism, 278
psychology, idea-shaping and, 147, 148–62
public goods,
see
investment, public
public schools, 75
quotas, 39
racism, 159
see also
discrimination
railroads, 32, 42, 116
Rakoff, Judge, 204–5
ratings agencies, 192, 217, 219
Reagan, Ronald, 5, 65, 71, 114, 175, 221, 246
realpolitik, 292
Reardon, Sean, 75
recession of 1991, 86–87
recession of 2001, 245
regulatory capture, 47–48, 248, 249–50, 253, 264
Reich, Robert, 179
Rent-a-Center, 313–14
rent seeking, 28–51, 95–101, 107, 115, 140, 144, 166, 176, 210, 218, 228, 266, 267, 268, 270, 272, 276, 328, 367
competition in, 98
consumer exploitation and, 98, 154, 272
and economic growth, 39, 100
forms of, 36–37, 39, 40
inequality and, 32, 38, 40, 77, 107, 173, 213
in legal system, 42, 43, 203, 273
monopolies and, 39, 40, 41–42, 43–47, 95, 97, 140, 213, 270–71, 274
from natural resources, 39–40, 49–50, 99, 272
participants in, 41–43, 316
remedies for, 107, 269–73
resource waste in, 95, 96, 99, 100
taxes on, 39, 115, 212–14, 215, 274, 395
Republic, Lost
(Lessig), xxiv
Republican Party, U.S., 65, 130, 207, 351–52, 355, 358
Research in Motion, 203
resources:
in GDP calculation, 98–99, 185
government assignment of, 30, 32, 39–40, 49–50, 214, 215, 224, 272, 314, 316
preservation of, 80, 100, 283, 322
taxes on, 39–40, 213
see also
environment
retirement:
age for, 227
choices about, 149–50
saving for, 12–13, 149–50, 177, 223, 227–28, 244
see also
Social Security
retirement benefits, 12–13
Right:
economic ideas of, xxii, 25–27, 44, 106, 107, 108, 114, 116, 152, 155, 157, 161, 167, 175, 216–17, 220–21, 222, 225, 226, 229, 236, 274, 282, 283, 292, 312, 356
legal reform agenda of, 273
RIM, 203
risk aversion, 91
risk markets, 34, 108
RMBS, 368
robo-signing, 198, 199
Rockefeller, John D., 42, 44
Rodrik, Dani, 140
Romney, Mitt, 27
Roosevelt, Franklin Delano, 88, 232
Roosevelt, Theodore, 44
Rosenthal, Howard, xxiv
Rubin, Bob, 180
Russia, 42, 123, 200, 316
see also
Soviet Union
Ryan, Paul, 116, 207, 228
Saez, Emmanuel, xxiii, 114
sales tax, 74
Samsung, 203
Sarkozy, Nicolas, 185
Saudi Arabia, 280
savings:
household, 1, 13, 39, 70, 71, 85, 233, 244, 330, 380, 383
of poor, 224, 275
retirement, 12–13, 149–50, 177, 223, 244, 330
of wealthy, 85, 88, 223, 275
Savings and Loan Crisis, 119, 199
Scandinavia, 175, 263, 286
scarcity, 30
Schmittberger, Rolf, 126
Schneiderman, Eric, 374
school lunch programs, 74, 102
schools:
for-profit, 75, 195, 196, 201, 275, 323, 371
public, 75
Schwarze, Bernd, 126
science, 41, 78, 93, 100, 112, 140, 202, 263
Securities and Exchange Commission (SEC), 47, 110, 119, 204–6
Senate, U.S., 247
Banking Committee of, 250, 319
see also
Congress, U.S.; House of Representatives, U.S.
Shafir, Eldar, 103
Shelby, Richard, 319
Sherman Anti-Trust Act, 317
Shiller, Robert, 262
Shockley, William, 41
Simpson, Alan K., 207
Singapore, 19, 141
slavery, 156, 367
Slim, Carlos, 42, 365
Smith, Adam, 33–34, 106, 313, 341, 363, 397
Sobel, Dava, 109
social capital, 122–23, 125, 135
social Darwinism, 292
socialism, 163
social responsibility, 100, 112, 120, 121
Social Security, 17, 74, 176, 177, 226, 227, 229, 261, 266, 277, 306, 355, 380
Social Security Administration, 305
social spending:
effects of, 2, 5, 10, 14, 15, 16–17, 26, 31, 63, 74, 77, 79, 84, 108, 173, 277
income distribution and, 30, 77, 79, 299
in resource-rich countries, 40
Soros, George, 151
Sotheby’s, 360
South, black disenfranchisement in, 129, 367
South Africa, 23
Soviet Union, collapse of, 104, 123
see also
Russia
Spain, x, xviii, 16, 214
financial crisis in, 210, 219, 220, 255
Sprint, 44
Standard & Poor’s, 192
Standard Oil Company, 42, 317
Stantcheva, Stefanie, 114
Stigler, George, 44
stimulus package, 211, 232–34, 236, 382
value of, 86
stock market, 3, 8, 13, 54, 164, 165–66, 177, 244, 296, 312, 360, 383
stock options, 110, 111
Strauss-Kahn, Dominique, 91–92
student loans, 58, 94–95, 195–96, 201, 265, 271, 275, 323, 338, 370–71
subprime crisis, xvii, 2, 194, 202, 250, 253, 356, 369
legal settlements of, 70–71
profit-making in, 77
see also
foreclosures; predatory lending
subsidies, 39, 40, 50–51, 64, 81, 99, 179–80, 189, 191, 213, 214, 216, 222, 320, 367, 379
to financial sector, 222, 223, 240, 247, 387
hidden, 39, 40, 81, 99, 173, 191, 213, 214, 222, 223, 224, 240, 247, 272–73, 367, 387
see also
government, U.S., munificence of
Supreme Court, U.S., 131, 132, 285, 317, 318, 350
Sweden, 366
economic mobility in, 18
financial crisis response in, 168, 169, 361
financial stability in, 220
GDP of, 183
inequality in, 23, 127
labor in, 230
tax system in, 22
Switzerland, 183
tariffs, 50, 61, 325
taxes:
alternative minimum, 394
on capital gains, 71–72, 87, 88, 115, 211, 274, 330, 361, 378, 395
corporate, 62, 73–74, 95, 115, 142, 179, 214, 215, 221–22, 224, 225, 270, 272, 273–74, 278, 283, 296, 331
economic growth and, 22–23, 84, 86, 88
and economic stimulus, 216, 217, 218, 221
estate, 73, 76, 88, 166, 167, 274, 361, 395
on financial sector, 213–14, 215, 247, 248
globalization and, 62, 63, 142, 278
income distribution and, 30, 31, 72
loopholes in, 42–43, 72, 115, 212, 214, 215, 221, 222, 272, 273
market correction through, 34
middle-class deductions in, 222–24, 379
and national debt, 207, 376
on natural resources, 39–40, 213
on pollution, 213, 215, 224
on poor, 74, 88, 218
progressive, 5, 31, 107, 114–16, 142, 212, 218, 273–74, 379, 395
Reagan’s revision of, 5, 71, 114, 221
regressive, 38, 74, 77, 79, 157, 208, 214, 237, 251, 299
on rent seeking, 39, 115, 212–14, 215, 274, 395
Right’s view of, 216
state, 74
on wealthy, 5, 38, 42–43, 62, 71–73, 74, 76, 77, 84, 86, 87–88, 114, 115, 116, 138, 142, 159, 167, 208, 209, 211, 212, 214–15, 218, 221, 223, 224, 225, 226, 256, 274, 275, 294, 312, 335, 344, 360, 383, 394
technology:
bubble in, 85, 87, 88, 89, 211, 243, 391, 396
economic impact of, 30, 79, 80
government investment in, 15, 93, 115, 155, 174, 217, 267, 281, 283
idea-shaping and, 156
labor demand and, 53, 54–56, 63, 79, 80, 277, 280, 283, 334
monopolies in, 42, 44, 45–46, 96
and stock trading, 165
telecommunications:
government auction of, 50
monopolization in, 44, 97, 98
see also
technology
TEPCO, 189
Thaler, Richard, 161
Thatcher, Margaret, 316
Thucydides, 29
Tingbergen, 392
T-Mobile, 44, 203
tobacco industry, xviii, 151, 160, 354, 357
Tocqueville, Alexis de, 288
Townes, Charles, 41
Toxic Asset Relief Program (TARP), 362
trade:
agreements on, 140, 141, 324–25, 326
austerity and, 231
globalization of, 61–64, 144, 324–25, 326
imbalances in, 279–80, 396
Treasury bills, 177, 208, 217, 396
Treasury Department, U.S., 61, 246, 253, 258, 353, 369
Tremonti, Giulio, 389
trust, 115, 120, 121–26, 134, 346
Turing, Alan, 41
Turkey, 22, 23
unemployment, xii, xv, 11–12, 13, 74, 89, 91, 179, 207, 393
extent of, 1, 10–11, 15, 75, 301, 302
macroeconomic policies affecting, 38, 61, 62, 64, 82, 85, 86, 230, 231, 236, 237, 238, 239, 240, 241, 242, 251, 259, 260, 261, 262, 263, 379
in manufacturing, 54, 56, 57, 232–33, 285, 321
political importance of, 251–52
stimulus package’s effect on, 232, 236
underreporting of, 11, 15, 291, 304–5
of youth, x, xviii–xix, 12, 265
unemployment insurance, xv, 11–12, 16, 23, 74, 210, 211, 218, 229, 242, 276, 291, 301, 355, 381, 384, 385
Unequal Democracy: The Political Economy of the New Gilded Age
(Bartel), xxiv
Union Carbide, 189
United Automobile Workers (UAW), 57
United Kingdom, 21, 129, 214
austerity in, 220, 231
economic mobility in, 18, 19
financial crisis response in, 171, 362–63
privatization in, 176, 316, 364
United Nations Development Program (UNDP), 22
United States:
alternative futures of, 289
average tax rate in, 72–73
battle of ideas in, 154–55, 157–59, 162–86
changing social patterns in, 14–15
class distinctions in, xvi–xvii, 20, 180, 292
consumption in, 13, 54, 84–85, 86, 89, 104–6, 183, 233, 234, 235, 244, 311, 380, 385
cost of living in, 366
crime in, 15
economic history of, 4–5, 6
economic mobility in, xv, 4, 5, 18–19, 25, 94, 117, 147, 265, 267, 307
educational attainment in, 55
family stresses in, 10, 14, 26, 95, 106, 169–70
global influence of, xii, 137–38, 143–44, 145, 155, 254, 277–78
globalization’s effect in, 62, 63, 64, 184
income inequality in, 2, 3, 4, 7–8, 9, 22, 24, 25, 26, 27, 29, 30, 53, 54, 55, 56, 57, 71, 72, 77, 79–80, 81, 85, 86, 127, 153, 178, 183, 202, 233, 240, 241, 267, 294–95, 296, 297, 298, 299, 300, 311, 328, 332, 335
inequality cycle in, xi, xii, xiv, xx, xxii, 3–4, 18, 31, 76, 77, 82, 86–89, 91, 267
infant and maternal mortality in, 14, 302, 303
international comparisons to, 21–24, 25, 52, 73, 97, 98, 183, 309, 366
labor force polarization in, 8–9, 56, 79, 80, 133, 277
liberty in, 190
life expectancy in, 14, 303
lifetime inequality in, 26, 311
living standards in, xii, 14–15, 16, 24, 25, 26, 95, 98, 99, 183–84, 240, 266, 267, 268
median income in, 22, 295–96, 297, 299, 300
neighborhood segregation in, 75–76
opportunity in, xv, 3, 4, 17–20, 25, 75–76, 94–95, 108, 116, 117, 126, 127, 160, 265, 266, 268, 273, 275, 282, 287, 290
poverty in, 16–17, 26, 27, 38, 84, 298, 305, 306, 311, 332;
see also
poor
value system of, xv, xvii, xx, 144, 187, 266, 288, 289, 292
wealth distribution in, 2, 3, 7, 8, 13–14, 24, 25, 32, 38, 56, 70, 72, 73, 76, 80, 82, 91, 93, 108, 147, 167, 171, 172, 202, 275, 295, 384
see also
economy, U.S.; government, U.S.; politics, U.S.
Universal Declaration of Human Rights, 289, 323
uranium, 176
Uruguay Round Trade Agreement, 140
U.S. Enrichment Corporation (USEC), 176–77
Uzbekistan, 122–23
Vanity Fair,
xi
Venezuela, 40, 138
Verizon, 44, 203
Volcker, Paul, 248, 314
voting, 119–21, 137, 288, 325, 351, 355
cost to, 119–20, 350
disenfranchisement in, 129–31, 133, 134, 135, 345, 349
mandatory, 135, 286, 352
voting paradox, 119–20, 352
wages, 8, 9, 29, 38, 39, 52, 53–57, 60, 61, 63, 65, 67, 68, 69, 79, 91, 229, 230, 233, 236, 263, 327, 335
cost of living adjustments to, 393
discrimination in, 68, 69
efficiency and, 102–4, 340
globalization’s effect on, 60, 61, 63, 277
Great Recession’s effect on, 29, 57, 65, 67, 91, 231, 241, 242, 265, 328, 384
inflation and, 261
minimum, 242, 297
public-sector, 57, 322
societal factors in, 65, 67, 68, 69
see also
incentive pay; inequality, income
Wagner Act, 64
Wallison, Peter J., 357
Wall Street Journal,
201
Walton family, 8
war, economic impact of, 101
Warren, Elizabeth, 193
Watson, James D., 41
wealth, dynamics of, 30–31, 275
wealth transfers, 32
welfare system, 17
Wells Fargo, 70–71, 374
Winner-Take-All Politics
(Hacker and Pierson), xxiv
women:
discrimination against, 68
income of, 299, 328
in labor force, 14
microcredit loans to, 196
words, 163
World Bank, poverty measure of, 16
World Trade Organization (WTO), 140
World War II, 102
World Wide Web Consortium, 315
Yahoo!, 203