The Cost of Inequality: Three Decades of the Super-rich and the Economy
In his first book, the bestselling The Spirit Level, Stewart Lansley argued that unfairness in a society results in pernicious social consequences, such as higher crime, poorer education. In this bracing new book, however, he argues that the economic cost to inequality is far higher and more immediate for all of us.30 years after the creed that inequality is good for us all became common wisdom, a world of two economies has grown up. There is one for the rich and one for the real economy in which we live. As Lansley shows, Like a tumour, the economy for the rich has grown at least 10-fold in countries like Britain and the US, sucking in ever-increasing quantities money away from circulating in the real economy. The results are devastating. While the real economy will not recover from its prolonged recession, the economy of the rich is continuing to flourish in a way that even exceeds the most inequal stages of the industrial revolution.