Caren's Reviews > The Price of Inequality: How Today's Divided Society Endangers Our Future

The Price of Inequality by Joseph E. Stiglitz

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2610234
's review
Jul 01, 12

bookshelves: adult-nonfiction
Read in July, 2012

I see this as an important book which thinking Americans will want to read. It is one of what seems to be a flurry of other books on this topic. The encouraging thing about that is that we seem to realize we have a problem, and serious scholars , such as the Nobel prize winning Dr. Stiglitz, are examining the issues involved and offering possible paths toward amelioration. Although this is not light reading, it is meant for the lay person, and the ideas therein are certainly accessible by the non-economists among us. Especially interesting to me was the way the wealthy have been able to present ideological ideas as though they are in the best interest of all, when in fact, they are usually only in the best interests of the top 1%. The ideas that fuel our politics feed the engine of our economy. Here are his remarks about that, from page 172:
...but the battles rage most intensely in the field of big ideas. One such battle involves on one side those who believe that markets mostly work well on their own and that most market failures are in fact government failures. On the other side are those who are less sanguine about markets and who argue for an important role for government. These two camps define the major ideological battle of our time.
I also like these lines from page 29:
As the ancient Greek historian Thucydides famously said, "right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Those with power used that power to strengthen their economic and political positions, or at the very least to maintain them. They also attempted to shape thinking, to make acceptable differences in income that would otherwise be odious.

I am always happy when an author of a book such as this offers possible prescriptions for our national ailments. Otherwise, leaving us without hope is just depressing, isn't it? He doesn't say remedies will be easy, but that they are not impossible. No matter where your politics swing, this book is well worth reading. For all of us to accept the status quo and remain silent could be the death knell for our nation as we knew it. Here are some of his closing remarks from page 289:

There are two visions for America a half century from now. One is of a society more divided between the haves and the have-nots, a country in which the rich live in gated communities, send their children to expensive schools, and have access to first-rate medical care. Meanwhile, the rest live in a world marked by insecurity, at best mediocre education, an in effect rationed health care--they hope and pray they don't get seriously sick. At the bottom are millions of young people alienated and without hope. I have seen that picture in many developing countries; economists have even given it a name, a dual economy, two societies living side by side, but hardly knowing each other, hardly imagining what life is like for the other. Whether we will fall to the depths of some countries, where the gates grow higher and the societies split farther and farther apart, I do not know. It is , however, the nightmare toward which we are slowly marching.

I would urge readers to think deeply about the ideas presented in this book and to keep the conversation alive.





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message 1: by Barbara (new) - added it

Barbara great review,i am going to have to read the book!


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