It is so heartening to see the growing discussion of inequality focusing on the failure of capitalism or the class war instead some kind of economic anomaly that will somehow “correct” itself.
American Nobel economist Joseph Stiglitz has weighed in on the growing debate recently with an article about Thomas Piketty’s best selling book, Capital in the Twenty-First Century.
Stiglitz writes:
“The reception in the United States, and in other advanced economies, of Thomas Piketty’s recent book Capital in the Twenty-First Century attests to growing concern about rising inequality. His book lends further weight to the already overwhelming body of evidence concerning the soaring share of income and wealth at the very top… Piketty’s work raises fundamental issues concerning both economic theory and the future of capitalism.”
When mainstream economists such as Joseph Stiglitz question fundamental assumptions of economic theory and the future of capitalism, we know that we are headed into an exciting period when real change is possible, and when a real debate about economic values and the common good is coming.
Tinkering around the edges will not work. Education, though critical, by itself is not enough. Regulation and tax increases on the rich can be reversed.
What is needed is a fundamental reordering of our economy and politics based on what is best for all of us. Let us not be confused. To move our politics from the oligarchy and plutocracy we now have to a real and inclusive democracy based on facts and TRUTH is possible.
We can move our economy from the law of the jungle to an economy that works for all of us with family sustaining jobs that provide a good healthy living, and healthcare and retirement for everyone. It requires the building of worker power, the kind and measure of power that usually only comes from hard, close to the ground organizing, and an upsurge or movement that is strong enough to shake the most powerful people in the world.
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