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The Price of Inequality: How Today's Divided Society Endangers Our Future [Kindle Edition]

Joseph E. Stiglitz
4.4 out of 5 stars  See all reviews (284 customer reviews)

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Book Description

A forceful argument against America's vicious circle of growing inequality by the Nobel Prize–winning economist.


America currently has the most inequality, and the least equality of opportunity, among the advanced countries. While market forces play a role in this stark picture, politics has shaped those market forces. In this best-selling book, Nobel Prize–winning economist Joseph E. Stiglitz exposes the efforts of well-heeled interests to compound their wealth in ways that have stifled true, dynamic capitalism. Along the way he examines the effect of inequality on our economy, our democracy, and our system of justice. Stiglitz explains how inequality affects and is affected by every aspect of national policy, and with characteristic insight he offers a vision for a more just and prosperous future, supported by a concrete program to achieve that vision.


Editorial Reviews

Review

“The single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories. While credible economists running the gamut from center right to center left describe our bleak present as the result of seemingly unstoppable developments—globalization and automation, a self-replicating establishment built on 'meritocratic' competition, the debt-driven collapse of 2008—Stiglitz stands apart in his defiant rejection of such notions of inevitability. He seeks to shift the terms of the debate.” (Thomas B. Edsall - New York Times Book Review)

“An impassioned argument backed by rigorous economic analysis.” (Kirkus Reviews)

About the Author

Winner of the 2001 Nobel Memorial Prize for Economics, Joseph E. Stiglitz is the best-selling author of Making Globalization Work; Globalization and Its Discontents; and, with Linda Bilmes, The Three Trillion Dollar War. He was chairman of President Clinton's Council of Economic Advisers and served as senior vice president and chief economist at the World Bank. He teaches at Columbia University and lives in New York City.

Product Details

  • File Size: 851 KB
  • Print Length: 560 pages
  • Publisher: W. W. Norton & Company; 1 edition (April 8, 2013)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B007MKCQ30
  • Text-to-Speech: Not enabled
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  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #8,313 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
365 of 395 people found the following review helpful
5.0 out of 5 stars A Critical Warning for America June 8, 2012
By Adam
Format:Hardcover
The Price of Inequality is an eloquent analysis of inequality in the United States and what it means for our political system, economy and society. The book does a good job of laying out the facts.

One sentence basically says it all: "The top 1 percent of Americans gained 93 percent of the additional income created in the country in 2010, as compared with 2009." Now think of that in terms of a party with 100 people and big pizza with 100 slices. Basically it means that one rich guy gobbles up 93 slices of pizza. The other 99 get to divvy up the other seven.

Stiglitz does an especially good job of refuting the received wisdom among conservatives: that incomes are in proportion to productive contribution to society. Instead, the book shows that much of our extraordinary income concentration is due to "rent seeking" by the wealthy elite, and that very often this involves taking advantage of taxpayers. We have a system that actively redistributes income and wealth from huge numbers of people at the bottom of the pyramid to a tiny number at the very top.

As the book shows, extreme income inequality is really a kind of cancer that infects almost every aspect of our social, political, economic and even legal system. A tiny elite is able to effectively purchase laws and regulations that work in its favor. For example, bankruptcy laws are designed to favor banks over homeowners and holders of student debt, even though the banks have access to much better information and expertise when making these loans. One idea that occurs throughout the book is that we should have "one person one vote" not "one dollar one vote." and yet the evidence is clear we are moving toward even more influence for those with money.
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206 of 228 people found the following review helpful
5.0 out of 5 stars Powerful and persuasive June 8, 2012
Format:Hardcover|Verified Purchase
Income inequality and wealth inequality have skyrocketed in the last 30 years. There is no dispute about this, but there are disputes over both the causes of this phenomenon and its effects.

In one sentence summary for those of you who like a very short review, this book has a threefold agenda. First to document the widely accessible and now well-known phenomenon of inequality, second to explain its cause and third understand its effects.

Also note that Stiglitz's book is very much an elaboration of his 2011 Vanity Fair article "Of the 1%, for the 1%, by the 1%." This article provides an excellent summary of the basic argument.

For those of you who like a longer review I will now provide a rather lengthy summary for those interested in the crucial issues of inequality, which are the root cause of the Occupy movement (see Richard Wolff excellent book _Occupy the Economy_, Occupy the Economy: Challenging Capitalism (City Lights Open Media)) and global tensions (see James K. Galbraith's indispensable _Inequality and Instability_, Inequality and Instability: A Study of the World Economy Just Before the Great Crisis).

Stiglitz's book is really two books, the first book is 290 pages of very well argued and accessible text aimed at the above threefold agenda. The second book is 100 pages of notes, documentation, and very excellent citations and references. My review will concentrate on the text.

In chapter one Stiglitz emphasizes that the phenomena of income inequality has been occurring well before the financial crisis of 2008.
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496 of 582 people found the following review helpful
3.0 out of 5 stars Spot-on diagnosis, but weak medicine? June 14, 2012
Format:Hardcover|Verified Purchase
I'm generally a Republican voter who leans toward the small businessperson's agenda of favoring small government and the lowest practical amounts of taxes and governmental regulations. However, several things have challenged my view in recent years:

* The financial collapse of 2008 took most all of us by surprise. We didn't realize how fragile our economy was or how easily it could be brought to the very brink of complete meltdown. The progress of economic recovery has also been astonishingly slow and even now the prospect of another leg down seems to be looming.

* As a student of economics I am familiar with how old-time Progressives approached the depressions of the late 1800s and early 1900s. They recognized that the primary problem was an imbalance between production and consumption. Consumers did not earn enough income to purchase the goods and services that the capitalists produced. They understood that producers and consumers must prosper together, so they lobbied to raise the minimum wage, require the payment of premiums for overtime hours, encourage the formation of labor unions, and enact Social Security and Unemployment programs to provide a floor under purchasing power when the economy went slack. Franklin Roosevelt's New Deal was based on these ideas of raising consumer's purchasing power. I believe they did stabilize the economy in the 1930s and were the basis of our post-WWII prosperity.

* I'm a Reagan Conservative who believes that Reagan's Supply Side agenda of cutting taxes was correct economic policy in the 1980s. However, it is a much different thing to cut maximum marginal taxes from 70% to 28% as Reagan did than to cut them from 39% to 15% (capital gains and dividends) as Bush did.
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Most Recent Customer Reviews
5.0 out of 5 stars Excellent read
Most worthwhile book I have read in a long time.
I hope there is a growing wave of economists who think the same way. Read more
Published 18 hours ago by Nan Sharp
5.0 out of 5 stars EXCELLENT ANALYSIS
Dr. Stiglitz does a very thorough analysis of the biggest problem facing America today. The top 1% control nearly every aspect of the economy thru our political system. Read more
Published 10 days ago by Stephen J. Nardi
4.0 out of 5 stars Good overview of very bad situation we're in.
Gives convincing evidence for widening wealth inequality and suggests programs to reverse or lessen the economic gap. A bit repetitious.
Published 14 days ago by Stephen May
5.0 out of 5 stars Fantastic
This is the definitive text for our time--clear, provocative, and best of all, it has the ideas spelled out for resolving the great disparity between rich and poor. Read more
Published 14 days ago by Eric Berman
5.0 out of 5 stars A value attitude
If you believe every American living in the country. with the highest stadard of living in the world, should have health insurance, a good paying job and a decent life style you... Read more
Published 19 days ago by Donald L. Delong
5.0 out of 5 stars The compelling Outline of Failure in our Capitalistic System
Being an Econ grad from the dark ages I believe this to be the most important book written in the last several decades about our economic and political systems and how intertwined... Read more
Published 26 days ago by Larry Lowenberg
5.0 out of 5 stars If there were six stars, I'd light them all up.
This book made sense of what has happened to my wages in the last 6 years and I am very grateful for it. Dr. Read more
Published 1 month ago by Reine D. Bethany
3.0 out of 5 stars Interesting but too long
This is an interesting book with some interesting ideas but too much repitition and too drawn out. I not paying on a per word basis. Cut the fat.
Published 1 month ago by sebastian wende
5.0 out of 5 stars TECHNICALLY EXCELLENT
It is this book and a very few others that tell what really happened and why. This book should be an outline for what to do to bring run-away Wall Street into line. Read more
Published 1 month ago by hassel hill jr
5.0 out of 5 stars Tour de force
This is a well-organized look at why American riches are not producing a better country. It explains why even those who are skimming enormous amounts off the top are not... Read more
Published 1 month ago by Amazon Customer
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More About the Author

Joseph E. Stiglitz is a professor of economics at Columbia University and the recipient of a John Bates Clark Medal and a Nobel Prize. He is also the former senior vice president and chief economist of the World Bank. His books include Globalization and Its Discontents, The Three Trillion Dollar War, and Making Globalization Work. He lives in New York City.



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