Countries around the world provide frightening examples of what happens to societies when they reach the level of inequality toward which we are moving. It is not a pretty picture: countries where the rich live in gated communities, waited upon by hordes of low-income workers; unstable political systems where populists promise the masses a better life, only to disappoint. Perhaps most importantly, there is an absence of hope. In these countries, the poor know that their prospects of emerging from poverty, let along making it to the top, are minuscule. This is not something we should be striving for.
The text highlights the severe consequences of rising inequality in various nations, illustrating a divide where the affluent reside in exclusive areas, served by numerous low-wage workers. This situation often leads to unstable political climates, fueled by populism, which fails to deliver on its promises to improve the lives of the disenfranchised. Consequently, hope for a better future diminishes, with the impoverished feeling trapped and unable to rise above their circumstances.
The author, Joseph E. Stiglitz, warns against pursuing such inequalities, as they depict a society that not only risks social stability but also curtails the aspirations of the less fortunate. This scenario serves as a cautionary tale about the perils that accompany a divided society, suggesting that striving for equality is essential for a prosperous future.
