If economic power in a country becomes too unevenly distributed, political consequences will follow. While we typically think of the rule of law as being designed to protect the weak against the strong, and ordinary citizens against the privileged, those with wealth will use their political power to shape the rule of law to provide a framework within which they can exploit others.9
Joseph E. Stiglitz discusses the relationship between economic inequality and political power in his book "The Price of Inequality." He argues that when wealth becomes concentrated in the hands of a few, it leads to significant political consequences. This imbalance allows the affluent to manipulate the legal system to their advantage, often at the expense of the broader society.
Stiglitz emphasizes that while the rule of law is intended to protect vulnerable citizens, those with substantial wealth can influence it to ensure their interests are safeguarded. This exploitation of the legal framework perpetuates inequality and undermines democratic principles, highlighting the urgent need to address economic disparities for a more equitable society.
