The United States was the most unequal of the advanced industrial countries in the mid-1980s, and it has maintained that position.92 In fact, the gap between it and many other countries has increased: from the mid-1980s France, Hungary, and Belgium have seen no significant increase in inequality, while Turkey and Greece have actually seen a decrease in inequality. We are now approaching the level of inequality that marks dysfunctional societies-it is a club that we would distinctly not want to join, including Iran, Jamaica, Uganda, and the Philippines.93 Because we have so much inequality, and
Joseph E. Stiglitz The Price of Inequality:...
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In the mid-1980s, the United States was identified as the most unequal among advanced industrial nations, a status it has maintained into the present day. This disparity has broadened over the years, while other countries like France and Hungary have not experienced significant changes in inequality, and nations such as Turkey and Greece have even seen reductions. The increasing inequality in the U.S. is alarming, as it approaches levels characteristic of dysfunctional societies.

This trend towards greater inequality raises concerns about the social and economic stability of the nation. As the gap widens, the United States risks joining a list of countries known for severe inequality, including Iran and Uganda. The implications of such inequality can undermine societal cohesion and jeopardize future prospects. Joseph E. Stiglitz’s book, "The Price of Inequality," underscores the dangers of this ongoing divide, calling attention to how it threatens our society.

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Other quotes in The Price of Inequality: How Today's Divided Society Endangers Our Future

For most people, wages are the most important source of income. Macroeconomic and monetary policies that result in higher unemployment-and lower wages for ordinary citizens-are a major source of inequality in our society today. Over the past quarter century macroeconomic and monetary policies and institutions have failed to produce stability; they failed to produce sustainable growth; and, most importantly, they failed to produce growth that benefited most citizens in our society. In
Joseph E. Stiglitz The Price of Inequality:...
For most people, wages are the most important source of income. Macroeconomic and monetary policies that result in higher unemployment-and lower wages for ordinary citizens-are a major source of inequality in our society today. Over the past quarter century macroeconomic and monetary policies and institutions have failed to produce stability; they failed to produce sustainable growth; and, most importantly, they failed to produce growth that benefited most citizens in our society. In
While it is not always clear what is fair, and people's judgments of fairness can be biased by their self-interest, there is a growing sense that the present disparity in wages is unfair. When executives argue that wages have to be reduced or that there have to be layoffs in order for corporations to compete, but simultaneously increase their own pay, workers rightly consider that what is going on is unfair. That will affect their effort today, their loyalty to the firm, their willingness to cooperate with others, and their willingness to invest in its future.
Joseph E. Stiglitz The Price of Inequality:...
While it is not always clear what is fair, and people's judgments of fairness can be biased by their self-interest, there is a growing sense that the present disparity in wages is unfair. When executives argue that wages have to be reduced or that there have to be layoffs in order for corporations to compete, but simultaneously increase their own pay, workers rightly consider that what is going on is unfair. That will affect their effort today, their loyalty to the firm, their willingness to cooperate with others, and their willingness to invest in its future.
Trickle-up economics can work, even when trickle-down economics doesn't. Even
Joseph E. Stiglitz The Price of Inequality:...
Trickle-up economics can work, even when trickle-down economics doesn't. Even
The economic elite have pushed for a framework that benefits them at the expense of the rest, but it is an economic system that is neither efficient nor fair. I explain how our inequality gets reflected in every important decision that we make as a nation-from our budget to our monetary policy, even to our system of justice-and show how these decisions themselves help perpetuate and exacerbate this inequality.13 Given
Joseph E. Stiglitz The Price of Inequality:...
The economic elite have pushed for a framework that benefits them at the expense of the rest, but it is an economic system that is neither efficient nor fair. I explain how our inequality gets reflected in every important decision that we make as a nation-from our budget to our monetary policy, even to our system of justice-and show how these decisions themselves help perpetuate and exacerbate this inequality.13 Given
The failures in politics and economics are related, and they reinforce each other. A political system that amplifies the voice of the wealthy provides ample opportunity for laws and regulations-and the administration of them-to be designed in ways that not only fail to protect the ordinary citizens against the wealthy but also further enrich the wealthy at the expense of the rest of society. This
Joseph E. Stiglitz The Price of Inequality:...
The failures in politics and economics are related, and they reinforce each other. A political system that amplifies the voice of the wealthy provides ample opportunity for laws and regulations-and the administration of them-to be designed in ways that not only fail to protect the ordinary citizens against the wealthy but also further enrich the wealthy at the expense of the rest of society. This
Throughout its history, America has struggled with inequality. But with the tax policies and regulations that existed in the post–World War II war period-and the heavy investments in education, like the GI Bill-matters were improving. The tax cuts at the top and deregulation that began in the Reagan years reversed that trend. There
Joseph E. Stiglitz The Price of Inequality:...
Throughout its history, America has struggled with inequality. But with the tax policies and regulations that existed in the post–World War II war period-and the heavy investments in education, like the GI Bill-matters were improving. The tax cuts at the top and deregulation that began in the Reagan years reversed that trend. There
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