“The heavy cost of Inequality” and Joseph E. Stiglitz
Posted by: adonis49 on: July 11, 2014
“The heavy cost of Inequality” and Joseph E. Stiglitz
Can mankind still hope for a world less divided in cost of lifestyle?
Common themes of the cataclysmic events:
1. Economic and political systems have failed in bringing equitable rights and were fundamentally unjust to the disadvantaged classes of people
2. The feeling of injustice transformed into feeling of treason as the universal values of equitability in treatment are sacrificed for a tiny class of the wealthy and politically powerful “of the 1%, for the 1%, by the 1%”
The 3 big ideas are not functioning:
1. The market is not functioning as it was supposed to, since it is neither stable nor effective
2. The political systems are not correcting the market failures
3. The political and financial systems are fundamentally unjust
There are huge stocks of unused resources such as plenty of available workforce, plenty of idle machines, and plenty of untapped financial resources
Inefficiencies in market economics are the major cause of inequality in people’s economic and political status.
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