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The Price Of Inequality is a critical and incisive examination of American society, politics, and economic policies in recent times. The author examines how greed and power have combined to drive a deep wedge, in a society where the privileged few ensure that their status remains undisturbed, at the cost of the majority.
The book shows how the elite 1% have retained a stranglehold on wealth and power, by exerting their considerable influence on politics and the government. They use their money and influence to gain leverage in defining the social and economic policies of the country.
The author says that the skewed divide in society is not just the result of natural economic dynamics, but the deliberate machinations of the privileged minority who have been allowed to flourish and grow at the expense of the rest of the society.
The author says that while a free and competitive market is necessary for growth, it needs checks and regulations. Without proper controlling measures, this just further tilts the scales in favour of the already rich and powerful. So while the elite minority get to retain their lives of luxury and power, enjoy the best medical care, and give their children the best education, the larger section of the society is stripped of such amenities.
The 99% have to live a life threatened by economic uncertainty, job insecurity, poor health care, and mediocre education. In the end, the book warns that this will affect the whole society, resulting in a weaker nation that is unable to make full use of its most valuable assets - people.
The Price Of Inequality was published in paperback by Penguin UK in 2013.
This book was written by a nobel laureate.
It offers insights into how the concentration of power and wealth in the hands of a few, has actually stifled the growth of a truly dynamic capitalism and free market. Joseph Stiglitz is an economist and a professor. He is a former chief economist of the World Bank. He is a recipient of the John Bates Clark Medal and the Nobel Memorial Prize in economic sciences.