How inequality undermines capitalism
Joseph E. Stiglitz’s new book, The Price of Inequality, is the single most comprehensive counterargument to both Democratic neoliberalism and Republican laissez-faire theories. While credible economists running the gamut from centre right to centre left describe our bleak present as the result of seemingly unstoppable developments — globalisation and automation, a self-replicating establishment built on “meritocratic” competition, the debt-driven collapse of 2008 — Stiglitz stands apart in his defiant rejection of such notions of inevitability. He seeks to shift the terms of the debate.
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