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MIT Economist: Income Inequality In The U.S. Is Crushing The Middle Class' Political Power

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opednews.com Headlined to H2 3/24/12

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Today, TP spoke with MIT economist Daron Acemoglu, whose new book, "Why Nations Fail:" I think there's a lot of debate about the economic impact of income inequality. There's literature on how greater inequality might slow economic growth because it creates a less conducive environment for consumer demand or credit. But at the end, my view, and that of our book with James Robinson, is that the more pernicious effect of economic inequality comes indirectly through its impact on political inequality. it's a general pattern throughout history, and we see around today, that when economic inequality increases, the people who have become economically more powerful will often attempt to use that power in order to gain even more political power. And once they are able to monopolize political power, they will start using that for changing the rules in their favor. And that...

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At thinkprogress.org

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