In his book A Failure of Capitalism, Richard Posner denies that greed played a part in causing the Great Recession. I disagree. First let’s define greed as milking the system for excessive and undeserved income, as Mitt did with his 401K north of $100 million. In my opinion, no one is worth or deserves $100s millions or billions in income or net worth. It is true that $1 million doesn’t go as far as it used to, but $1 billion certainly does. Nations that don’t mimic our income inequality do not have the social problems that we do. We won’t solve all our problems with greater income equality, but we will lessen their severity as nations in Scandinavia prove.
The greatest danger of vast differences in income equality lies in the threat to our democratic institutions. Some people with vast wealth will use that wealth to buy favors from government that will increase their wealth at the expense of the rest of us. Louis Brandeis was better able to explain the pernicious effect of income inequality better than I can. He said that we could have democracy or vast concentrations of wealth, but not both at the same time. Please see Freedom and Supreme Court
- A Failure of Capitalism (bell-book-candle.com)
- Why Are Some Billionaires Still Greedy for More? (huffingtonpost.com)
- Proponents of austerity are out of ideas. We have the alternative | John Podesta and Neera Tanden | Comment is free | theguardian.com (theguardian.com)