Tuesday, September 19, 2017

Before Piketty

Winner-Take-All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class by Jacob S. Hacker and Paul Pierson. From. Review by David Ruciman in 2011:
"The real beneficiaries of the explosion in income for top earners since the 1970s has been not the top 1 per cent but the top 0.1 per cent of the general population. Since 1974, the share of national income of the top 0.1 per cent of Americans has grown from 2.7 to 12.3 per cent of the total, a truly mind-boggling level of redistribution from the have-nots to the haves. Who are these people? As Hacker and Pierson note, they are ‘not, for the most part, superstars and celebrities in the arts, entertainment and sports. Nor are they rentiers, living off their accumulated wealth, as was true in the early part of the last century. A substantial majority are company executives and managers, and a growing share of these are financial company executives and managers.’"
The review is a review of two books, the other being 'Tax Havens' by Nicholas Shaxson and was posted before. Somehow this book did not draw much attention outside America.

2 comments:

Autumn Cote said...

Would it be OK if I cross-posted this article to WriterBeat.com? There is no fee; I’m simply trying to add more content diversity for our community and I thought this was well-written. I’ll be sure to give you complete credit as the author. If “OK” plcease let me know via email.

Autumn
AutumnCote@WriterBeat.com

gaddeswarup said...

Sure. You need not give me any credit. I post these to mprove my own understanding, hoping to connect some of the dots some day.