Joseph Stiglitz, former chief economist of the World Bank and globalization critic, has a must-read essay in the current Vanity Fair, excerpted from his forthcoming book. He analyzes the consensus among plutocrats that our ever-widening wealth disparity is a jolly good thing, and concludes that for their own good, they had better reconsider the flimsy hypotheses and fantasies that support their house of cards.
He makes a clear case, noting that
Many, if not most, Americans possess a limited understanding of the nature of the inequality in our society. They know that something has gone wrong, but they underestimate the harm that inequality does even as they overestimate the cost of taking action. These mistaken beliefs, which have been reinforced by ideological rhetoric, are having a catastrophic effect on politics and economic policy.
There is no good reason why the 1 percent, with their good educations, their ranks of advisers, and their much-vaunted business acumen, should be so misinformed.
But there is: groupthink. And I'm beginning to think countering it is a key to change.