The Bad Society
Rising income inequality over the last 30 years has left capitalism’s ideological defenders unfazed. But indifference to income distribution is a recipe for moral and practical disaster, because it is bound to destroy the social cohesion on which democracy, or indeed, any type of peaceful society, ultimately rests.
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LONDON – How much inequality is acceptable? Judging by pre-recession standards, a great deal of it, especially in the United States and Britain. New Labour's Peter Mandelson voiced the spirit of the past 30 years when he remarked that he felt intensely “relaxed” about people getting “filthy” rich. Getting rich was what the “new economy” was all about. And the newly rich kept an increasing part of what they got, as taxes were slashed to encourage them to get still richer, and efforts to divide up the pie more fairly were abandoned.