In the past 25 years, the distribution of income and wealth in
Britain and the US has grown enormously unequal, far more so than
in other advanced countries. The book, which is aimed at both an
academic and a general audience, examines how this happened,
starting with the economic shocks of the 1970s and the neo-liberal
policies first applied under Thatcher and Reagan. In essence,
growing inequality and economic instability is seen as driven by a
US-style model of free-market capitalism that is increasingly
deregulated and dominated by the financial sector.
Using a wealth of examples and empirical data, the book explores
the social costs entailed by relative deprivation and widespread
income insecurity, costs which affect not just the poor but now
reach well into the middle classes. Uniquely, the author shows how
inequality, changing consumption patterns and global financial
turbulence are interlinked.
The view that growing inequality is an inevitable consequence of
globalisation and that public finances must be squeezed is firmly
rejected. Instead, it is argued that advanced economies need more
progressive taxation to dampen fluctuations and to fund higher
levels of social provision, taking the Nordic countries as
exemplary. The broad political goal should be to return within a
generation to the lower degree of income inequality which prevailed
in Britain and the US during the years of post-war prosperity.
Table of Content
Introduction.
1 Neo-liberalism and the Return of Inequality.
2 Do we need Fat Cats?.
3 The Rise of Neo-liberalism.
4 America, Europe and the Welfare State.
5 Happiness and Pareto.
6 What about the middle class?.
7 The Growing Cost of Inequality.
8 Is the Consumption Binge sustainable?.
9 In Defence of Equality.
Bibliographical references.
About the author
George Irvin is Professorial Research Fellow at SOAS, University of London.
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