The lack of money in the pockets of the many – who spend proportionately more than the wealthy – has led many experts to cite it as a fundamental crisis in capitalism. In the US, economists such as Paul Krugman and Robert Reich support the analysis of Thomas Piketty, author of Capital in the 21st Century, which states that squeezing the majority while allowing the richest to accrue unprecedented levels of wealth does not create a rising tide that lifts all boats. On the contrary, unrestrained capitalism that ignores the rules of fair play in employment destroys its own customer. In his documentary Inequality for All, Reich points out that 70% of the US economy is dependent on consumer spending. The problem is that more and more people have less and less money to spend.
Posted on: Mon, 08 Sep 2014 09:48:22 +0000
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