Friday June 5, 2020

Is plutocracy really the problem in the US?

Just because the public sphere is tainted and skewed by big-money influence does not mean that more rational policy-making is doomed

10th July, 2019
Some lessons of the Great Depression were forgotten in the US. Pic: iStock

Now, Nobel laureate economist Paul Krugman has offered an alternative explanation: plutocracy. At the start of the 2010s, the top 0.01 per cent – 30,000 people around the world, half of them in the United States – cared little about high unemployment, which didn’t seem to affect them, but were greatly alarmed by government debt. They began demanding austerity, and, as Krugman contends, “the political and media establishment internalised the preferences of the extremely wealthy”....

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