The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph E. Stiglitz
Authors: Joseph E. Stiglitz
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218
unfair policies toward, xv, xxii
unfavorable view of, 26, 27, 154, 160, 171, 229, 312
wealth sources of, 3, 8, 13, 70, 82, 167, 171, 172
see also United States, poverty in
Portugal, financial crisis in, 231, 255
poverty gap, 16
poverty trap, 20
predatory lending, xvii, 37, 40, 58, 70, 90, 119, 124, 191–93, 194, 197–98, 201, 239, 246, 249, 269–70, 313, 314, 333, 369
see also foreclosures
privatization, 42, 176–77, 226, 228, 316, 364, 365
Progressive Era, xiii
Prokhorov, Aleksandr, 315
property rights, 190, 194, 197, 198, 199, 323, 368
protectionism, 278
psychology, idea-shaping and, 147, 148–62
public goods, see investment, public
public schools, 75
quotas, 39
racism, 159
see also discrimination
railroads, 32, 42, 116
Rakoff, Judge, 204–5
ratings agencies, 192, 217, 219
Reagan, Ronald, 5, 65, 71, 114, 175, 221, 246
realpolitik, 292
Reardon, Sean, 75
recession of 1991, 86–87
recession of 2001, 245
regulatory capture, 47–48, 248, 249–50, 253, 264
Reich, Robert, 179
Rent-a-Center, 313–14
rent seeking, 28–51, 95–101, 107, 115, 140, 144, 166, 176, 210, 218, 228, 266, 267, 268, 270, 272, 276, 328, 367
competition in, 98
consumer exploitation and, 98, 154, 272
and economic growth, 39, 100
forms of, 36–37, 39, 40
inequality and, 32, 38, 40, 77, 107, 173, 213
in legal system, 42, 43, 203, 273
monopolies and, 39, 40, 41–42, 43–47, 95, 97, 140, 213, 270–71, 274
from natural resources, 39–40, 49–50, 99, 272
participants in, 41–43, 316
remedies for, 107, 269–73
resource waste in, 95, 96, 99, 100
taxes on, 39, 115, 212–14, 215, 274, 395
Republic, Lost (Lessig), xxiv
Republican Party, U.S., 65, 130, 207, 351–52, 355, 358
Research in Motion, 203
resources:
in GDP calculation, 98–99, 185
government assignment of, 30, 32, 39–40, 49–50, 214, 215, 224, 272, 314, 316
preservation of, 80, 100, 283, 322
taxes on, 39–40, 213
see also environment
retirement:
age for, 227
choices about, 149–50
saving for, 12–13, 149–50, 177, 223, 227–28, 244
see also Social Security
retirement benefits, 12–13
Right:
economic ideas of, xxii, 25–27, 44, 106, 107, 108, 114, 116, 152, 155, 157, 161, 167, 175, 216–17, 220–21, 222, 225, 226, 229, 236, 274, 282, 283, 292, 312, 356
legal reform agenda of, 273
RIM, 203
risk aversion, 91
risk markets, 34, 108
RMBS, 368
robo-signing, 198, 199
Rockefeller, John D., 42, 44
Rodrik, Dani, 140
Romney, Mitt, 27
Roosevelt, Franklin Delano, 88, 232
Roosevelt, Theodore, 44
Rosenthal, Howard, xxiv
Rubin, Bob, 180
Russia, 42, 123, 200, 316
see also Soviet Union
Ryan, Paul, 116, 207, 228
Saez, Emmanuel, xxiii, 114
sales tax, 74
Samsung, 203
Sarkozy, Nicolas, 185
Saudi Arabia, 280
savings:
household, 1, 13, 39, 70, 71, 85, 233, 244, 330, 380, 383
of poor, 224, 275
retirement, 12–13, 149–50, 177, 223, 244, 330
of wealthy, 85, 88, 223, 275
Savings and Loan Crisis, 119, 199
Scandinavia, 175, 263, 286
scarcity, 30
Schmittberger, Rolf, 126
Schneiderman, Eric, 374
school lunch programs, 74, 102
schools:
for-profit, 75, 195, 196, 201, 275, 323, 371
public, 75
Schwarze, Bernd, 126
science, 41, 78, 93, 100, 112, 140, 202, 263
Securities and Exchange Commission (SEC), 47, 110, 119, 204–6
Senate, U.S., 247
Banking Committee of, 250, 319
see also Congress, U.S.; House of Representatives, U.S.
Shafir, Eldar, 103
Shelby, Richard, 319
Sherman Anti-Trust Act, 317
Shiller, Robert, 262
Shockley, William, 41
Simpson, Alan K., 207
Singapore, 19, 141
slavery, 156, 367
Slim, Carlos, 42, 365
Smith, Adam, 33–34, 106, 313, 341, 363, 397
Sobel, Dava, 109
social capital, 122–23, 125, 135
social Darwinism, 292
socialism, 163
social
unfair policies toward, xv, xxii
unfavorable view of, 26, 27, 154, 160, 171, 229, 312
wealth sources of, 3, 8, 13, 70, 82, 167, 171, 172
see also United States, poverty in
Portugal, financial crisis in, 231, 255
poverty gap, 16
poverty trap, 20
predatory lending, xvii, 37, 40, 58, 70, 90, 119, 124, 191–93, 194, 197–98, 201, 239, 246, 249, 269–70, 313, 314, 333, 369
see also foreclosures
privatization, 42, 176–77, 226, 228, 316, 364, 365
Progressive Era, xiii
Prokhorov, Aleksandr, 315
property rights, 190, 194, 197, 198, 199, 323, 368
protectionism, 278
psychology, idea-shaping and, 147, 148–62
public goods, see investment, public
public schools, 75
quotas, 39
racism, 159
see also discrimination
railroads, 32, 42, 116
Rakoff, Judge, 204–5
ratings agencies, 192, 217, 219
Reagan, Ronald, 5, 65, 71, 114, 175, 221, 246
realpolitik, 292
Reardon, Sean, 75
recession of 1991, 86–87
recession of 2001, 245
regulatory capture, 47–48, 248, 249–50, 253, 264
Reich, Robert, 179
Rent-a-Center, 313–14
rent seeking, 28–51, 95–101, 107, 115, 140, 144, 166, 176, 210, 218, 228, 266, 267, 268, 270, 272, 276, 328, 367
competition in, 98
consumer exploitation and, 98, 154, 272
and economic growth, 39, 100
forms of, 36–37, 39, 40
inequality and, 32, 38, 40, 77, 107, 173, 213
in legal system, 42, 43, 203, 273
monopolies and, 39, 40, 41–42, 43–47, 95, 97, 140, 213, 270–71, 274
from natural resources, 39–40, 49–50, 99, 272
participants in, 41–43, 316
remedies for, 107, 269–73
resource waste in, 95, 96, 99, 100
taxes on, 39, 115, 212–14, 215, 274, 395
Republic, Lost (Lessig), xxiv
Republican Party, U.S., 65, 130, 207, 351–52, 355, 358
Research in Motion, 203
resources:
in GDP calculation, 98–99, 185
government assignment of, 30, 32, 39–40, 49–50, 214, 215, 224, 272, 314, 316
preservation of, 80, 100, 283, 322
taxes on, 39–40, 213
see also environment
retirement:
age for, 227
choices about, 149–50
saving for, 12–13, 149–50, 177, 223, 227–28, 244
see also Social Security
retirement benefits, 12–13
Right:
economic ideas of, xxii, 25–27, 44, 106, 107, 108, 114, 116, 152, 155, 157, 161, 167, 175, 216–17, 220–21, 222, 225, 226, 229, 236, 274, 282, 283, 292, 312, 356
legal reform agenda of, 273
RIM, 203
risk aversion, 91
risk markets, 34, 108
RMBS, 368
robo-signing, 198, 199
Rockefeller, John D., 42, 44
Rodrik, Dani, 140
Romney, Mitt, 27
Roosevelt, Franklin Delano, 88, 232
Roosevelt, Theodore, 44
Rosenthal, Howard, xxiv
Rubin, Bob, 180
Russia, 42, 123, 200, 316
see also Soviet Union
Ryan, Paul, 116, 207, 228
Saez, Emmanuel, xxiii, 114
sales tax, 74
Samsung, 203
Sarkozy, Nicolas, 185
Saudi Arabia, 280
savings:
household, 1, 13, 39, 70, 71, 85, 233, 244, 330, 380, 383
of poor, 224, 275
retirement, 12–13, 149–50, 177, 223, 244, 330
of wealthy, 85, 88, 223, 275
Savings and Loan Crisis, 119, 199
Scandinavia, 175, 263, 286
scarcity, 30
Schmittberger, Rolf, 126
Schneiderman, Eric, 374
school lunch programs, 74, 102
schools:
for-profit, 75, 195, 196, 201, 275, 323, 371
public, 75
Schwarze, Bernd, 126
science, 41, 78, 93, 100, 112, 140, 202, 263
Securities and Exchange Commission (SEC), 47, 110, 119, 204–6
Senate, U.S., 247
Banking Committee of, 250, 319
see also Congress, U.S.; House of Representatives, U.S.
Shafir, Eldar, 103
Shelby, Richard, 319
Sherman Anti-Trust Act, 317
Shiller, Robert, 262
Shockley, William, 41
Simpson, Alan K., 207
Singapore, 19, 141
slavery, 156, 367
Slim, Carlos, 42, 365
Smith, Adam, 33–34, 106, 313, 341, 363, 397
Sobel, Dava, 109
social capital, 122–23, 125, 135
social Darwinism, 292
socialism, 163
social
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