The Price of Inequality: How Today's Divided Society Endangers Our Future by Joseph E. Stiglitz Page A
Authors: Joseph E. Stiglitz
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responsibility, 100, 112, 120, 121
Social Security, 17, 74, 176, 177, 226, 227, 229, 261, 266, 277, 306, 355, 380
Social Security Administration, 305
social spending:
effects of, 2, 5, 10, 14, 15, 16–17, 26, 31, 63, 74, 77, 79, 84, 108, 173, 277
income distribution and, 30, 77, 79, 299
in resource-rich countries, 40
Soros, George, 151
Sotheby’s, 360
South, black disenfranchisement in, 129, 367
South Africa, 23
Soviet Union, collapse of, 104, 123
see also Russia
Spain, x, xviii, 16, 214
financial crisis in, 210, 219, 220, 255
Sprint, 44
Standard & Poor’s, 192
Standard Oil Company, 42, 317
Stantcheva, Stefanie, 114
Stigler, George, 44
stimulus package, 211, 232–34, 236, 382
value of, 86
stock market, 3, 8, 13, 54, 164, 165–66, 177, 244, 296, 312, 360, 383
stock options, 110, 111
Strauss-Kahn, Dominique, 91–92
student loans, 58, 94–95, 195–96, 201, 265, 271, 275, 323, 338, 370–71
subprime crisis, xvii, 2, 194, 202, 250, 253, 356, 369
legal settlements of, 70–71
profit-making in, 77
see also foreclosures; predatory lending
subsidies, 39, 40, 50–51, 64, 81, 99, 179–80, 189, 191, 213, 214, 216, 222, 320, 367, 379
to financial sector, 222, 223, 240, 247, 387
hidden, 39, 40, 81, 99, 173, 191, 213, 214, 222, 223, 224, 240, 247, 272–73, 367, 387
see also government, U.S., munificence of
Supreme Court, U.S., 131, 132, 285, 317, 318, 350
Sweden, 366
economic mobility in, 18
financial crisis response in, 168, 169, 361
financial stability in, 220
GDP of, 183
inequality in, 23, 127
labor in, 230
tax system in, 22
Switzerland, 183
tariffs, 50, 61, 325
taxes:
alternative minimum, 394
on capital gains, 71–72, 87, 88, 115, 211, 274, 330, 361, 378, 395
corporate, 62, 73–74, 95, 115, 142, 179, 214, 215, 221–22, 224, 225, 270, 272, 273–74, 278, 283, 296, 331
economic growth and, 22–23, 84, 86, 88
and economic stimulus, 216, 217, 218, 221
estate, 73, 76, 88, 166, 167, 274, 361, 395
on financial sector, 213–14, 215, 247, 248
globalization and, 62, 63, 142, 278
income distribution and, 30, 31, 72
loopholes in, 42–43, 72, 115, 212, 214, 215, 221, 222, 272, 273
market correction through, 34
middle-class deductions in, 222–24, 379
and national debt, 207, 376
on natural resources, 39–40, 213
on pollution, 213, 215, 224
on poor, 74, 88, 218
progressive, 5, 31, 107, 114–16, 142, 212, 218, 273–74, 379, 395
Reagan’s revision of, 5, 71, 114, 221
regressive, 38, 74, 77, 79, 157, 208, 214, 237, 251, 299
on rent seeking, 39, 115, 212–14, 215, 274, 395
Right’s view of, 216
state, 74
on wealthy, 5, 38, 42–43, 62, 71–73, 74, 76, 77, 84, 86, 87–88, 114, 115, 116, 138, 142, 159, 167, 208, 209, 211, 212, 214–15, 218, 221, 223, 224, 225, 226, 256, 274, 275, 294, 312, 335, 344, 360, 383, 394
technology:
bubble in, 85, 87, 88, 89, 211, 243, 391, 396
economic impact of, 30, 79, 80
government investment in, 15, 93, 115, 155, 174, 217, 267, 281, 283
idea-shaping and, 156
labor demand and, 53, 54–56, 63, 79, 80, 277, 280, 283, 334
monopolies in, 42, 44, 45–46, 96
and stock trading, 165
telecommunications:
government auction of, 50
monopolization in, 44, 97, 98
see also technology
TEPCO, 189
Thaler, Richard, 161
Thatcher, Margaret, 316
Thucydides, 29
Tingbergen, 392
T-Mobile, 44, 203
tobacco industry, xviii, 151, 160, 354, 357
Tocqueville, Alexis de, 288
Townes, Charles, 41
Toxic Asset Relief Program (TARP), 362
trade:
agreements on, 140, 141, 324–25, 326
austerity and, 231
globalization of, 61–64, 144, 324–25, 326
imbalances in, 279–80, 396
Treasury bills, 177, 208, 217,
Social Security, 17, 74, 176, 177, 226, 227, 229, 261, 266, 277, 306, 355, 380
Social Security Administration, 305
social spending:
effects of, 2, 5, 10, 14, 15, 16–17, 26, 31, 63, 74, 77, 79, 84, 108, 173, 277
income distribution and, 30, 77, 79, 299
in resource-rich countries, 40
Soros, George, 151
Sotheby’s, 360
South, black disenfranchisement in, 129, 367
South Africa, 23
Soviet Union, collapse of, 104, 123
see also Russia
Spain, x, xviii, 16, 214
financial crisis in, 210, 219, 220, 255
Sprint, 44
Standard & Poor’s, 192
Standard Oil Company, 42, 317
Stantcheva, Stefanie, 114
Stigler, George, 44
stimulus package, 211, 232–34, 236, 382
value of, 86
stock market, 3, 8, 13, 54, 164, 165–66, 177, 244, 296, 312, 360, 383
stock options, 110, 111
Strauss-Kahn, Dominique, 91–92
student loans, 58, 94–95, 195–96, 201, 265, 271, 275, 323, 338, 370–71
subprime crisis, xvii, 2, 194, 202, 250, 253, 356, 369
legal settlements of, 70–71
profit-making in, 77
see also foreclosures; predatory lending
subsidies, 39, 40, 50–51, 64, 81, 99, 179–80, 189, 191, 213, 214, 216, 222, 320, 367, 379
to financial sector, 222, 223, 240, 247, 387
hidden, 39, 40, 81, 99, 173, 191, 213, 214, 222, 223, 224, 240, 247, 272–73, 367, 387
see also government, U.S., munificence of
Supreme Court, U.S., 131, 132, 285, 317, 318, 350
Sweden, 366
economic mobility in, 18
financial crisis response in, 168, 169, 361
financial stability in, 220
GDP of, 183
inequality in, 23, 127
labor in, 230
tax system in, 22
Switzerland, 183
tariffs, 50, 61, 325
taxes:
alternative minimum, 394
on capital gains, 71–72, 87, 88, 115, 211, 274, 330, 361, 378, 395
corporate, 62, 73–74, 95, 115, 142, 179, 214, 215, 221–22, 224, 225, 270, 272, 273–74, 278, 283, 296, 331
economic growth and, 22–23, 84, 86, 88
and economic stimulus, 216, 217, 218, 221
estate, 73, 76, 88, 166, 167, 274, 361, 395
on financial sector, 213–14, 215, 247, 248
globalization and, 62, 63, 142, 278
income distribution and, 30, 31, 72
loopholes in, 42–43, 72, 115, 212, 214, 215, 221, 222, 272, 273
market correction through, 34
middle-class deductions in, 222–24, 379
and national debt, 207, 376
on natural resources, 39–40, 213
on pollution, 213, 215, 224
on poor, 74, 88, 218
progressive, 5, 31, 107, 114–16, 142, 212, 218, 273–74, 379, 395
Reagan’s revision of, 5, 71, 114, 221
regressive, 38, 74, 77, 79, 157, 208, 214, 237, 251, 299
on rent seeking, 39, 115, 212–14, 215, 274, 395
Right’s view of, 216
state, 74
on wealthy, 5, 38, 42–43, 62, 71–73, 74, 76, 77, 84, 86, 87–88, 114, 115, 116, 138, 142, 159, 167, 208, 209, 211, 212, 214–15, 218, 221, 223, 224, 225, 226, 256, 274, 275, 294, 312, 335, 344, 360, 383, 394
technology:
bubble in, 85, 87, 88, 89, 211, 243, 391, 396
economic impact of, 30, 79, 80
government investment in, 15, 93, 115, 155, 174, 217, 267, 281, 283
idea-shaping and, 156
labor demand and, 53, 54–56, 63, 79, 80, 277, 280, 283, 334
monopolies in, 42, 44, 45–46, 96
and stock trading, 165
telecommunications:
government auction of, 50
monopolization in, 44, 97, 98
see also technology
TEPCO, 189
Thaler, Richard, 161
Thatcher, Margaret, 316
Thucydides, 29
Tingbergen, 392
T-Mobile, 44, 203
tobacco industry, xviii, 151, 160, 354, 357
Tocqueville, Alexis de, 288
Townes, Charles, 41
Toxic Asset Relief Program (TARP), 362
trade:
agreements on, 140, 141, 324–25, 326
austerity and, 231
globalization of, 61–64, 144, 324–25, 326
imbalances in, 279–80, 396
Treasury bills, 177, 208, 217,
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