The Oligarchic Reality Of It All

“Inherited privilege is crowding out equality of opportunity; the power of money is crowding out effective democracy.”

This quote is taken from Paul Krugman’s article, Rich Man’s Recovery, published on the New York Time’s web site (September 12, 2013).

In the article, Krugman says that American society, and the values and ideals that define America, is being undermined by extreme inequality. He describes this inequality as “the gap between the society’s meritocratic ideology and its increasingly oligarchic reality.”

Krugman writes that many claim that “inequality of outcomes doesn’t matter as long as there is equality of opportunity.”

Paul’s reply is that …

“If the rich are so much richer than the rest that they live in a different social and material universe, that fact in itself makes nonsense of any notion of equal opportunity.”

Read the article here.

Explore posts in the same categories: Economics, Labor, Politics, Poverty, Social-Economic Justice, Uncategorized

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