How the Rich Got Richer
As more and more pass-through business income goes to the super-rich, the income share of the top 1% doubles.
The main narrative that I hear in mainstream press is that U.S. workers are being undercut and eventually displaced by global competition. I think this narrative has a tone of inevitability, that low wages and job loss are driven by huge impersonal forces that we can't do much about. Is this right?
This article is no longer available online
A review of The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America—and Spawned a Global Crisis by Michael W. Hudson. (New York: Times Books, 2010.)