INEQUALITIES

E Ray Canterbery

Chapter 17 in Inequality and Global Supra-surplus Capitalism, 2018, pp 257-280 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The darkest side of supra-surplus capitalism is inequality, which has been growing since the 2008 financial crisis, that has left the American and global social fabric fraying at the edges, the rich getting richer, while the rest face hardships is inconsonant with many dreams. While inequalities prevailed before, they have worsened since the Great Recession following 2008. This is the case not only in the USA but in many other countries. The growth in the financial sector, the rise of Casino Capitalism, has contributed to increased inequalities, at home and abroad. Jamie Galbraith has shown that countries with larger financial sectors have more inequalities and it is it not accidental. Inequalities are driven by CEO pay that varies by industry and by state. Deregulation and hidden and open government subsidies have distorted the economies, not only leading to larger financial sectors but also enhancing the ability to move money from the bottom to the top. The persistence of monopoly pricing and power has contributed to the problem. As a result, there are even inequalities among those in the top 1 percent.

Keywords: Capitalism; Production Surpluses; Supra-surpluses; Casino Economy; Inequality; Vita Theory; Great Recession; Subsistence; Minimum Wage; Markup; Kaleckian Power; Stagnation; Innovation; Technological Advance; Income Distribution; Wealth Distribution; Fiscal Policy; Monetary Policy; Incomes Policy; Zero-interest Rate Society; Trump; 2016 Campaign; John Kenneth Galbraith; Conventional Wisdom; Expectations; Budget Shares; Veblenian Demand; Engel's Law; Casino Effect; Economic Power (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2018
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