philebookworm

For the love of the written word

Book Quote on Markets and Inequality


market

Quote from The Price of Inequality:

“… market forces are real, but they are shaped by political processes. Markets are shaped by laws, regulations, and institutions. Every law, every regulation, every institutional arrangement has distributive consequences-and the way we have been shaping America’s market economy works to the advantage of those at the top and to the disadvantage of the rest.” –Joseph E. Stiglitz, Author

One of my favorite quotes from Stiglitz’s book.  He poses a very interesting observation in American society today which may very well be applicable in other countries as well–that the wealth of the nation is only distributed among the rich, what he calls the “top 1 percent”, and no one else down below.

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