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Runaway inequality is now America’s most critical economic fact of life. In 1970, the ratio of pay between the top 100 CEOs and the average worker was 45 to 1. Today it is a shocking 829 to one! During that time a new economic philosophy set in that cut taxes, deregulated finance, and trimmed social spending. Those policies set in motion a process that greatly expanded the power of financial interests to accelerate inequality. But how exactly does that happen?
Using easy-to-understand charts and graphs, Runaway Inequality explains the process by which corporation after corporation falls victim to systematic wealth extraction by banks, private equity firms, and hedge funds. It reveals how financial strip-mining puts enormous downward pressure on jobs, wages, benefits, and working conditions, while boosting the incomes of financial elites.
But Runaway Inequality does more than make sense of our economic plight. It also shows why virtually all the key issues that we face―from climate change to the exploding prison population―are intimately connected to rising economic inequality.
Most importantly, Runaway Inequality calls upon us to build a common movement to tackle the sources of increasing income and wealth inequality. As the author makes clear, the problem will not cure itself. It will take enormous energy and dedication to bring economic justice and fairness back to American society.
The book is divided into four parts:
- Part I: What is the fundamental cause of runaway economic inequality? What has made our economy less fair and left most of us less secure?
- Part II: How does the United States really compare with other major developed countries? How do we stack up on quality of life, health, and well-being?
- Part III: What does economic inequality have to do with so many of the critical issues we face, including taxes, debt, education, criminal justice, racism, climate change, foreign trade, and war?
- Part IV: What concrete steps can we take to begin building a fair and just society?
From the book: “There is nothing in the economic universe that will automatically rescue us from runaway inequality. There is no pendulum, no invisible political force that ‘naturally’ will swing back towards economic fairness. Either we wage a large-scale battle for economic, social, and environmental justice, or we will witness the continued deterioration of the world we inhabit. The arc of capitalism does not bend towards justice. We must bend it.”
- Sales Rank: #339344 in Books
- Published on: 2015-10-28
- Original language: English
- Number of items: 1
- Dimensions: 8.30" h x .70" w x 5.30" l, .0 pounds
- Binding: Paperback
- 320 pages
Review
Salon-
…"the book has many virtues besides its timeliness. And more than most of the other high-profile books on inequality in recent years, Runaway Inequality doesn’t just explain where the U.S. economy went wrong; it also explains how American citizens can organize to get it back on track.”
About the Author
After attending Oberlin College and Princeton University's Woodrow Wilson School of Public and International Affairs (MPA 1975), Les cofounded and currently directs the Labor Institute (1976). He designs research and educational programs on occupational safety and health, the environment and economics for unions, worker centers and community organizations. He is the author of The Man Who Hated Work and Loved Labor (2007), and The Looting of America (2009) and How to Make a Million Dollars an Hour (2013).
Most helpful customer reviews
18 of 19 people found the following review helpful.
A powerful tool for fighting inequality with an "aha moment" on almost every page.
By Laura McClure
This pithy book is a powerful tool for fighting inequality – packed with information and insights that will propel you out of your chair and into action.
For both newbies and activists who already know something about runaway inequality, this book pulls it all together. It ties our extreme economic divide and the takeover of our economy by financial elites to everything from racial injustice to climate change. Easy-to-grasp charts and graphs make it all pop. I had an “aha moment” on almost every page.
Runaway Inequality isn’t a stern tome about what’s wrong that leaves you feeling depressed and paralyzed. As in all his books, Leopold is a friendly, sometimes playful, and always encouraging guide. In clear, accessible language, he informs, clarifies, and points the way to action. He urges us to step outside our issue “silos" and see the big picture. We can make different choices about our economy and our political system – if we dare to think big and work together.
12 of 12 people found the following review helpful.
A must read
By Bakari Chavanu
Bernie Sanders should endorse this book! Runaway Inequality explains and provides evidence for the huge economic divide in the US. Leopold explains how Wall Street, out of control banks and debt, ever increasing privatization of the public property, goods, and services we depend, the rampant destruction of the environment, low wages, police brutality, and much more, are making it very difficult for many people in the US to reach our fullest potential and live productive, happy lives.
This book is indeed an activist guide. It's easy to read, and it has lots of useful data for activists and ordinary citizens to use to argue why we need political, economic, and social revolution in this country. You may be very surprised in reading this book by the true average wage gap between workers and CEOs in this country. You should already know how less than 1% of the population has amassed enough personal wealth to support themselves for ten to fifteen lifetimes.
This guide would make a useful read for group discussions. Students could use it as the basis for research papers on related topics, and unions could use it as a guide to educate workers about why and how changes are needed.
Runaway Inequality connects the dots and shows how trickle down economics has not and does not work for the vast majority of works of workers and citizens. It explains in clear language the role and dangers of finance capital and how it contributes to the economic divide, and ultimately how it contributes to the economic crisis of 2008.
If you have never read a book like this, I strongly encourage you to do so.
13 of 13 people found the following review helpful.
The author Les Leopold has a way of being able ...
By Dan
The author Les Leopold has a way of being able to connect the dots that many people are unable to do. We find that the inequality in the United States is not just a series of happenstance and coincidences. Instead we see how the powers that be have crafted laws and regulations (or eliminated them) over time and then mislead the public on the eventual effects of those policies. This is an eye-opening MUST READ!
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