The Great Polarization: How Ideas, Power, and Policies Drive Inequality

The Great Polarization examines the causes and consequences of the rise in inequality since the 1970s, arguing that institutions, norms, policy, and political power determine the distribution of wealth and income. It highlights the role of ideas and ideologies in justifying inequality and offers potential ways forward.

Format: Hardback
Length: 400 pages
Publication date: 13 December 2022
Publisher: Columbia University Press

Since the 1970s, the world has witnessed a significant increase in income and wealth inequality. The super-rich have benefited the most from economic growth, while the labor share of income has declined, leading to stagnation for the middle class and a worsening situation for those at the bottom. Structural discrimination based on race and gender further exacerbates these economic disparities.

The Great Polarization: Causes and Consequences of Income and Wealth Inequality brings together scholars from various fields to explore the root causes and consequences of this growing divide. Contributors demonstrate that institutions, norms, policies, and political power, rather than the "natural" operation of the market, shape the distribution of wealth and income. The book highlights the influence of ideas and ideologies, such as neoclassical economics and related beliefs, in justifying inequality in public debates.

Through a comprehensive analysis of data, policies, and expert insights, the book offers a multifaceted perspective on the processes that have shaped today's stark hierarchies. It reconsiders the data on inequality, examines the policies that have contributed to this predicament, and proposes potential solutions. The book draws on theoretical and empirical analysis, incorporating knowledge from policy, political economy, economics, and other disciplines.

In conclusion, The Great Polarization provides a compelling examination of the factors contributing to income and wealth inequality and offers insights into potential ways forward. It underscores the importance of addressing structural discrimination, rewriting economic rules to promote fairness, and fostering social mobility to create a more equitable and prosperous society.

Weight: 772g
Dimension: 160 x 240 x 35 (mm)
ISBN-13: 9780231199261