At great expense my brother sent me a copy of Joseph Stiglitz’ new book, “The Price of Inequality’ for my 72nd birthday. In reading it my first thought was I would have preferred he pay for my first root canal since it will be less painful. I am well into the book but from page 1 I have seen the handwriting on the wall. My review of this book will be short and to the point, “‘Election Year.” Stiglitz ad nausea coorelates the growth of “outrageous” inequality in America to Republican administrations. However, the trends he sees cut through both Republican and Democrat administrations. He even chastises President Obama for policies that foster greater inequality.
An alternative short review would be “Return to Marx.” Like, Marx’ (Karl, not Groucho), Stiglitz casts his spotlight on the money class “enslaving” the working class, to be specific and current, he shows how the “1%” are increasing their control over the “99%” in an attempt to further isolate themselves from the hoi polloi.
I am finding a great blog in each page of this Calvary of a read and will do some along the way, 14? For starters I would remind Mr Stiglitz that money is the grease for economic growth. Way back in the Middle Ages Jews were reviled as “money changers,” the reason being that charging interest on loans was banned by the Christian church (Islam as well). That left the Jews to provide the loans needed to get the economic ball rolling since the only other way was to conquer and enslave another people. So please understand Mr Stiglitz financiers are not “non-productive” parts of the equation, they make the machinery work.
Stiglitz has also learned over several decades devoted to academic pursuits the rule so well stated by former President Clinton, and cited by Stiglitz, “It’s politics, stupid.” Clinton meant what I learned 50 years ago in pursuit of a BS in economics, politics dictates economics, not the other way round as stated by Marx. Funny, the best example of this was the “Marxist-Leninist Soviet Union” which clearly showed how politics plan, formulate, and implement an economy. In all fairness to Marx, it should have been the “Leninist Soviet Union.”
This will be fun.