Joseph Stiglitz's The Price Of Inequality In America

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The Price of Inequality Name Institution The Price of Inequality In the past, the US was a nation with an upward mobility and was different from other European societies with rigid class divisions, the young could anticipate to lead better lives than the older people. Joseph Stiglitz in his book, The Price of Inequality: How Today 's Divided Society Endangers Our Future observes that the industrialization that is present in the Western world paves the way for better intergenerational mobility (Krupa, 2013). The author of the book has made various achievements during his life in the economic sector. He is an economist that won the Nobel Prize, served as a chairman of the Council of Economic Advisors during the Clinton era, headed the World Bank, and presently is a professor at the University of Columbia. He asserts that there has been a worrying trend in economic inequality in the US and deterioration in the intergenerational mobility (Carter, 2013). He notes that the level of inequality in wealth and income in America has reached the highest levels historically and is higher while compared to that of other industrialized countries. Indeed, the mission of the author in the text is to make clear how the economy reached here. Since the situation is detrimental, measures should be taken to change the situation. The greater inequality is linked to a slowdown in the economic growth, the risk of political instability, and greater economic instability. It is

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