How To Reclaim A Rigged Economy

CHUCK COLLINS’ new book does exactly what an introduction to wealth inequality and all its faults needs to do: summarize without oversimplifying, and provoke dialogue and action about the urgent problem of what Collins memorably dubs the U.S.’s “inequality death spiral.”

Newcomers to the topic will find a concise overview of how wealth inequality has skyrocketed since 1980, how a small elite has changed the rules to enable still higher inequality, the many seen and unseen ways that’s a problem for us all, and the beginnings of a solution. Those more familiar with the subject can benefit from Collins’ overview, well-selected statistics, and well-honed, direct turns of phrase. Those who want deeper reading will find excellent footnotes at the end of the slim volume. Everyone will find her experience livened by the stark words Collins quotes from people identifying as part of the 99 percent—and those who are part of the 1 percent.

Collins’ many years as an advocate against inequality show in the book’s graceful balance: It emphasizes the usefulness of the 99 percent-vs.-1 percent idea, while also making clear that neither side is monolithic. He acknowledges very real economic, class, and racial divisions among the 99, but makes a compelling case against letting those differences be the basis of divide-and-conquer political strategies: “It is important that the 99 percent see that they have some important common ground, rather than be peeled into a hundred subgroupings.” And Collins, who himself grew up in the 1 percent, refuses to demonize it or to accept the demoralizing falsehood that it is unified against those below. Rather, he quotes multiple allies within the economic elite, while decrying how “a small segment of the 1 percent—with an organized base in Wall Street’s financial institutions—has worked over many decades to rig the rules of the economy” in the areas of “taxation, global trade, regulation, and public spending.”

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