Maybe that is why wealth inequality keeps getting worse? I'm hopeful that it will be different right now because of the various current circumstances, but we will see.
An interesting perspective and from an individual's point of view, probably quite a pragmatic one.
I still suspect that widening inequality means that this is either an unlikely occurrence or the effect doesn't last. I'm guessing the first given that wealthy families seem to maintain wealth quite well.
sure, but i think the focus is on the magnitude and speed at which the wealth gap is widening. And its impact might be something we haven't encountered before
This is quite the catch-22. Domestic wealth inequality within the US has widened. Global wealth inequality has narrowed (dramatically). These two trends are very connected.
Increasing inequality sucks the wealth into the top. At first, most citizens in developed countries benefits from rising inequality as the wealth from poorer countries are channeled into the country. As inequality rises, the bottom levels start to lose wealth to the upper levels. As it rises past your neighbourhood, you'll see your neighbourhood getting poorer, while the countries' richest get richer and richer. That's why there's more global wealth than at any point, still growing, but it looks like everyone is getting poorer, because almost everyone is. Not saying that's good or bad, maybe it's even necessary in our society for inequality to continue to rise and then collapse. Many communist experiments have already been tried.
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