UNDERSTANDING CRONY CAPITALISM

13 Jan

There’s a chapter called “The Second Gilded Age” in Paul Krugman’s book where he describes the extraordinary rise in wealth and power of the very rich during this era of unregulated greed. Since Ronald Reagan’s election in 1980, the top one percent of Americans have seen their incomes increase by 275 percent. But after accounting for inflation, the typical hourly wage for a worker has increased just $1.23 cents.

Bill Moyers Essay: The ‘Crony Capitalist Blowout’

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