Capitalism and Inequality rejects the popular view that attributes the
recent surge in inequality to a failure of market institutions. Bringing
together new and original research from established scholars, it
analyzes the inequality inherent in a free market from an economic and
historical perspective. In the process, the question of whether the
recent increase in inequality is the result of crony capitalism and
government intervention is explored in depth.
The book features sections on theoretical perspectives on inequality,
the political economy of inequality, and the measurement of inequality.
Chapters explore several key questions such as the difference between
the effects of market-driven inequality and the inequality caused by
government intervention; how the inequality created by regulation
affects those who are less well-off; and whether the economic growth
that accompanies market-driven inequality always benefits an elite
minority while leaving the vast majority behind. The main policy
conclusions that emerge from this analysis depart from those that are
currently popular. The authors in this book argue that increasing the
role of markets and reducing the extent of regulation is the best way to
lower inequality while ensuring greater material well-being for all
sections of society.
This key text makes an invaluable contribution to the literature on
inequality and markets and is essential reading for students, scholars,
and policymakers.
