Inequality
From A Brief History of Neoliberalism by David Harvey (2007).
“After the implementatino of neoliberal policities in the late 1970s, the share of national [USA] income of the top 1 percent of income earners in the US soared, to reach 15 per cent (very close to its pre-Second World War share) by the end of the century. THe top 0.1 per cent of income earners in the US increased their share of the national income from 2 per cent in 1978 to over 6 per cent by 1999, while the ratio of the median compensation of workers to the salaries of CEOS increased from jus over 30 to 1 in 1970 to nearly 500 to 1 by 2000. Almost certainly, with the Bush administration’s tax reforms now taking effect, the concentration of income and wealth in te upper echelons of society is continuing apace because the estate tax (a tax on wealth) is being phased out and taxation on income from investments and capital gains is being diminished, while taxation on wages and salaries is maintained.” (16-17)
Tags: capitalism, economics, neoliberalism, politics
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