Nobel Prize-winning economist Joseph Stiglitz, one of America’s most prescient voices, wrote an article for Vanity Fair several months before Occupy Wall Street was born. “Of the 1%, by the 1%, for the 1%” called attention to the widening gap between rich and poor and its deadly impact on our society and its democratic institutions. In his newly released book, The Price of Inequality, Stiglitz returns to this theme of a divided society, delving into the origins and consequences of economic unfairness. I caught up with Professor Stiglitz and talked to him about how the persistent myths and beliefs associated with our capitalist system help to drive this trend, turning America from a land of opportunity to a land of broken dreams.
Lynn Parramore: An argument has been made, particularly since the end of the Cold War, that capitalism is great at producing things that can improve our lives, and so we ought to therefore tolerate some unfairness. What’s wrong with that narrative?