By Col Masood Anwar (34 Long Course)
In his book “How today’s Divided Society endanger our Future,” in chapter one, Stieglitz emphasizes that “the phenomena of income inequality has been occurring well before the financial crisis of 2008. Indeed inequality is suggested to be a root cause of the crisis itself. From pre-crisis, 1979 – 2007, the richest 1 percent of Americans received 60 percent of all gains of income growth, the richest 5 percent of Americans received 80 percent of all income gains, while the 90 percent of American households receive 8.6 percent. These staggering statistics are completely unprecedented in U.S. Also note that Stieglitz’s book is very much an elaboration of his 2011 Vanity Fair article “Of the 1%, for the 1%, by the 1%.” This article provides an excellent summary of the basic argument”.
Mind you, these are the very people who, in the name of equality, invented democracy and have wanted the people of the world to follow them for the sake of equality. Today, in Pakistan, we have the followers of democracy rule over us, indeed, in the name of equality. Long live democracy, “Of the 1%, for the 1%, by the 1%” .