Monday, October 15, 2012

"The top 1 percent cannot evade its share of responsibility for the growing gulf in American society."

Chickens, Colonel Sanders ... you know.
OPINION: The Self-Destruction of the 1 Percent, by Chrystia Freeland (New York Times)

... The story of Venice’s rise and fall is told by the scholars Daron Acemoglu and James A. Robinson, in their book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” as an illustration of their thesis that what separates successful states from failed ones is whether their governing institutions are inclusive or extractive. Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness.

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