Technological transitions lead to income inequality

“After a great technological revolution or a major economic transition, as when America changed from a nation of farmers to an urban industrial one, there is often a period of great concentration of wealth, and with it, a concentration of power in the wealthy. That’s what we saw in 1928, and that’s what we see today. At some point that power is exercised so injudiciously, and the lives of so many become so unbearable, that a period of reform ensues.”

“[There is no reform when] it is not public opinion but the opinions of the wealthy that predict the votes of the Senate.”

-Drew Westen, What Happened to Obama? (NYTimes, Aug 6, 2011)

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