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Wednesday 10 October 2012

It is the mutually reinforcing combination of these three forces that makes Tocqueville’s long-ago prediction seem prescient. A “class of rich men” now exists. Its income and wealth are steadily growing, both absolutely and as a share of the nationwide totals, while the majority of American families are experiencing economic stagnation or decline. Unlike in the Gilded Age of the late nineteenth century, when economic inequality in the United States was also wide and widening, today entry even to the beleaguered middle class is increasingly difficult for those not born into it. And those at the top are increasingly able to use the political system to maintain the arrangements that support these patterns. Benjamin Friedman (via politicalprof)

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