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Indeed, it has been said that democracy is the worst form of government except all those other forms that have been tried from time to time." [2] Critics of democracy have often tried to highlight democracy's inconsistencies, paradoxes, and limits by contrasting it with other forms of government, such as epistocracy or lottocracy.
Income inequality clearly accelerated beginning in the 1980s. Larry Bartels, a Princeton political scientist and the author of Unequal Democracy, argues that federal tax policy since 1964 and starting even before that has increased economic inequality in the United States. He states that the real income growth rate for low and middle class ...
Structural inequality can be encouraged and maintained in society through structured institutions such as state governments, and other cultural institutions like government run school systems with the goal of maintaining the existing governance/tax structure regardless of wealth, employment opportunities, and social standing of different ...
policy – Critics have argued that neoliberal policies have increased economic inequality [76] [77] and exacerbated global poverty. [78] [79] [80] According to Krugman, movement conservatives increased their influence over the Republican Party beginning in the 1970s. In the same era, it increased its political power.
Government spending leads to the decline in inequality in the UK but to its increase in the US and Canada. [ 27 ] Following the results of Alesina and Rodrick (1994), Bourguignon (2004), and Birdsall (2005) show that developing countries with high inequality tend to grow more slowly, [ 98 ] [ 99 ] [ 100 ] Ortiz and Cummings (2011) show that ...
75) ("An imbalance between rich and poor is the oldest and most fatal ailment of all republics"), and even the father of the free market, Adam Smith (who warned of "great inequality" where "civil government" is "instituted for the defence of the rich against the poor") (p. 82).
The effect is based on Alexis de Tocqueville's observations on the French Revolution and later reforms in Europe and the United States.Another way to describe the effect is the aphorism "the appetite grows by what it feeds on". [4]
The combination of the three policies – fixed exchange rate, free capital flow, and independent monetary policy – is known to cause financial crisis. The Mexican peso crisis (1994–1995), the 1997 Asian financial crisis (1997–1998), and the Argentinean financial collapse (2001–2002) [ 13 ] are often cited as examples.