‘Socialism for the rich’: the evils of bad economics

03 Aug

In most rich countries, inequality is rising, and has been rising for some
time. Many people believe this is a problem, but, equally, many think
there’s not much we can do about it. After all, the argument goes,
globalisation and new technology have created an economy in which those
with highly valued skills or talents can earn huge rewards. Inequality
inevitably rises. Attempting to reduce inequality via redistributive
taxation is likely to fail because the global elite can easily hide
their money in tax havens. Insofar as increased taxation does hit the
rich, it will deter wealth creation, so we all end up poorer.

1 Comment

Posted by on August 3, 2019 in Economy



One response to “‘Socialism for the rich’: the evils of bad economics

  1. joannereedauthor

    August 4, 2019 at 10:30 am

    It is and is becoming very visible. The great shame about inequality is that it is ultimately self-defeating; it hurts economic growth – especially high inequalit, it undermines education opportunities for children from poor socio-economic backgrounds, lowers social mobility and hampers skills development.


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