The inequality paradox : how capitalism can work for everyone
(Book)

Includes bibliographical references (pages 283-304) and index.

A leading economist challenges dominant theories on global inequality, discussing why wealth persistently remains in the hands of a few and how technological development threatens to create a scarcity of unskilled jobs that will lead to even greater inequality.

"In his book Capital in the Twenty-First Century, economist Thomas Pikkety argued that the contemporary phenomenon of rising inequality across the globe is a function of the inheritance of capital, which, over generations, accrues in the hands of a concentrated patrimonial elite. It was an elegant, simple idea that also posed a clear antagonist: the super rich and the policy-makers, who would keep the wealth in their hands. The reality is more complicated. In [this book], the groundbreaking and timely challenge to dominant theories on global inequality, leading economist Douglas McWilliams argues that inequality is largely driven not by a conspiracy of the rich, as Thomas Piketty suggests, but by technology and globalization that have led to the paradox of rising inequality even as worldwide poverty drops. But what are the implications of this seeming contradiction, and what ultimately drives the global distribution of wealth? Drawing on the latest research, McWilliams investigates how wealth is concentrated and why it remains in the hands of very few. In accessible and thought-provoking prose, McWilliams poses a comprehensive theory on why capitalism has not met its match in the form of increasingly disparate income distribution, but warns of the coming wave of technological development--the fourth industrial revolution--that threatens to create a scarcity of unskilled jobs that will lead to even greater inequality. From the inquisitive layperson to the professional economist or policymaker, this book is essential reading for understanding the global economy in its present state, and indispensable in preparing for the imminent economic challenges of our changing world."--Dust jacket.