All posts tagged: Inequality

Is Democracy Compatible with Extreme Inequality?

In 1831, Alexis de Tocqueville took a 10-month trip to the United States to study the American penal system. In the resulting book—Democracy in America—he singled out one noteworthy feature: “Amongst the novel objects that attracted my attention during my stay in the United States, nothing struck me more forcibly than the general equality of conditions.” Although he ignored the fact of slavery, his reference to economic equality among white Americans was, at the time, accurate. According to economic historians Peter H. Lindert and Jeffrey G. Williamson, the share of national income going to the top one percent was less than 10 percent. Today, the share of national income going to the top one percent has doubled, while median wages have remained largely stagnant. In the last 40 years, CEO wages have grown nearly 100 times the rate of wages for average workers. The popularity of left-wing candidates like Elizabeth Warren and Bernie Sanders—both with significant redistributive policies at the core of their platform—reflects the moral concerns many have about high levels of income inequality. But no moral case for economic …

The Meritocracy Trap—A Review

A review of The Meritocracy Trap: How America’s Foundational Myth Feed Inequality, Dismantles the Middle Class, and Devours the Elite by David Markovitz, Penguin Press (September 2019) 422 pages. Meritocracy is in trouble. Recent years have seen a flood of articles deploring inequality and blaming meritocracy for it. In the vanguard is Yale Law professor Daniel Markovits who attacked meritocracy in its home, in an address to Yale University graduates in 2015. His new book, The Meritocracy Trap,1 has just been published. Professor Markovits is a meritocratic champ himself: “In the summer of 1987…I graduated from a public high school in Austin, Texas, and [then] attend[ed] Yale College. I then spent nearly 15 years studying at…the London School of Economics, the University of Oxford, Harvard University, and finally Yale Law School—picking up a string of degrees [in philosophy, econometrics, mathematics and law] along the way.” Despite his own success in the meritocratic sweepstakes, Markovits is highly critical of what he sees as an inevitable bad outcome. The book has nine chapters, beginning with ‘The Meritocratic …