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As inequality grows, so does the political influence of the rich
Key Excerpts from Article on Website of The Economist


The Economist, July 21, 2018
Posted: August 27th, 2018
https://www.economist.com/finance-and-economics/2018/07/21/a...

With few exceptions, todays populist insurgents are more concerned with immigration and sovereignty than with the top rate of income tax. This disconnect may be more than an oddity. It may be a sign of the corrupting influence of inequality on democracy. Rather than straightforwardly increasing pressure on politicians to do something about skewed income distributions ... rising inequality might instead boost the power of the rich, thus enabling them to counter the popular will. Research in political science gives substance to the impression that Americas rich wield outsize influence. The relation between concentrated wealth and the political power of the rich is scarcely limited to political spending, or to America. The rich have many means to shape public opinion: financing nominally apolitical think-tanks, for instance, or buying media outlets. Although their power may sometimes be used to influence the result of a particular vote, it is often deployed more subtly, to shape public narratives about which problems deserve attention. Rising inequality ... is associated with political agendas more focused on matters related to social order, such as crime and immigration. Issues such as economic justice are crowded out. As their wealth increases, [the rich] have a greater ability to press politicians to emphasise some topics rather than others. The rich are powerful, but not all-powerful. If political leaders tried it, they might well find that redistribution is a winner at the ballot box.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality.


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