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Why inequality matters

Joseph Stiglitz, Nobel laureate, overstates the role of big business in the gap between rich and poor

Back in 1975, income inequality in Britain on the standard economic measure stood well below the rich country average. Then something changed. During the following decades, the gap between rich and poor in Britain grew more rapidly than in any other advanced economy to a point that is now well above average and second only to the United States among the big developed countries.

Three questions follow. Why has this happened? Does it matter? And if it does, what’s to be done?

Joseph Stiglitz, a Nobel prize winner in economics, would…

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