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Massive Inequality Is a Feature of Capitalism, Not a Bug
The Biden administration may usher in a new period of reform, but history shows that it’s unlikely to last if our economic system remains intact.
To grasp the sheer magnitude of U.S. economic inequality in recent years, consider its two major stock market indices: the Standard and Poor (S&P) 500 and Nasdaq.
- Richard D. Wolff
- In These Times
Over the last 10 years, the values of shares listed on them grew spectacularly.
The S&P 500 went from roughly 1,300 points to over 3,800 points, almost tripling.
The Nasdaq index over the same period went from 2,800 points to 13,000 points, more than…