Thursday, October 15, 2009

The money wall

The rich love to create money walls between themselves and "the rest." It doesn't matter if the walls they erect ultimately boomerang and take them down.

The argument of this fascinating and deeply provoking book is easy to summarise: among rich countries, the more unequal ones do worse according to almost every quality of life indicator you can imagine. They do worse even if they are richer overall, so that per capita GDP turns out to be much less significant for general wellbeing than the size of the gap between the richest and poorest 20 per cent of the population (the basic measure of inequality the authors use).

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