The Inequality Trap: Fighting Capitalism Instead of Poverty

by William Watson

US President Barack Obama has called economic inequality the “defining issue of our time.” It has inspired the “Occupy” movements, made a French economist into a global celebrity, and given us a new expression – the “one percent.” But is our preoccupation with inequality really justified? Or wise?

In his new book, William Watson argues that focusing on inequality is both an error and a trap. It is an error because much inequality is “good,” the reward for thrift, industry, and invention. It is a trap because it leads us to fixate on the top end of the income distribution, rather than on those at the bottom who need help most. In fact, if we respond to growing inequality by fighting capitalism rather than poverty, we may end up both poorer and less equal.

Explaining the complexities of modern economics in a clear, accessible style, The Inequality Trap is the must-read rejoinder to the idea that fighting inequality should be our top policy priority.

Genres: Nonfiction, Economics

239 pages, Kindle Edition

First published September 16, 2015

About the author

This is William Watson (one space).

For the Scottish confederate, see William Watson.

For the British physicist, see William Watson.

For the British poet, see William Watson.

For the British botanist, see William Watson.

Reviews

[Lucile Barker · Rating 1 out of 5]

147. The Inequality trap: Fighting Capitalism instead of Poverty by William Watson
While I understand his basic premise, I can’t support it. The author, an economist, seems to think that the free market will solve most problems and takes every opportunity to refute Piketty’s Capital. The author is a professor at a Western Canadian university so I should not be surprised by his pro-capital and business view. Watson feels that most inequality is good because people are rewarded for hard work and thrift. When he started giving examples of athletes and entertainers he really lost me. He feels that if we get rid of capitalism, we will all be poorer. I don’t think that he has noticed that students with degrees and a student loan are busting their butts at McJobs. He does not address the fact the tax rules are written by the wealthy for the wealthy. Not worth the trees that were cut down for it.

[Henry Olders · Rating 1 out of 5]

I started to read this book, but very quickly realized that Watson is mostly an apologist for the rich. The real issue, I think, for many people is not so much inequality, but inequity; some people manipulate the system to enrich themselves, with the willing cooperation of governments, by essentially stealing from the majority of taxpayers who do not have the same access to the necessary tools.

[farmwifetwo · Rating 1 out of 5]

A topic I agree with but after a chapter on the who's who and I didn't get the point... I found that I wasn't interested