Business Analysis: Trend to greater equality reversed by the
'winner-take-all' society
http://news.independent.co.uk/business/analysis_and_features/story.jsp?story=547460
In both Britain and United States, wealth inequality has increased
since the 1970s
By Chris Hamnett
03 August 2004
The stock market bubble of the late 1990s and its subsequent collapse
have been well publicised. But although a lot of small investors and
pension funds got burnt fingers, the really wealthy seem to have come
away relatively unscathed.
In the United States, recent financial scandals such as Enron and
Global Crossing highlighted the fact that new entrepreneurs had built
up (and sometimes siphoned off) hundreds of millions of dollars in
assets in the late 1990s bubble. But these are the tip of the iceberg.
There are now more than 4 million dollar-millionaires in America and
Paul Krugman, the renowned economist, argues that wealth inequality
has returned to the level of the golden age of American capitalism
from the 1870s to 1929.
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