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Bubbles, Booms, and Busts - The Rise and Fall of Financial Assets (Paperback, 2nd ed. 2015)
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Bubbles, Booms, and Busts - The Rise and Fall of Financial Assets (Paperback, 2nd ed. 2015)
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This book deals at some length with the question: Since there are
many more poor than rich, why don't the poor just tax the rich
heavily and reduce the inequality? In the 19th century and the
first half of the 20th century, the topic of inequality was
discussed widely. Ending or reducing inequality was a prime
motivating factor in the emergence of communism and socialism. The
book discusses why later in the 20th century, inequality has faded
out as an issue. Extensive tables and graphs of data are presented
showing the extent of inequality in America, as well as globally.
It is shown that a combination of low taxes on capital gains
contributed to a series of real estate and stock bubbles that
provided great wealth to the top tiers, while real income for
average workers stagnated. Improved commercial efficiency due to
computers, electronics, the Internet and fast transport allowed
production and distribution with fewer workers, just as the advent
of electrification, mechanization, production lines, vehicles and
trains in the 1920s and 1930s produced the same stagnating effect.
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