The lesson of the Great Crash was that unequal enrichment provokes asset bubbles, excessive demand for debt and, finally, economic failure. Now we are painfully learning that again.
During the past 30 years, a growing share of the global economic pie has been taken by the world’s wealthiest people. In the UK and the US, the share of national income going to the top 1% has doubled, setting workforces adrift from economic progress. Today, the world’s 1,200 billionaires hold economic firepower that is equivalent to a third of the size of the American economy.