ABSTRACT
We argue throughout this book that the power of the wealthy has brought about a high degree of economic inequality and generated a perverse leaveit-to-the-market ideology. The inequality, ideology, and power have worked together as a vicious circle to generate economic instability. Yet the United States is a formally democratic society. We have regular elections and extensive civil liberties. These essential procedures of democracy have been violated many times in our history (not least by provisions of the Patriot Act), and it is possible to point out various flaws in the country’s election procedures. Nonetheless, by both international and historical standards, democratic procedures in the United States, while not ideal, are pretty good. So how is it that “the wealthy” have been able to exercise such great power in shaping the way our economy operates?
