Financialization and Income Inequality in the United States, 1967–2010

This paper “Financialization and Income Inequality in the United States, 1967–2010” (free access), by Bradford M. Van Arnum and Michele I. Naples, presents a historical overview of the unprecedented growth of the financial sector and its implications on income inequality. The paper shows that income inequality has resulted primarily from a shift in the balance of power toward rentiers and away from workers. Declining profits and increased financialization led to cost pressures, including downward pressures on wages, decertification of unions, and rising recourse to imports.

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