"Since the 1980s, the American business cycle has been based on financial and credit bubbles, and therefore on the enrichment, through the capital markets, of a very small number of people in a very few places. Truly we have become a 'trickle-down economy' — as we were not before. A rising tide may lift all boats, but recent business cycles have been more like waves, whereby certain sectors and areas ride the peaks before crashing to the shore. This is a sign, surely, not of the social evil of inequality per se but of the instability of bubble economies, closely associated with inequality of income, wealth, and power, for which we now pay a fearsome price."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Academics from the United StatesEssayists from the United StatesColumnists from the United StatesEconomists from the United StatesPeople from Gary
Original Language: English
Available Languages (1)
Revision History
No revisions have been submitted for this quote.
Categories
James K. Galbraith
6 quotes on TrueQuotesView all quotes by James K. Galbraith →
Related Quotes
"For Brzezinski, doing damage to Russia is a hobby."
"Is the country full? No of course it isn’t. Have you tried flying over it lately?... Net immigration brings people, e…"
"The Predatory State is an economic system where entire sectors have been built up to feast upon public systems built …"
"They include the privatizers of social security and those who put the drug companies in position to profit from Medic…"
"A state that does not plan does not, by default turn this function over to the market. Even if the market is perfectl…"
"For him delicious flavors dwell In books as in old Muscatel."
"And in the evening, everywhere Along the roadside, up and down, I see the golden torches flare Like lighted street-la…"
"Song like a rose should be; Each rhyme a petal sweet; For fragrance, melody, That when her lips repeat The words, her…"
"The hunter catches a dreadful prey, the seaman steers his ship into an unspeakable harbor, the plowman sows and reaps…"
"You are the king no doubt, but in one respect, at least, I am your equal: the right to reply. I claim that privilege …"