the crisis took years to emerge. It was caused by reckless lending practices, Wall Street greed, outright fraud, lax government oversight in the George W. Bush years, and deregulation of the financial sector in the Bill Clinton years. The deepest source, going back decades, was rising inequality. In good times and bad, no matter which party held power, the squeezed middle class sank ever further into debt.
In 2018, many of those root causes remain, making another economic downturn or collapse possible.
A new paper by Thomas Piketty finds that major parties on both sides of the political spectrum have been captured by elites and warns of a future political system that pits "globalists" against "nativists." Economists and political scientists often point to rising inequality as one of the main drivers of the current wave of populist politics engulfing Europe and the US. Income and wealth inequality have been at the forefront of the political debate across Western democracies for a long time, fueling voter dissatisfaction and leading to the widespread perception that the system is "rigged." And yet Western
No matter who wins the Democratic nomination, it is now utterly clear that the Clinton team disastrously misjudged the American electorate. This is not ...
Rules akin to the ones in the World Trade Organization (WTO) should be established in the aviation industry to resolve imbalances caused by the competition between government and private airlines, Lufthansa Group Media Relations head Andreas Bartels told Sputnik on Wednesday.
Over the past few years, the U.S. electricity grid has begun a massive, underappreciated, and largely unintentional transition away from coal to natural gas. Because nobody decided on a shift to ga