The rising gap between the rich and everyone else has fueled unrest across the world, from Europe's ongoing Brexit crisis to this year's elections in India. A sharp reduction in extreme poverty globally has not diminished the sense of loss among middle and working-class citizens of countries with advanced economies
can attract revenue across the world on a scale far larger than in previous generations. That produces immense jackpots for those companies and the executives who lead them, turning the pay gap between top executives and the workers they employ into a chasm.
"There is increasingly divergence and economic growth and economic outcomes across places in the U.S.," says University of Maryland economist Melissa Kearney. "Along with these superstar workers, and these superstar firms, we now have superstar cities in our increasingly winner-take-all economy."The share of workers represented by labor unions has dropped by half, to just over 10%, over the last four decades.
The same goes for policies at private institutions. Admissions procedures at top colleges favor the children of donor and past graduates. As the recent scandal ensnaring prominent entertainers and athletic coaches demonstrates, those with money can also buy illicit advantages. We need some inequality. The problem is when that dynamism gives rise to dynasticism. Kids of affluent parents, even if they're of mediocre talent, go to the best schools and talented kids from less affluent families don't."We need some inequality," says MIT's Autor. "The problem is when that dynamism gives rise to dynasticism.
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