The "crime" wasn't committed by the market, but by . The story highlights a massive organizational shift starting around 1978:
The authors found that economic growth didn't just favor the "educated"—it favored the , and even more so the top 0.1% . Winner-Take-All Politics: How Washington Made t...
While labor unions and middle-class advocacy groups declined, corporate interests organized into powerful lobbying machines. The "crime" wasn't committed by the market, but by
For decades, Americans were told that rising inequality was an inevitable result of —the idea that computers and globalization naturally reward the highly educated while leaving others behind. However, the authors argue that this "suspect" has an alibi. If technology were the only cause, we would see similar inequality spikes in all advanced nations, yet the U.S. remains a stark outlier. The Investigation: The "Yachts vs. Dinghies" Economy For decades, Americans were told that rising inequality
Instead of a rising tide lifting all boats, they describe an economy where "yachts are rising, but dinghies are largely staying put". The Culprit: Organized Politics
This political muscle led to deregulated financial markets, tax cuts for the hyper-wealthy, and a system where "banks are organized; their customers are not".
Elite interests didn't always need to pass new laws. Often, they just had to block updates to old ones—a tactic called "drift"—letting inflation and market changes erode middle-class protections like the minimum wage or labor laws.