Why We Can't Afford the Rich

Book excerpt: Even as inequalities widen, the effects of austerity deepen, and the consequences of recession linger, in many countries the wealth of the rich has soared. Why We Can't Afford the Rich exposes the unjust and dysfunctional mechanisms that allow the top 1% to siphon off wealth produced by others through the control of property and money. Leading social scientist Andrew Sayer shows how over the past three decades the rich worldwide have increased their ability to hide their wealth, create indebtedness, and expand their political influence. Aimed at all engaged citizens, this important and accessible book uses simple distinctions to burst the myth of the rich as especially talented wealth creators. But more than this, as the risk of runaway climate change grows, it shows how the rich are threatening the planet by banking on unsustainable growth. Forcefully arguing that the crises of economy and climate can only be resolved by radical change, Sayer makes clear that we must make economies sustainable, fair, and conducive to well being for all.