Podcasts · EQUALS: Reimagining Our Economy

Gary Stevenson on Wealth Inequality and Falling Living Standards

· 32 min · S8 E10

Episode Gary Stevenson on Wealth Inequality and Falling Living Standards

0:00 31:54

“What you have here is a long-term systemic transfer of wealth away from middle classes, away from rich governments and towards a small super rich elite.”- Gary Stevenson”

To coincide speak with the release of Oxfam’s Davos report, we speak with Gary Stevenson, who became a millionaire by betting that ordinary people’s living standards would keep falling while wealth piled up at the top.

Gary explains why economists repeatedly failed to predict the post-2008 crisis, why low interest rates didn’t lead to prosperity for ordinary people, and how a systemic transfer of wealth from the middle class to a small super-rich elite has reshaped the global economy to the detriment of everyone bar the minority at the top.

We dig into why inequality is at the root of today’s economic crisis, how wealth concentration suppresses growth and erodes democracy, why mainstream economics avoids talking about wealth, how class shapes the fight for a more equal world and why taxing the super-rich the best path towards equality.

This is a no holds barred conversation about how the rich influence power and fuel inequality and why ignoring wealth concentration guarantees that living standards will continue to fall.

This is part two of a three-episode series on economic inequality. The first one featuring Thomas Piketty was released in December, and the third one with three activists taking the fight for equality to the streets will be released on Thursday this week. Watch out for it.

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