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Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer | Dean Baker

1 post | 1 reading

There has been an enormous upward redistribution of income in the United States in the last four decades. In his most recent book, Baker shows that this upward redistribution was not the result of globalization and the natural workings of the market. Rather, it was the result of conscious policies that were designed to put downward pressure on the wages of ordinary workers while protecting and enhancing the incomes of those at the top. Baker explains how rules on trade, patents, copyrights, corporate governance, and macroeconomic policy were rigged to make income flow upward.

jhm

Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer | Dean Baker

Suppose that we were spending another $50 billion a year on medical research in order to replace patent-supported research, and [...] all drugs were sold as generics. The annual deficit would be $50 billion higher due to the additional spending [...] but we would save $380 billion a year on drugs due to generic pricing. In Washington policy circles, the high-drug-price scenario would be the path of fiscal prudence and caring about our children.