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The inequality curse: constraints and political discretion

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  • Pereira, Luiz Carlos Bresser

Abstract

We live in an unjust world characterized by economic inequality. No liberaltheory of justice is able to justify it. Inequality is not “solved” with equality ofopportunity or meritocracy. Nor by the socialist and republican critique. The poor willhave to count with them and with democracy to make social progress reality. In theirpolitical struggle, they will face one economic constraint: the expected profit rate mustremain attractive to business investors. Yet, giving that technological progress inincreasingly capital-saving, this economic constraint does not obstruct that wages growabove the productivity rate and inequality is reduced. What really is an obstacle to socialjustice in the rich countries is, on one hand, the power that capitalist rentiers retain andfinancists acquired, and, on the other, the competition originated in low wage countries.

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Bibliographic Info

Paper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 261.

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Date of creation: 14 Jul 2010
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Handle: RePEc:fgv:eesptd:261

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