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Ideology, politics and the concentration of capital

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  • John E. ROEMER

    (Yale University)

Abstract

The concentration of wealth in the United States has reached its highest level ever, equal to what it was on the eve of World War I. The wealthy maintain their wealth - sheltering it from con fiscation via taxation - mainly through ideological means. Influencing politics directly through campaign financing and lobbying are important, but probably less important than the creation of pro-capitalist ideology among voters, which occurs through myriad means. The polarization in the US Congress has followed closely, over the past 200 years, the polarization of wealth. As the top 1% become ever wealthier, they expend more resources attempting to prevent Congress from con fiscating their wealth, which probably explains the ever-rightward movement of the US Republican Party.

Suggested Citation

  • John E. ROEMER, 2015. "Ideology, politics and the concentration of capital," Yildiz Social Science Review, Yildiz Technical University, vol. 1(1), pages 37-44.
    • Handle: RePEc:aye:journl:v:1:y:2015:i:1:p:37-44
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    References listed on IDEAS

    as
    1. Saez, Emmanuel & Zucman, Gabriel, 2014. "Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data," CEPR Discussion Papers 10227, C.E.P.R. Discussion Papers.
    2. Lee, Woojin & Roemer, John E., 2006. "Racism and redistribution in the United States: A solution to the problem of American exceptionalism," Journal of Public Economics, Elsevier, vol. 90(6-7), pages 1027-1052, August.
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    JEL classification:

    • F00 - International Economics - - General - - - General
    • F30 - International Economics - - International Finance - - - General
    • G00 - Financial Economics - - General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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