By Arnold Kling
Gordon Wood, in Empire of Liberty, writes,
After all, wealth, compared to birth, breeding, ethnicity, family heritage, gentility, even education, is the least humiliating means by which one person can claim superiority over another; and it is the one most easily matched or overcome by exertion.
The alleged goal of reducing economic inequality is trumpeted by people who want to strengthen inequality of political power. The goal is to entrench Harvard while delegitimizing those who are less educated.
When push comes to shove, political income redistribution favors Insiders over Outsiders. Thus, the bailouts and the continued support for “too big to fail.”
In my view, the biggest threat to America’s democratic tradition is not concentration of wealth. It is concentration of political power. That is an essential theme of Unchecked and Unbalanced.