For forty years, the U.S.-led global economy has produced an enormous improvement in human welfare. The percentage of the world’s population living on less than $1.90 per day fallings from 42% to 10%.
At the same time, income inequality has surged in countries with advanced economics. Nowhere has it surged more than the United States, where reliance on free-market forces magnifies rewards for those at the top while leaving others behind.