Roubini on the Instability of Inequality
Business-school professor and economist Nouriel Roubini earned his nickname Dr. Doom by repeatedly predicting the chain of events that would cause the global economic house of cards to fall down.
Yesterday he laid out the economic dilemmas that are triggering a global Occupy movement and concludes:
“Any economic model that does not properly address inequality will eventually face a crisis of legitimacy. Unless the relative economic roles of the market and the state are rebalanced, the protests of 2011 will become more severe, with social and political instability eventually harming long-term economic growth and welfare.”
Read this brilliant essay here.