Ritholtz collects a list of prominent economists who believe in the association of economic inequality and financial crises
“A who’s-who’s of prominent economists in government and academia have all said that runaway inequality can cause financial crises:
- Andrew Berg (IMF economist)
- Jonathan Ostry (IMF economist)
- Marriner S. Eccles (Federal Reserve chairman from 1934 to 1948)
Indeed, extreme inequality helped cause the Great Depression, the current financial crisis … and the fall of the Roman Empire.
It’s not just liberal economists who say this … many conservatives say the same thing.”
Previously I have documented prominent individuals who believe high levels of economic inequality may lead to violence. If interested, see “Why Increasing Inequality and Lower Economic Mobility Matter“and “Could Austerity and Runaway Inequality Lead to Violence and Instability?”