Nobel laureate economist, Joe Stiglitz, has an op-ed piece in today's New York Times in which he looks at how Singapore's efforts to redress inequality has reaped huge benefits for the country.
Democracy, we now recognize, involves more than periodic voting.
Societies with a high level of economic inequality inevitably wind up
with a high level of political inequality: the elites run the political
system for their own interests, pursuing what economists call
rent-seeking behavior, rather than the general public interest. The
result is a most imperfect democracy. The Nordic democracies, in this
sense, have achieved what most Americans aspire toward: a political
system where the voice of ordinary citizens is fairly represented, where
political traditions reinforce openness and transparency; where money
does not dominate political decision-making; where government activities