income-disparity

The great hatred of capitalism in the hearts of the oppressed, ancient and modern, I think, stems not merely from the ensuing vast inequality in wealth, and the often unfair and arbitrary nature of who profits and who suffers, but from the silent acknowledgement that under a free market economy the many victims of the greed of the few are still better off than those under the utopian socialism of the well-intended. It is a hard thing for the poor to acknowledge benefits from their rich moral inferiors who never so intended it. (p.272)

In the quarter century between 1979 and 2005, average after-tax income (adjusted for inflation) grew by $900 a year for the bottom fifth of American households, by $8,700 a year for the middle fifth, and by $745,000 a year for the top 1 percent of households.