Economist Joseph Stiglitz

Economist Joseph Stiglitz

Joseph Stiglitz -"Of the 1%, for the 1%, and by the 1%",

Around the world, political influence and anti-competitive practices (often sustained through politics) have been central to the increase in economic inequality. And tax systems in which a billionaire like Warren Buffett pays less tax (as a percentage of his income) than his secretary, or in which speculators, who helped to bring down the global economy, are taxed at lower rates than those who work for their income.

The rise in inequality is the product of a vicious spiral: The rich rent-seekers use their wealth to shape legislation in order to protect and increase their wealth - and their influence. The US Supreme Court, in its notorious Citizens United decision, has given corporations free rein to use their money to influence the direction of politics. But, while the wealthy can use their money to amplify their views, back on the street, police wouldn't allow me to address the OWS protesters through a megaphon.

The protesters have been criticised for not having an agenda. But this misses the point of protest movements. They are an expression of frustration with the electoral process. They are an alarm.