Looking for a new economic model

The rising gap between rich and poor (and the fear of socialist revolution) spawned a wave of reforms, from Theodore Roosevelt’s trust-busting to Lloyd George’s People’s Budget. Governments promoted competition, introduced progressive taxation and wove the first threads of a social safety net. The aim of this new ‘Progressive era’, as it was known in America, was to make society fairer without reducing its entrepreneurial vim”. It adds “as our special report this week argues, inequality has reached a stage where it can be inefficient and bad for growth”.

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