Paul Krugman,The Conscious of a Liberal

Topics: Middle class, Conservatism, Gilded Age Pages: 3 (1051 words) Published: January 19, 2014
Paul Krugman "The Conscious of a Liberal"
Summary:
In this book "The conscious of a Liberal" Paul Krugman talks about the "long gilded age" that started from the 1870's until the big depression in the 1930's. He shoes that there was a period of a huge inequality in prosperity and in power, where a supposedly a democratic political system didn't succeeded to show the economic interests of the majority. He said that the big power of America was all utilized to defend belongings interests and there had been an unsuspecting approval and acceptance of a conservative beliefs that any effort to help the people who have fewer fortune would guide to an economic disaster. He talked about the distribution of incomes in the 1920's, where if the capital gains were excluded we would have that the highest 10% in income was receiving 43.6% from the final income, while the highest 1% in the income was receiving the 17.3 %. The strange thing is that in 2005, the income allocations facts were so similar to those of the 1920's. He also mentioned that the "great Depression" destroyed the gilded age, and he talked about the reforms of "Franklin Roosevelt", where the most rich of the 0.1% possessed more than 20% of the state's richness in the 1929, however only 10% in the middle of the 1950's. Krugman talked about the new deal that taxed away the biggest part of their revenues and earnings adding that the blue collar employees benefits the most from this. Paul Krugman talked also about the new division of richens called "The Great Compression" that picked up a big number of Americans from the urban slum and from the rural deficiency into owning houses and extraordinary comfort. When Roosevelt took the power, the postwar of the middle class culture and society has arose in a small period of time. The "New Deal" of Roosevelt was accepted by the republican Eisenhower but the rejection during this period of presidency was by some republicans that didn't accept the liberalism of...
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