The financial crisis of 2008, along with the Great Recession it triggered, has defined the course of the 21st century. Yet, despite the political agitation and economic hardship that ensued, everything appears to be back to the right track. The major stock market indices have reached new highs: In November, the Dow Jones surpassed 28,000 for the first time in history. US household debt just broke the $14 trillion mark. In the era of Dodd-Frank, the financial sector seems more regulated and stable. Compared to the turmoil in the political sphere, the US economy appears to be smooth sailing.
But what does this “right track” mean?
Our new book, Divested: Inequality in the Age of Finance, shows that the most damaging consequence of the contemporary financial system is not simply recurrent financial crises but the social divide it has generated between the haves and have-nots over the past 40 years.
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