Economic inequality is a threat to democracy from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
Economic inequality is not just about how much money people have in their bank accounts; it is also about power. In a society where wealth is concentrated in the hands of a few, those few individuals can use their economic power to influence political decisions in their favor. This can lead to policies that benefit the wealthy at the expense of the majority of the population. When wealth is concentrated in the hands of a small elite, it can lead to a breakdown of social cohesion. People who feel that they have been left behind by the economic system are more likely to become disillusioned with the political process. This can create a fertile ground for extremist ideologies to take hold, as people look for alternative solutions to their economic woes. Moreover, economic inequality can lead to a sense of unfairness and injustice in society. When people feel that the system is rigged in favor of the wealthy, it undermines trust in democratic institutions. People are less likely to believe that their vote can make a difference if they believe that the wealthy have undue influence over the political process. In a society where economic inequality is rampant, the wealthy have more resources to influence the media and shape public opinion. This can further entrench their power and make it even harder for those at the bottom of the economic ladder to have their voices heard. This can create a vicious cycle where economic inequality leads to political inequality, which in turn perpetuates economic inequality.- Economic inequality is a threat to democracy because it undermines the principles of equality and fairness that are essential for a functioning democratic society. When a small elite have disproportionate power and influence, it erodes the foundation of democracy and can lead to a system that serves the interests of the few at the expense of the many.
