Inequality Eventually Ends

“Every growing civilization is a scene of multiplying inequalities; the natural differences of human endowment unite with differences of opportunity produce artificial differences of wealth and power; and where no laws or despots suppress these artificial inequalities they reach at last a bursting point where the poor have nothing to lose by violence, and the chaos of revolution levels men again into a community of destitution….Periodically the land gets itself redistributed, legally or not…periodically wealth is redistributed, whether by the violent confiscation of property, or by confiscatory taxation of income and bequest. Then the race for wealth, goods and power begins again, and the pyramid of ability takes form once more; under whatever laws may be enacted the abler man manages somehow to get the richer soil, the better place, the lion’s share; soon he is strong enough to dominate the state and rewrite or interpret the laws; and in time the inequality is as great as before.”  – Will Durant

Will Durant penned the above quote in 1935 in a footnote near the beginning of his eleven volume treatise, The Story of Civilization.It’s a long quote, yet it still succinctly captures the threat extreme inequality poses for democracy or any established political system. How extreme does inequality need to get before a break occurs? I don’t know, and it surely varies from country to country, the trigger probably unforeseen.  Inequality in this country is not likely to lead to violence, our ballot boxes are still the freest in the world despite recent attempts to limit suffrage, but disaffected citizens are more prone to electing reactionary leaders and endorsing confiscatory and redistributive laws and policies. Those at the privileged end of the income distribution should recognize that excessive inequality is not in their long term best interests.