Everyone knows that inequality has gotten out of hand in the United States. Thanks largely to the work of three now-famous economists—Thomas Piketty, Emmanuel Saez, and Gabriel Zucman—it’s probably one of the most widely accepted facts in modern American life. Since the early aughts, they have meticulously documented the rate at which the richest have pulled away from the rest. Their research transformed domestic politics, leading President Barack Obama to declare inequality the “defining issue of our time,” and turning the one percent into a shorthand for excessive wealth and power.
During a reading project I undertook to better understand the “third wave of democracy” — the remarkable and rapid rise of democracies in Latin America, Asia, Europe and Africa in the 1970s and 80s — I came to realize that this ascendency of democratic polities was not the result of some force propelling history toward its natural, final state, as some scholars have argued.