Major financial institutions are ringing the alarm bells about the danger of growing inequality.

But is the growing inequality necessarily a bad thing?

"I think that accumulations that are due to technical success are a good thing," says Professor James Galbraith. "When they're due to monopolies, when they're due to land rants, when they're due to financial privation, speculation, and so forth, that's another matter."

However, Edward Conard, the former managing director of investment firm Bain Capital, doesn't see it as a problem.

"When you look at the evidence as to whether or not the US is having an increasing share of crony capitalism, the evidence all works to the contrary," says Conard.

In this Arena, we debate the issue. Joining Mehdi Hasan are Edward Conard, author of The Upside of Inequality: How Good Intentions Undermine the Middle Class, and James Galbraith, author of Inequality: What Everyone Needs to Know.

Follow UpFront on Twitter @AJUpFront and Facebook.

 

Source: Al Jazeera News