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WTF?: What's the Future and Why It's Up to Us by Tim O'Reilly

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12

REWRITING THE RULES

IN THE MAY 2011 VANITY FAIR ESSAY THAT BROUGHT THE NOTION of the 1% into the national dialogue, “Of the 1%, by the 1%, for the 1%,” Nobel Prize–winning economist Joseph Stiglitz wrote a chilling reflection on the consequences of a dysfunctional economy that works well for only a tiny fraction of the population. His title, painfully echoing Lincoln’s Gettysburg Address, asks if indeed “government of the people, by the people, and for the people” remains our ideal.

He wrote about the tumult then upending autocratic regimes in the Middle East, noting, “These are societies where a minuscule fraction of the population—less than 1 percent—controls the lion’s share of the wealth; where wealth is a main determinant of power; where ...

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