Cronyism is behind the worst kind of economic inequality in the US

New York

ECONOMIC inequality has skyrocketed in the US during the past few decades. That has prompted many calls for government policies to reverse that trend. Defenders of the status quo argue that rising inequality is a necessary byproduct of economic growth: If we don't allow people the chance to become extremely rich, they will stop working, investing, saving and starting businesses. A receding tide will then cause all boats to sink.

Critics ha…