Niebuhr on the Psychodynamics of Inequality

Yves Smith has an excellent but had to summarize article on the culture of Wall Street that she opens with a great quotation from Reinhold Niebuhr’s Moral Man and Immoral Society:

Since inequalities of privilege are greater than could possibly be defended rationally, the intelligence of privileged groups is usually applied to the task of inventing specious proofs for the theory that universal values spring from, and that general interests are served by, the special privileges which they hold.

Well said.