The Great Recession moved economists to focus on inequality as a social and economic hazard, and to study “the Ginnie Coefficient” (a measure of income inequality in different countries or regions of a country) and the impact of a return on capital being greater than the return on labor, setting up an upper class constantly going up, and a lower class steadily going down.

This month’s Wharton magazine had a great article by an alumnus named Anthony W. Orlando. He earned his master’s degree from the London School of Economics and now teaches at the University of Southern California.

The article in this conservative magazine was titled “Saving Capitalism From A Painful Demise.” Since the beginning of the Great Recession, the average household has lost 8 percent of its income, after adjusting for inflation. All the growth — and then some — has gone to the richest 10 percent of Americans; and most of that growth — 95 percent — has gone to the richest 1 percent.

The “one percenters” are not intrinsically more evil than the rest of us. Bill and Melinda Gates have clearly shown their concern for their fellow humans very well. The issue is that since inequality began to increase, economic growth slowed. Real gross domestic product rose strongly after World War II, as demand had been repressed by the Depression and the war. U.S. factories hummed. We acted responsibly, and the Marshall Plan enabled European rebuilding, and infrastructure was needed world-wide.

But there is another reason why things worked better then. Top to bottom pay ratios in the largest companies in 1952 were 42-to-1. Now, they are 347-to-1. Some 45,000,000 had served in World War II, and we all knew that we had survived the Depression and WWII by working together — helping each other. Bosses were concerned for their workers, and the ability of the economy to grow was clearly better when we all saw that we are in the game together.

Money is the root of all evil. Companies say they can’t afford to raise the minimum wage, but provide top executive pay and bonuses easily. It has made us a very segmented society.

One of the worst impacts has been on education, where people living in rich ghettos have taxes that provide superlative schools for their children, while children in poverty-filled ghettos are left with much less opportunity.

Nationally, 51 percent of our public school children live in poverty and food insecurity. The National Center on Family Homelessness states that in 2014, 2.5 million children were homeless during the year. Maine has some 47,000 children living in poverty, and 2,100 children homeless.

Corporate perspectives vary, but at their worst, they expect Tax Increment Financing, subsidized housing, community paid health care, welfare and food stamps, all paid for by ordinary taxpayers as a subsidy to their business. Businesses should not seek entitlements, but rather provide community services.

In 1952, income tax revenue from corporations represented 32 percent of federal tax revenue. Now it is only 11 percent, as lobbyists and Congress have jointly conspired to provide tax inversions and abundant loopholes and special favors. This has been done by the best government that money can buy.

In 1914, Henry Ford changed pay at his factory from $2.34 a day to $5 a day, so they could afford cars! There is economic benefit to a well-paid citizenry and appreciated workforce.

We need to return to a culture of concern for others, of responsibility and a reduced desire for excessive personal wealth. The sooner this change is made, the happier and more productive our society will become. And if we do it soon enough, we may save capitalism.

We must remember that in Marie Antoinette’s time, the top 10 percent enjoyed only 50 percent of France’s wealth.

Jim Wellehan is president of Lamey-Wellehan Shoes. He lives in Auburn.

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