Cowen argues that we are exiting a unique period in American history, in which we believed that there could be relative equality and relative social cohesion, and entering one in which we will effectively see the creation of two separate nations. As he writes in his book's concluding chapter, tellingly entitled "A New Social Contract?":
"The forces outlined in this book, especially for labor markets, will require a rewriting of the social contract ... We will move from a society based on the pretense that everyone is given an okay standard of living to a society in which people are expected to fend for themselves much more than they do now. I imagine a world where, say 10 to 15 percent of the citizenry is extremely wealthy and has fantastically comfortable and stimulating lives, the equivalent of current-day millionaires, albeit with better health care.
"Much of the rest of the country will have stagnant or maybe even falling wages in dollar terms, but a lot more opportunities for cheap fun and cheap education. Many of these people will ... benefit from all the free or near-free services modern technology has made available. Others will fall by the wayside.
"This framing of income inequality in meritocratic terms will prove self-reinforcing. Worthy individuals will in fact rise from poverty on a regular basis, and that will make it easier to ignore those who are left behind."Sounds awful.
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