Way back in 1820, Noah Webster penned a rather prescient speech that talked about the problem of inequality. Some of what he said would be considered problematic today, but IMO the core of his speech rings very true.

The freest government, if it could exist, would not be long acceptable, if the tendency of the laws were to create a rapid accumulation of property in few hands, and to render the great mass of the population dependent and penniless.

In such a case, the popular power would be likely to break limit and control the exercise of popular power. Universal suffrage, for example, could not long exist in a community where there was great inequality of property. The holders of estates would be obliged, in such case, in some way to restrain the right of suffrage, or else such right of suffrage would, before long, divide the property. In the nature of things, those who have not property, and see their neighbors possess much more than they think them need, cannot be favorable to laws made for the protection of property. When this class becomes numerous, it glows clamorous. It looks on property as its prey and plunder, and is naturally ready, at all times, for violence and revolution.