The economic booms in China and India have helped to reduce global inequality. Over the two last decades, masses of Indians and Chinese have closed the gap (in relative terms) with the rich world.
But, at the same time, many of the world’s truly poor countries have fallen further behind (particularly in Africa, where developments are often described as catastrophic), and inequality within most countries has risen. Widening inequality has been recorded in the United States (starting with Ronald Reagan’s administration), the United Kingdom (starting with Margaret Thatcher), Russia during its privatization, and more recently in China and India.
These developments seem to add to global inequality. So, on balance, it seems that global inequality has been relatively stable during the last two decades.
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The sudden collapse of Silicon Valley Bank was met by an equally swift response from US regulators. But the crisis is far from over, and the nature of the authorities’ response introduces problems of its own.
considers the risk that other banks will experience liquidity problems as interest rates continue to rise.
The emerging breed of industrial policies, which emphasize production, fair wages, and localism, could serve as the basis for post-neoliberal economies. But to tackle the challenges of the twenty-first century and ensure a sustainable future, we need a policy framework that recognizes the value of human connection.
make the case for an economic strategy that prioritizes shared prosperity over competition.
The economic booms in China and India have helped to reduce global inequality. Over the two last decades, masses of Indians and Chinese have closed the gap (in relative terms) with the rich world.
But, at the same time, many of the world’s truly poor countries have fallen further behind (particularly in Africa, where developments are often described as catastrophic), and inequality within most countries has risen. Widening inequality has been recorded in the United States (starting with Ronald Reagan’s administration), the United Kingdom (starting with Margaret Thatcher), Russia during its privatization, and more recently in China and India.
These developments seem to add to global inequality. So, on balance, it seems that global inequality has been relatively stable during the last two decades.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
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