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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It is hard to reconcile the jubilant mood of many business leaders with the uncertainty caused by the war in Ukraine. While there are some positive signs of economic recovery, a sudden escalation could severely destabilize the global economy, cause a stock market crash, and accelerate deglobalization.
warns that the Ukraine war and economic fragmentation are still jeopardizing world growth prospects.
The nation that went to the gates of Moscow in World War II has become as aggressive as a cuddly cat. But with its decision to send Leopard 2 battle tanks to Ukraine, Germany's "culture of reticence," particularly with respect to Russia, may soon be a thing of the past.
examines the origins and implications of the landmark decision to send battle tanks to Ukraine.
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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