In most rich countries, inequality is rising, and has been rising for some time. Many people believe this is a problem, but, equally, many think there’s not much we can do about it. After all, the argument goes, globalisation and new technology have created an economy in which those with highly valued skills or talents
The United States is divided by wealth and social class, and the gap is widening. In 1980, according to the World Inequality Report, the richest 10% of the population held just under 35% of national income; by 2016, that share had risen to around 47%. As wealth disparities have widened, so have differences in outcomes.
Rising inequality has harmed low-income families not only by depriving them of a fair share of society’s income growth, but also in a more specific way: It has stacked the legal system even more heavily against them. According to a recent survey, more than 70 percent of low-income American households had been involved in eviction cases, labor
Three beliefs about globalization have propagated since the early 1980s. First, that globalization leads to a reduction in global inequality. Second, that high income growth among the richest will lift the incomes of the poorest. Third, that there is no alternative to rising inequality without turning our backs on trade and technology. The recently released World