11 February 2020   1 comment

The UN Department of Economic and Social Affairs has published its annual report entitled “World Social Report 2020: Inequality in a rapidly changing world”. The report analyzes the effects of inequality on four major trends in global affairs: technological innovation, climate change, urbanization and international migration. The report notes that inequality in most countries in the world appears to be getting more severe:

“Despite progress in some countries, income and wealth are increasingly concentrated at the top. The share of income going to the richest 1 per cent of the population increased in 59 out of 100 countries with data from 1990 to 2015.1 Meanwhile, the poorest 40 per cent earned less than 25 per cent of income in all 92 countries with data.”

The report also notes that all current trends that inequality will only become more serious in the future: “Under a scenario where inequality trends within countries observed since 1980 continue, the income share of the top 1 per cent would rise from 20 per cent in 2016 to 24 per cent in 2050, while the share of the bottom 50 per cent would remain unchanged (ibid., p. 252). That is, global inequality would increase further”. The report points out that inequality is a serious moral concern: “High inequality is an ethical and moral concern across cultures around the world. Promoting equality is a common ideal, a principle that should be upheld and actively pursued.” But the report also stresses that reducing inequality is in the self-interest of most societies. Inequality 1) reduces economic growth possibilities; 2) limits social mobility; and 3) decreases the legitimacy of political institutions.

The report is filled with data and examples from specific countries. It is a rich source of information for those who are concerned about the future of the global economy. It is also clear-eyed about the political difficulties in trying to reverse the trend toward greater inequality: “People in positions of power tend to capture political processes, particularly in contexts of high and growing inequality….Efforts to reduce inequality will inevitably challenge the interests of certain individuals and groups. At their core, they affect the balance of power.”

Inequality in the US

Posted February 11, 2020 by vferraro1971 in World Politics

One response to “11 February 2020

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  1. Hi, the whole thing is going nicely here and ofcourse every one is sharing information, that’s actually excellent, keep up writing.

    Like

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