Branko Milanovic

Global inequality is such an abstract concept, simply because there is no global government. Telling people in rich countries who have had no increase in real incomes, stagnant median wages and so on, that on the other hand global inequality is going down because people who are much poorer than them are getting richer – it’s something that maybe they would like in an abstract sense, because everyone is happy there are fewer poor Chinese, but you may not be as happy if these Chinese are taking your job.

“Global inequality is such an abstract concept, simply because there is … Read More

Most people believe that inequality is rising – and indeed it has been rising for a while in a number of rich countries. And there is lots of talk and realization of this. It’s harder to understand that at the same time, you can actually have global inequality going down. Technically speaking, national inequality can increase in every single country and yet global inequality can go down. And why it is going down is because very large, populous, and relatively poor countries like India and China are growing quite fast.

“Most people believe that inequality is rising – and indeed it … Read More