“As food prices soar over the past two years, who can compare the challenges facing an American family, where the cost of food eaten at home takes up 6.7 per cent of average household expenditure, with the hardship facing a Nigerian family where food takes up 59 per cent of household expenditure?
“The vast and unbreachable chasm that separates the lucky 0.1 per cent from the rest of humanity is hard to comprehend. The World Inequality Lab calculated that the world’s richest 1 per cent has captured 38 per cent of the global increase in wealth since the mid-1990s. Globally, the poorer 50 per cent accounted for just 8 per cent of incomes and 2 per cent of wealth, while the top 10 per cent have 52 per cent of incomes and 76 per cent of wealth.”
IIPPE 2023 Part Two – China, profitability and financialisation – Michael Roberts
Does economic globalisation affect income inequality? A meta-analysis
“By applying meta-analysis and meta-regression methods, we obtain several main findings. First, globalisation has a (small-to-moderate) inequality-increasing effect. Second, while the effect of trade globalisation is small, financial globalisation shows a more sizeable and significantly stronger inequality-increasing impact. Third, we find an average inequality-increasing impact of globalisation in both advanced and developing countries. Fourth, education and technology moderate the impact of globalisation on income inequality.”