Inequality: A Common Cause

"There was growth in GDP [gross domestic product]", but "most citizens were seeing their standard of living erode" (pxii); the real wage rate had declined for most of them. [...]income and wealth have concentrated in a few hands; inequality has widened; and the labour market has...

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Bibliographic Details
Published inEconomic and Political Weekly Vol. 49; no. 29; pp. 32 - 34
Main Author PANKAJ, ASHOK
Format Book Review Journal Article Magazine Article
LanguageEnglish
Published Mumbai Sameeksha Trust 19.07.2014
Athena Information Solutions Pvt. Ltd
Subjects
Capitalism
Democracy
Demonstrations & protests
Economic development
Economic reform
Employment
GDP
Gross Domestic Product
Growth rate
Income distribution
Inequality
Labor force
Liberalism
Neoliberalism
Social policy
Society
Stiglitz, Joseph E
India
United States > US
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Summary:"There was growth in GDP [gross domestic product]", but "most citizens were seeing their standard of living erode" (pxii); the real wage rate had declined for most of them. [...]income and wealth have concentrated in a few hands; inequality has widened; and the labour market has become polarised - jobs are created either at the top (high paid and high skilled) or at the bottom (care, household and low-level manual work). A low growth rate, falling employment, declining real wages, and shrinking social security coverage have triggered social and political turmoil, an open manifestation of which was the "Occupy Wall Street" movement. The same is true for the market economy: the power of markets is enormous, but they have no inherent moral character (p xiii). [...]we have to decide how to manage them.
Bibliography:content type line 24
ObjectType-News-1
SourceType-Magazines-1
ISSN:0012-9976
2349-8846