Roubini: The instability of inequality
Thursday 13 October 2011 – by Nouriel Roubini / Project Syndicate
This year has witnessed a global wave of social and political turmoil and instability, with masses of people pouring into the real and virtual streets: For example, the rise in inequality has many causes: the addition of 2.3 billion Chinese and Indians to the global labor force, which is reducing the jobs and wages of unskilled blue-collar and off-shorable white-collar workers in advanced economies; skill-biased technological change; winner-take-all effects; early emergence of income and wealth disparities in rapidly growing, previously low-income economies; and less progressive taxation. To read this article in full, please visit our partner site, Project Syndicate, by clicking here. Copyright: Project Syndicate, 2011. www.project-syndicate.org
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