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Rising inequality in the new global economy

Rising inequality in the new global economy The world is not flat. Globalization is disequalizing, rewarding the already rich while leaving the poor behind, making rising inequality more, not less likely. There are three reasons. First, the economic gains generated by efficient global markets are not equally shared. Second, global markets are imperfect and many developing countries do not have mechanisms for insuring poor people against market failures. Third, trade, migration, and intellectual property regimes at the global level naturally reflect the greater market power of the rich. To mitigate the asymmetric impacts of globalization we need a global polity that can address unequal endowments, whether in the form of lack of educational opportunities or weak institutions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Development Issues Emerald Publishing

Rising inequality in the new global economy

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1446-8956
DOI
10.1108/eb045856
Publisher site
See Article on Publisher Site

Abstract

The world is not flat. Globalization is disequalizing, rewarding the already rich while leaving the poor behind, making rising inequality more, not less likely. There are three reasons. First, the economic gains generated by efficient global markets are not equally shared. Second, global markets are imperfect and many developing countries do not have mechanisms for insuring poor people against market failures. Third, trade, migration, and intellectual property regimes at the global level naturally reflect the greater market power of the rich. To mitigate the asymmetric impacts of globalization we need a global polity that can address unequal endowments, whether in the form of lack of educational opportunities or weak institutions.

Journal

International Journal of Development IssuesEmerald Publishing

Published: Jan 1, 2006

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