English 2017 Lecture Notes - Lecture 12: Meritocracy, Gini Coefficient, Redistribution Of Income And Wealth
17 Apr 2017
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Document Summary
In 2015, 62 people have the same wealth as 3. 6 billion people. Wealth of the richest 62 people had risen 44% in five years since 2010. Massive inequality hampers economic growth and development. Many of the richest have made fortunes on the backs of others: financial speculation; retail and sweatshops; technology and destruction of employment, etc. It is bad for democracy (political influence; but also non-democratic philanthropy) Declining corporate taxes (28% in 2000, 15%today) Declining taxes for high income earners (taxing rich people less than we did in the past) The distribution of after-tax income among families and unattached individuals, canadian. Since 1976, the only quintile that has seen growth is the top 20%, while the rest have all seen declines in income. The lower the gini coefficient, the more equality your society is (between 0 and 1) Taxes are much higher in lower gini coefficient countries (more money put in social structures, etc. child care, education, welfare programs)
