POL101Y1 Lecture Notes - Public Choice, Crony Capitalism, International Inequality
Document Summary
Life is unfair- birdsall income of poor families in u. s declining richest people are increasing income in u. s. crony capitalism- high concentration of wealth in asia. Russia/ east europe end of capitalism = income gaps. Latin america- wealth and income gaps are largest. Even though there is more democracy and free markets inequality is growing. Spread of democracy= more visible income gaps. Tech plays a large role in income gaps- makes situation worse. Income inequality in u. s. increasing: poor are at a disadvantage here. Forces of change like capitalism or global integration have also increased inequality. In china agriculture and other makets spur growth but large amounts of the population are left behind. Not likely that the poor will catch up to the rich. Inequality is nobodys fault cant be fixed in this life: history matters, slave labour, wealth in natural resources.
