Incensed about Inequality Notes.docx

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Department
International Affairs
Course
INTL 1101
Professor
Denise Horn
Semester
Fall

Description
Ch. 22 Notes: Incensed about Inequality Martin Wolf Between 1990 and 2001: GDP per-head of high-income countries (15% of the world) grew only 17%; this was a period of partial convergence: the incomes of poor developing, with more than half of the world population, grew substantially faster than those of the world’s richest countries. Globalization has NOT increases inequality. It has reduced poverty. “The notion that international economic integration necessarily makes the rich richer and the poor poorer is nonsense.” • Successful countries all move towards market economy: private property rights, free- enterprise, and competition took over the state ownership, planning, and protection Since beginning of 1800’s to first half of 1900’s, changes in inequality among the world’s individuals have been driven by changes in the relative wealth of nations. The World Bank study suffers from two defects: 1. It had to rely on highly limited data from so far back 2. It ended in ’92 before a huge surge of growth in Asia Conclusion now reached: Global inequality among households, or i
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