The Globalization of Inequality by François Bourguignon (PDF)

Description

Why national and international equality matter and what we can do to ensure a fairer worldIn The Globalization of Inequality, distinguished economist and policymaker François Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countries. Exploring globalization’s role in the evolution of inequality, Bourguignon takes an original and truly international approach to the decrease in inequality between nations, the increase in inequality within nations, and the policies that might moderate inequality’s negative effects.Demonstrating that in a globalized world it becomes harder to separate out the factors leading to domestic or international inequality, Bourguignon examines each trend through a variety of sources, and looks at how these inequalities sometimes balance each other out or reinforce one another. Factoring in the most recent economic crisis, Bourguignon investigates why inequality in some countries has dropped back to levels that have not existed for several decades, and he asks if these should be considered in the context of globalization or if they are in fact specific to individual nations. Ultimately, Bourguignon argues that it will be up to countries in the developed and developing world to implement better policies, even though globalization limits the scope for some potential redistributive instruments.An informed and original contribution to the current debates about inequality, this book will be essential reading for anyone who is interested in the future of the world economy.

User’s Reviews

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐Bourguignon starts by explaining and defining the scope of inequality. There are inequalities of individual earnings, personal incomes, family incomes, consumer spending, and individual economic well-being. He also discusses inequalities between nations as well as inequalities within nations, explaining the differences and connection between the two. How is it that with ostensible wealth increasing throughout the world, inequality both between nations and within nations seem to be increasing? In his effort to present a complete picture, Bourguignon also discusses the non-monetary inequalities such as inequalities of social justice and of opportunities.Bourguignon explores the forces behind the rising inequalities – such as the regulation and control of labour, and also the control of minimum wages which, on the one hand, raises the incomes of the lower wage earners but also increases unemployment resulting in further inequality. He examines the factors that lead to inequality and the effect of globalization on rising inequality. Bourguignon discusses the policies for a fairer globalization, noting the use of economic aid currently in use and the debatable outcome, he turns to education but sees the problems in implementation.This is a rich and thought-provoking book, warning that the inequality between nations in the past two centuries might spread like a virus creating huge inequalities within nations. The prevention requires both international and national interventions, but are the politicians able to concur?

⭐The author explicates which are the questions related to global evolution: the principal of those is the growth of power of nations as Brazil, China and India. That generates new problems, which could be certainly resolt, but with new strategies. In fact those trends are very particular, because they born in a way which is very different by previous. So the role of élites is related to the action of forces which only few years before were little important.

⭐A bit dry at times, but if the title appeals to you, you won’t be disappointed by what’s inside.

⭐A great work from a great scholar! Very easy to read.

⭐good

⭐Some good arguments in concise form.

⭐An intelligent analysis about the necessity of bringing high income persons and corporations to a fairer globalization and taxation

⭐This is an informative book about the world.

⭐Inequality is real and harmful; the solution is not easy, but is not as intractable as some would have us believe.Economist François Bourguignon here provides a complement to his countryman Thomas Piketty’s Capital in the Twenty-First Century, giving an account of the recent trajectory of inequality around the world, beginning with a definition of inequality and how it may be measured, through per capita GDP, Gini Index or Theil coefficient, and using these to demonstrate how in general inequality between countries has been reducing at the same time as it has been increasing within them. A part of this is equality of opportunity, for example access to housing, education and the trappings of 21st century life. Bourguignon’s heavily qualified conclusion on this point is that inequality is not increasing, but at least on an anecdotal level I would question that: some people trying to get jobs in the UK, for which nowadays access to the internet is a must, have only limited access, as they are unable to afford it themselves and public provision is patchy. Overall I found this the least well-explained section, although it has to be admitted that the concept of inequality is quite slippery and the subject of much contention.From there on, however, the account is well-handled and clear, with a suitable mix of economic terminology and lay terms. In considering the drivers of inequality he takes into account three key parameters, globalisation, technology and policy. He notes the deepening global interdependence of economies worldwide and the parallel reduction in transport costs, both drivers and consequences of globalisation. Whilst jobs in the “north” are increasingly either high-paid or automated, much production has shifted to the low-wage “south”. Advanced economies are deindustrialising, and productivity is higher there, but employment markets have become increasingly precarious. There is a general polarisation of salaries globally, with exceedingly large and, he contends, unjustified salaries for CEOs, their immediate colleagues and associated professionals such as lawyers, which he attributes to informational rents and contagion. High salaries are particularly disproportionately found in the financial sector, ironically the same sector which caused the Great Recession. He also focuses on welfare cut-backs, privatisation, deregulation, structural adjustment programmes associated with the “Washington Consensus” and the weakening of trades unions, some of which he finds have played an ambiguous role in inequality, some of which may have been outcomes rather than causes.In advancing potential remedies he challenges the orthodoxy in some circles that there is a trade-off between efficiency and equality through redistribution. In fact, he points out, due to market imperfections and the potential for social instability, inequality can reduce efficiency, by channeling resources into security firms, for example. He recognises the need to optimise redistribution so as not to disincentivise actually working for a living, that is, encouraging freeriding; on the other side of the coin, where the money is coming from, he advocates higher taxation, though not punitive taxation. Studies he cites have shown rates of 60-75% are counterproductive, stimulating tax avoidance. A rate of 55%, however, according to elasticity estimates, would be closer to optimum, and would give plenty of scope in economies such as the US. Deglobalisation and protectionism he dismisses as a lose-lose approach, though he does acknowledge the potential benefits of limited “infant industries” approaches. Similarly, trade preferences have merits but also limitations due to potential barriers to trade such as TRIPS, which can look like protectionism by the back door. Foreign aid has potential but also often fails due to poor governance, perverse incentives and corruption; the solutions he offers to these on the face of it look like those already tried, but maybe something is lost in the interests of brevity.He recognises, therefore, the difficulties involved in redressing the balance, and dismisses as utopian, for now at least, the notion of global taxes. Ultimately he believes the answer lies not in individualism or mercantilism but in global cooperation to achieve, in aggregate, a win-win. As he implies, this is not a zero-sum game.

⭐Francois does a really good job explaining the most important concepts about economic inequalities. Sometimes, it seems like it is addressed to people who are involved in research, but all in all, it is accessible for the vast majority of readers who have an interest in economics, and more specifically, in income inequality.Very valuable book.

⭐A good introduction to the topic with well-explained features of globalization and clear distinction between the two forms of inequality. As a graduate economist, I was familiar to much of the information provided and therefore, for a deeper understanding of the inequality causes and consequences, further reading is required.

⭐Excellent product

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