Tuesday, September 12, 2017

Two Humps Become One

Global income inequality increased for two centuries and is now decreasing. Unless you get on a plane, boat, or train... global is abstract. Within rich countries, and as companies have stopped being constrained by borders, the wealthy are much more likely to hop on those travel devices and see the massive poverty alleviation that is going on around the world. Within rich countries, the 'Poor Rich' have been stagnating. The Poor Rich still have a lot of political clout, and the countries in which they have the vote are still dominant. It is tough to celebrate people far, far away being much better off. 1800-1975 saw a golden period for Europe and the Americas. 1975-2015 has seen a huge catch up by Asia and the Pacific. The two humps are becoming one. Africa still needs its turn.

Post a Comment