Income Inequality and Wealth Concentration in the Recent Crisis
Bibliographic Data
| ID | 4757704 |
|---|---|
| Authors | Thomas Goda (0000-0002-4209-9657), Özlem Onaran (0000-0002-6345-9922), Engelbert Stockhammer (0000-0002-5329-3535) |
| Year | 2017 |
| Volume | 48 |
| Issue | 1 |
| Pages | 3-27 |
| Publication date | 2017-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Development and Change (JOURNAL) |
| Journal identifiers | ISSN: 0012-155X • E-ISSN: 1467-7660 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/dech.12280 |
| OpenAlex | W2564654994 |
| Language | EN |
| Citations received | 12 |
| References cited | 72 |
This article shows that the increase of income inequality and global wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and growing debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich played a key role in the growth of the structured credit market and enabled poor and middle-income households to accumulate increasing amounts of debt. This analysis thereby puts both income and wealth inequality at the epicentre of the recent crisis, and as crucial for social scientists analysing the causes of the crisis. The authors' findings suggest that the policy response to the crisis should not be limited to financial regulation but must involve policies to address inequality by increasing the bargaining power of labour as well as redistributive tax policies
Asset (computer security) · Debt · Economic inequality · Economics · Financial crisis · Household debt · Income distribution · Income inequality metrics · Inequality · Labour economics · Macroeconomics · Monetary economics · Housing, Finance, and Neoliberalism
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| Unique citing works | 12 |
|---|---|
| Citations per year | 1,5 |
| Citation span | 2018 - 2025 (8) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 10 |