Life Is Unfair

Inequality in the World

Bibliographic Data

ID9834232
AuthorsNancy Birdsall (0000-0002-9010-7455, corresponding author)
Year1998
Issue111
Pages76
Publication date1998-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueForeign Policy (JOURNAL)
Journal identifiersISSN: 0015-7228 • E-ISSN: 1945-2276
PublisherJSTOR (PUBLISHER)
DOI10.2307/1149380
OpenAlexW53414368
LanguageEN
Citations received16

xactly 150 years after publication of the Communist Manifesto, inequality looms large on the global agenda. In the United States, the income of the poorest 20 percent of households has declined steadily since the early 1970s. Meanwhile, the income of the richest 20 percent has increased by 15 percent and that of the top 1 percent by more than 100 percent. In Asia, the high concentrations of wealth and power produced by strong growth have been given a new label: crony capitalism. In Russia and Eastern Europe, the end of communism has brought huge income gaps. In Latin America, wealth and income gaps-already the highest in the world in the 1970s-widened dramatically in the 1980s, a decade of no growth and high inflation, and have continued to increase even with the resumption of growth in the 1990s. At the global level, it seems that the old saw is still correct: The rich get richer and the poor get children. The ratio of average income of the richest country in the world to that of the poorest has risen from about 9 to 1 at the end of the nineteenth century to at least 60 to 1 today. That is, the average family in the United States is 60 times richer than the average family in Ethiopia. Since 1950, the portion of the world's population living in poor countries grew by about 250 percent, while in rich countries the population increased by less than 50 percent. Today

Economics · Inequality · Mathematical analysis · Political science · Economic Theory and Policy · Income, Poverty, and Inequality · Mathematics