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View Diary: Graphing Rising Income Inequality, the Trademark of Neoliberalism (282 comments)

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  •  Well done (5+ / 0-)

    I do NOT agree with Krugman's dismissal of globalization of the cause of this.  There is another set of graphs I would add here.  They are from the IMF (ironically) in 2008.  They chart the % of income going to labor.

    A ouple of things to note:
    1.  Rising inequality is a problem everywhere in the industrialized West.  It is obvious that the balance of power between labor and capital is changing everywhere.
    2.  This is a systemic crisis.

    Photobucket

    The bitter truth of deep inequality has been disguised by an era of cheap imported goods and the anyone-can-make-it celebrity myth - Polly Toynbee

    by fladem on Fri Aug 19, 2011 at 10:23:00 AM PDT

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    •  Yeah, inequality in the UK has risen (1+ / 0-)
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      blueoasis

      since 1980, by about half as much as the US. But France is still where we were in the 60's, though there are some hints of creeping inequality in the most recent noise.

      I didn't really agree with that statement either. I think it's clear that this has been a global process and we all know that the Washington Consensus was a global consensus (you know, the rich parts of the globe). I think the answer as to why is that Krugman doesn't want to accept the neoliberal frame. By focusing on the extreme Gini here. He does have a point; whatever gnarly project is afoot, it wouldn't be here without the movement conservatives. David Harvey's book a brief history of Neoliberalism sorts out the connection with the term and movement/neoconservatism.

      But let's face it, economists, including Krugman, are generally more liberal in the libertarian sense than, say, Kofi Annan. That is because they believe in efficient markets making everyone better off. This is fundamentally untilitarian, in that it emphasizes freedom to be well, rather than deontological arguments such as the idea of inalienble rights, yes I'll say it, entitlements. Then again, Krugman has always been a fan of Europe, so when they started the process of welfare retrenchment, I don't know where he stood.

      Now, though, he's clearly a more rights-based economist, as his book The Conscience of a Liberal makes abundantly clear.. But obviously I agree with the Global take, I spent the whole diary showing it. I may not have gone enough into the different regional and state-based cases, but suffice it to say that Global inequality has been rising everywhere. Not just America.

       

      I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve. ||@totushek on twitter

      by tote on Fri Aug 19, 2011 at 04:18:14 PM PDT

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