Income inequality has been rising so rapidly in the United States and around the world that it threatens to make economic growth less durable, according to research from the International Monetary Fund.
"While strong economic growth is necessary for economic development, it is not always sufficient," four IMF economists write in a new blog.
"Inequality has risen in several advanced economies and remains stubbornly high in many that are still developing," they added.
"This worries policymakers everywhere for good reason. Research at the IMF and elsewhere makes it clear that persistent lack of inclusion—defined as broadly shared benefits and opportunities for economic growth—can fray social cohesion and undermine the sustainability of growth itself."
That's because growth that excludes large portions of the population reinforces inequality in a variety of ways, like access to education, technology, resources and even social connections that help individuals land jobs and remain relevant in the labor market....Business Insider
Inequality is getting so bad it's threatening the very foundation of economic growth
Pedro Nicolaci da Costa
The problem is that there isn't a clearly defined socio-economic structure. In traditional feudalism the class structure was well defined - crossing it was near impossible and violating it was subject to severe punishment. If the new feudalism followed this model there wouldn't be any problems ...
ReplyDeleteThe problem is that there isn't a clearly defined socio-economic structure. In traditional feudalism the class structure was well defined - crossing it was near impossible and violating it was subject to severe punishment. If the new feudalism followed this model there wouldn't be any problems ...
ReplyDeleteUnder capitalism this is contract law. In bourgeois liberalism which is what capitalism is, "freedom" means freedom of contract, with "contract" defined by law and adjudicated by the courts.
Maintaining the illusion of equality ... the best slave is the one who thinks he's free.
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