[P2P-F] Fwd: Why 20th century tools cannot be used to address 21st century income inequality

Wed Mar 15 08:56:05 CET 2017

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From: <dailydigest at piqd.com>
Date: Wed, Mar 15, 2017 at 8:00 AM
Subject: Why 20th century tools cannot be used to address 21st century
income inequality
To: Michel Bauwens <michelsub2004 at gmail.com>

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Why 20th century tools cannot be used to address 21st century income
inequality
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Branko Milanovic (@brankomilan) is a development and inequality expert at
the City University of New York Graduate Center and a senior scholar
at the Luxembourg
Income Study <http://www.lisdatacenter.org/>, where he works with
@JanetGornick  and @paulkrugman . He was formerly lead economist in the
World Bank's research department working on global estimates of income
inequality, published most recently in Global inequality: A New Approach
for the Age of Globalization
<https://piie.com/system/files/documents/milanovic20160509ppt.pdf>. The
book (in its German translation) received the Bruno Kreisky Prize for the
best political book of 2016.

He is perhaps most famous for the "elephant chart"
<https://medium.com/bull-market/globalisation-is-fraying-look-under-the-elephant-trunk-e79f76e9754b#.xqrm306gk>
which shows how the incomes of the world’s poor and the richest people have
grown sharply over time, but also identifies a group caught in the middle
where incomes stagnated.

And of course he blogs at http://glineq.blogspot.com.au/

The link is to his most recent blog post, where he argues that the period
of reduced income and wealth inequality in rich countries, roughly from the
end of the Second World War to the early 1980s (or more abbreviated to the
French as *les trentes glorieuses
<http://www.larousse.fr/encyclopedie/divers/Trente_Glorieuses/185974>*) ,
relied on four pillars: strong trade unions, mass education, high taxes,
and large government transfers.

He argues that none of these factors are as effective going forwards. "The
decline of trade union density, present in all rich countries and
especially strong in the private sector, is not the product of more
inimical government policies only. ... The underlying organization of labor
changed."

He argues that "high taxation of current income and high social transfers
were crucial to reduce income inequality. But their further increases are
politically difficult".  To some extent this is the case - but do we have
to increase spending or organize it better?

He  argues that "we cannot expect small increases in the average education
levels to provide the equalizing effect on wages that the mass education
once did".

Personally I think that there is a long way to go to improve education
outcomes.

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income inequality]
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Source: Branko Milanovic glineq.blogspot.com.au
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Why 20th century tools cannot be used to address 21st century income
inequality?
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