Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Inequality’

Die Ungleichheitsdebatte, die wir brauchen

Posted by hkarner - 9. Januar 2020

Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. He is co-author of This Time is Different: Eight Centuries of Financial Folly and author of The Curse of Cash

CAMBRIDGE – Während die Bewohner der wohlhabendsten Volkswirtschaften unserer Welt Schicksal und Finanzlage der Mittelschicht debattieren, haben über 800 Millionen Menschen keinen Zugang zu Strom. Und mehr als zwei Milliarden haben keine sauberen Kochstätten und sind daher gezwungen, zum Kochen schädliche Alternativen wie Tierextremente als Hauptbrennstoff zu verwenden. Zudem sind die Kohlendioxidemissionen in Europa und den USA noch immer deutlich höher als in China und Indien. Welches Recht haben insbesondere die Amerikaner, sich zu beschweren, dass China seine Produktion in emissionsstarken Industrien steigert, um dem durch seinen Handelskrieg mit den USA verursachten wirtschaftlichen Abschwung zu begegnen? Vielen Menschen in Asien erscheint die selbstzentrierte Debatte im Westen häufig unsensibel und an der Sache vorbei zu gehen.

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What My Younger Self Never Expected

Posted by hkarner - 5. Januar 2020

Michael Spence, a Nobel laureate in economics, is Professor of Economics at New York University’s Stern School of Business and Senior Fellow at the Hoover Institution. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth, and is the author of The Next Convergence: The Future of Economic Growth in a Multispeed World.

At the start of a new year and a new decade, it is both humbling and illuminating to reflect on major global developments that no one saw coming just a few decades ago. For those who grew up during the Cold War or in the ensuing period of American primacy, the economic and geopolitical rise of the developing world must rank high on the list.

FORT LAUDERDALE – As one advances in age, one tends to mark each new year by reflecting on the broader developments that have run in parallel with one’s own lifetime. For my part, I usually focus on the surprises (both positive and negative): things I would have been considered unlikely or even unimaginable in my younger years.

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Egalitarianism: Inequality could be lower than you think

Posted by hkarner - 30. November 2019

Date: 28‑11‑2019

Source: The Economist

But there is plenty to do to make economies fairer

Even in a world of polarisation, fake news and social media, some beliefs remain universal, and central to today’s politics. None is more influential than the idea that inequality has risen in the rich world. People read about it in newspapers, hear about it from their politicians and feel it in their daily lives. This belief motivates populists, who say selfish metropolitan elites have pulled the ladder of opportunity away from ordinary people. It has given succour to the left, who propose ever more radical ways to redistribute wealth. And it has caused alarm among business people, many of whom now claim to pursue a higher social purpose, lest they be seen to subscribe to a model of capitalism that everyone knows has failed.

In many ways the failure is real. Opportunities are restricted. The cost of university education in America has spiralled beyond the reach of many families. Across the rich world, as rents and house prices have soared, it has become harder to afford to live in the successful cities which contain the most jobs. Meanwhile, the rusting away of old industries has concentrated poverty in particular cities and towns, creating highly visible pockets of deprivation. By some measures inequalities in health and life expectancy are getting worse. Den Rest des Beitrags lesen »

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Die ausgebremste soziale Entwicklung des Westens

Posted by hkarner - 23. November 2019

Helmut K. Anheier is Professor of Sociology at the Hertie School of Governance in Berlin and at the Max Weber Institute, Heidelberg University.

BERLIN – Nach drei Jahrzehnten sich verschärfender wirtschaftlicher Ungleichheit brodelt es in den Bevölkerungen der hochentwickelten Länder, und sie tragen ihre Beschwerden an die Wahlurnen oder auf die Straßen. Doch verlangt eine glaubwürdige Bekämpfung der Ungleichheit zugleich Maßnahmen in Bezug auf eine weniger stark diskutierte Fassette dieses Trends: die schwindende intergenerative soziale Mobilität. 

Eltern können heutzutage nicht mehr davon ausgehen, dass es ihren Kindern einmal besser gehen wird als ihnen selbst. Im Gegenteil: Ein OECD-Bericht des Jahres 2018 kommt zu dem Schluss, dass es in einem durchschnittlichen entwickelten Land vier bis fünf Generationen dauern würde, damit Kinder aus dem untersten Einkommensdezil das mittlere Einkommensniveau erreichen. Je ungleicher das Land, desto länger dauert es mit dem sozialen Aufstieg.Ungleichheit und Mangel an sozialer Mobilität sind eng mit der Geografie verknüpft. In Ballungsräumen verläuft die Entwicklung normalerweise viel besser als in ländlichen Gebieten. Für die USA vermeldet die Brookings Institution, dass Städte mit mehr als einer Million Einwohnern seit der Finanzkrise von 2008 72% zur Gesamtbeschäftigungszunahme beigesteuert haben, verglichen mit lediglich 6% für Städte mit einer Einwohnerzahl zwischen 50.000 und 250.000. Den Rest des Beitrags lesen »

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A Map of Inequality in Countries

Posted by hkarner - 7. November 2019

By William Gbohoui, Raphael Lam, and Victor Lledo

Social and economic inequality between and within regions in countries is rising in many advanced economies and is now at the forefront of the policy debate because of perceptions that some people and places have been left behind. Changes in global trade and technology have shifted jobs and industries on the map, but the economic gains within countries are not well shared.

One might think the solution is for people to move in search of better jobs and lives. But people find it harder to move to booming cities with more jobs like Washington D.C., San Francisco or London in part because they can’t afford to live there, or because they do not have the right skills required for higher-paying jobs.

Our recent paper studies regional inequality in 20 advanced economies, including the United States, Canada, Italy and Germany. We find that regional disparities in income are large, persistent, and increasing over time. Den Rest des Beitrags lesen »

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A scholar of inequality ponders the future of capitalisma

Posted by hkarner - 4. November 2019

Date: 03-11-2019
Source: The Economist: Free exchange

Branko Milanovich’s new book asks whether it is liberal or illiberal

When communism fell, that was supposed to be that. History would continue, but arguments about how to organise society seemed to have been settled. Yet even as capitalism has strengthened its hold on the global economy, history’s verdict has come to seem less final. In a new book, “Capitalism, Alone”, Branko Milanovic of the Stone Centre on Socioeconomic Inequality at the City University of New York argues that this unification of humankind under a single social system lends support to the view of history as a march towards progress. But the belief that liberal capitalism will prove to be the destination has been weakened by financial and political dysfunction in the rich world, and by the rise of China. Its triumph cannot be taken for granted.

Mr Milanovic outlines a taxonomy of capitalisms and traces their evolution from classical capitalism before 1914, through the social-democratic capitalism of the mid-20th century, to “liberal meritocratic capitalism” in much of the rich world, in particular America. He contrasts this with the “political capitalism” found in many emerging countries, with China as the exemplar. These two capitalistic forms now dominate the global landscape. Their co-evolution will shape world history for decades to come. Den Rest des Beitrags lesen »

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Elizabeth Warren’s many plans would reshape American capitalism

Posted by hkarner - 26. Oktober 2019

Date: 24-10-2019
Source: The Economist

For better and for worse

In 1936 Franklin Delano Roosevelt said of the big businesses lining up against his re-election: “They are unanimous in their hate for me—and I welcome their hatred.” Elizabeth Warren, who is seeking the Democratic nomination in next year’s presidential election, takes a similar approach. After a cable news personality reported that executives of big companies are anxious about the possibility of a Warren presidency, she tweeted: “I’m Elizabeth Warren and I approve this message.”

Ms Warren, a former professor at Harvard who is currently a senator for Massachusetts, is offering Democratic primary voters a menu as ambitious as anything seen since FDR’s New Deal: a fundamental reworking of American capitalism. It is going down well. In The Economist’s average of public-opinion polls, as of October 23rd, Joe Biden has just a narrow lead over Ms Warren. Her support stands at 24%, the former vice-president’s at 25% (see chart 1). Betting markets rank her the clear favourite, with a nearly 50% chance of grasping the nomination. Polls pitting her against President Donald Trump see her beating him.

Ms Warren has been fishing for primary support in many of the same pools as Bernie Sanders, a senator for Vermont. But there is a sharp ideological distinction between them. Mr Sanders calls himself a “democratic socialist”; he talks of class struggle and wants workers to own 20% of big companies. This resonates with much of the old left, and has support from new leftists such as Alexandria Ocasio-Cortez, a representative from New York. Ms Warren, in contrast, proclaims herself “a capitalist to my bones”. Mr Sanders would never say, as Ms Warren did last year, “I love what markets can do…They are what make us rich, they are what create opportunity.” Den Rest des Beitrags lesen »

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Immobilienboom treibt Ungleichheit – Politik eher machtlos

Posted by hkarner - 9. Oktober 2019

Vermögen sind in Österreich und Deutschland stark konzentriert. Studien zeigen, welch große Rolle Immobilien spielen. Der Einfluss der Politik ist dagegen bescheiden

Leopold Stefan, derstandard.at

So sehr sich die Politik bemüht die Einkommen zu beeinflussen, die Aufs und Abs an den Märkten prägen Vermögenskonzentration viel stärker.

Nach tristen Jahren infolge der Finanz- und Eurokrise erlebte die deutsche Wirtschaft einen fulminanten Aufschwung, der sich nun dem Ende zuneigt. Unterm Strich sind die Deutschen gut ausgestiegen: Das Nettovermögen ist seit 2012 um mehr als 20 Prozent gewachsen, ohne dass die Ungleichheit zunahm, wie eine jüngst präsentierte Studie des Deutschen Instituts für Wirtschaftsforschung (DIW) zeigt.

Demnach besaßen die reichsten zehn Prozent 2017 zwar mehr als die Hälfte des gesamten Vermögens (56 Prozent). Aber die Vermögensungleichheit verharrte in den letzten zehn Jahren auf diesem Niveau, sagt Studienautor Markus Grabka. Im internationalen Vergleich bleibt Deutschland jedoch weiterhin im Spitzenfeld bei der Vermögenskonzentration. Den Rest des Beitrags lesen »

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Locating Equality

Posted by hkarner - 6. August 2019

Harold James is Professor of History and International Affairs at Princeton University and a senior fellow at the Center for International Governance Innovation. A specialist on German economic history and on globalization, he is a co-author of the new book The Euro and The Battle of Ideas, and the author of The Creation and Destruction of Value: The Globalization Cycle, Krupp: A History of the Legendary German Firm, and Making the European Monetary Union.

For years, wealth and income inequalities have been rising within industrialized countries, kicking off a broader debate about technology and globalization. But at the heart of the issue is a fundamental good that has been driving social and economic inequality for centuries: real estate.

MUNICH – Inequality is the leading political and economic issue of the current era, yet debates about it have long suffered from a degree of imprecision. For example, the standard measure of inequality, the Gini coefficient, reduces a country’s entire income distribution to a single number between zero and one, and is thus highly abstract. Similarly, while inequality is rising in many parts of the world, there is no simple correlation between that trend and social discontent or unrest. France is much less unequal than the United States, and yet it has similar or even greater levels of social polarization.

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Getting uneven: The Mittelstand’s corporate success comes at a cost

Posted by hkarner - 1. August 2019

Date: 31-07-2019
Source: The Economist

Germany’s rising current-account surplus has been accompanied by wider income inequality

THE MITTELSTAND, exports and thrift—all are matters of German national pride. Thanks to them Germany has run the world’s biggest current-account surplus since 2016, last year just shy of $300bn (7.3% of GDP). This sign that it saves more than it invests at home, and sells abroad more than it imports, has earned the ire of President Donald Trump, who would like thrifty Teutons to buy American.

The IMF has long wrung its hands at the savings glut. Earlier this month, in its annual report on global imbalances, it repeated a warning that Germany’s current-account surplus was “substantially” stronger than warranted by economic fundamentals, adding that the government should spend more to help bring it down. In a separate paper it presented evidence that the growing current-account surplus was accompanied by increasing income and wealth inequality (see chart). The link, it says, is high corporate profitability.

Around the turn of the millennium Germany’s exports took off, as rapidly growing emerging economies started to buy its high-value-added manufacturing goods in bulk. That, together with government policies encouraging wage restraint and stingier welfare benefits, helped push up profits. But that corporate success did nothing for poorer households because of a highly unequal distribution of wealth. Den Rest des Beitrags lesen »

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