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Posts Tagged ‘Milanovic’

Marxist World: What Did You Expect From Capitalism?

Posted by hkarner - 19. Juli 2018

Date: 18-07-2018
Source: Foreign Affairs By Robin Varghese

After nearly every economic downturn, voices appear suggesting that Marx was right to predict that the system would eventually destroy itself. Today, however, the problem is not a sudden crisis of capitalism but its normal workings, which in recent decades have revived pathologies that the developed world seemed to have left behind.

Since 1967, median household income in the United States, adjusted for inflation, has stagnated for the bottom 60 percent of the population, even as wealth and income for the richest Americans have soared. Changes in Europe, although less stark, point in the same direction. Corporate profits are at their highest levels since the 1960s, yet corporations are increasingly choosing to save those profits rather than invest them, further hurting productivity and wages. And recently, these changes have been accompanied by a hollowing out of democracy and its replacement with technocratic rule by globalized elites. Den Rest des Beitrags lesen »


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Milanović: „Große Vermögen höher besteuern“

Posted by hkarner - 15. Februar 2018

 InterviewAndrás Szigetvari15. Februar 2018, 12:28, derstandard.at

Viele Industrieländer, besonders die USA, entwickeln sich rückschrittlich, sagt der Ökonom Branko Milanović

Branko Milanović zählt zu den weltweit anerkanntesten Wissenschaftern, die zu Fragen der Verteilungsgleichheit forschen. Berühmt wurde er vor allem durch seine Arbeiten zu den Auswirkungen der Globalisierung auf die Einkommen in Industriestaaten und Schwellenländern. Milanović ist schwer in das links-rechts Schema einzuordnen – was ihn als Forscher so spannend macht.

STANDARD: Sie haben vor kurzem in einem Beitrag geschrieben, dass die globalen Eliten zunehmend eine Politik wie im 19. Jahrhundert verfolgen, wenn es um industrielle Beziehungen und Steuergesetzgebung geht. Wie kommen Sie darauf?

Milanović: Das war eine Reaktion auf das diesjährige Treffen des Weltwirtschaftsforums in Davos. Seit inzwischen acht Jahren ist die wachsende Ungleichheit das bestimmende Thema dort. Jedes Jahr beklagen die Manager der wichtigsten globalen Unternehmen in dem Schweizer Bergdorf die Entwicklung, und dennoch ändert sich nichts, im Gegenteil. Die Leute fahren nach Hause und zahlen Lobbyisten dafür, dass sie gegen strengere Steuergesetze kämpfen. Den Rest des Beitrags lesen »

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Inequality in the Twenty-First Century

Posted by hkarner - 17. Dezember 2017

Dec 15, 2017 Kaushik Basu, Project Syndicate

Kaushik Basu, former Chief Economist of the World Bank, is Professor of Economics at Cornell University and Nonresident Senior Fellow at the Brookings Institution.

As inequality continues to deepen worldwide, we do not have the luxury of sticking to the status quo. Unless we confront the inequality challenge head on – as we have just begun to do with another existential threat, climate change – social cohesion, and especially democracy, will come under growing threat.

MUMBAI – At the end of a low and dishonest year, reminiscent of the “low, dishonest decade” about which W.H. Auden wrote in his poem “September 1, 1939,” the world’s “clever hopes” are giving way to recognition that many severe problems must be tackled. And, among the severest, with the gravest long-term and even existential implications, is economic inequality.

The alarming level of economic inequality globally has been well documented by prominent economists, including Thomas Piketty, François Bourguignon, Branko Milanović, and Joseph E. Stiglitz, and well-known institutions, including OXFAM and the World Bank. And it is obvious even from a casual stroll through the streets of New York, New Delhi, Beijing, or Berlin. Den Rest des Beitrags lesen »

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The ‘fourth industrial revolution’ will cause income inequality. Tech can also solve it

Posted by hkarner - 23. Januar 2017

Date: 23-01-2017
Source: The Wall Street Journal
Subject: Technology vs. the Middle Class

Nadella CCMicrosoft CEO Satya Nadella discussed tech innovation at Davos last week.

There is a reason we live in a golden age of dystopian science fiction: Increasingly, it feels like it is coming true. From “The Hunger Games” to “Elysium,” stories depict a world in which the trend of growing wealth and income inequality continues to its logical conclusion.

This narrative seems inevitable because it has occurred throughout history. The Luddites who attacked the automated looms that displaced them aren’t so different from the millions of truck drivers who could be displaced by self-driving vehicles.

What we’re going through now is called the fourth industrial revolution, marked by rapid innovation in automation, artificial intelligence, biotechnology, nanotechnology and other areas.

Last week, it was the talk of Davos, where Microsoft Chief Executive Satya Nadella worried it could lead to social unrest or excessive regulation. “If we don’t get it right we are going to have a vicious cycle,” Mr. Nadella said at a panel on AI. Den Rest des Beitrags lesen »

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A Tale of Two Middle Classes

Posted by hkarner - 21. Dezember 2016

Date: 20-12-2016
Source: Businessworld – Nayan Chanda

Worry and anger permeate the middle classes of Asia and the Americas, and in a world that is tightly interconnected, individuals perceive cross-border competition. During the US presidential campaign, President-elect Trump suggested that “unfair trade deals” had hurt US workers and communities, and he promised to tighten immigration rules and curb abuses associated with the H1-B and other visas. Chanda points to findings by economist Branko Milanovic, author of Global Inequality: A New Approach for the Age of Globalization: “…at the same time as a large middle income group in the developed world has seen wages stagnate thanks to global economic integration, Asia has been resurgent. Although one cannot convincingly establish causality between the two developments, he says, the coincidence of the two will lead many to conclude that globalisation has created a more unequal world.” Chanda notes that technology and automation – not trade – have reduced manufacturing jobs. And ongoing development of robots and artificial intelligence ensures that middle classes everywhere have reason to be anxious. – YaleGlobal

Jobless Americans wait for Trump to crack down against offshoring and immigration, and middle class Asians anxiously await the fallout

If ever there was any doubt, the surprising election of Donald Trump has proved once again that hell hath no fury like a middle class scorned. The repressed anger that led voters to ignore all the President-elect’s glaring flaws has implications for the middle class in emerging economies. The same phenomenon of globalisation that had left a large swathe of the American middle class behind has also created a prosperous new middle class from China to India to Southeast Asia. As jobless Americans anticipate delivery on Trump’s campaign promises, middle class Asians are merely waiting anxiously. Den Rest des Beitrags lesen »

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Wanted: Equal Opportunity Globalization

Posted by hkarner - 30. November 2016

 An enlightening study by the academic Champion of  Globalization (hfk)

Date: 30-11-2016Milanovic Branko
Source: YaleGlobal: Branko Milanovic

Populist stances are resonating with dissatisfied voters in the wealthiest places including Europe and the United States. The West has posted low growth rates for its middle class over the past 25 years while the average income growth of a median household in Asia during the same period was about four times as high – Asia still has some catching up to do as income levels and gross domestic product per capita for much of the continent are still a fraction of those in the United States or Europe. The problem for wealthy democracies is that most benefits of technological advancement, globalization and economic policy went to the wealthiest and highly skilled, often described as the top 1 percent. “A basic contradiction of the age of globalization is that economic outcomes for increasing numbers of people are determined at the global level, while political action takes place within nation-states,” notes economist Branko Milanovic. Nations can be more adept with policies tackling trade and globalization, but that requires political consensus and more balanced distribution of opportunities. – YaleGlobal

Populists blame Asia’s high growth rates for economic woes rather than policies that reinforce inequality at home

Downside of productivity growth: Developed countries increase productivity by replacing workers with machines, Asians gain with Western investments like iPhone assembly in China Den Rest des Beitrags lesen »

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Globalization and its New Discontents

Posted by hkarner - 6. August 2016

Photo of Joseph E. Stiglitz

Joseph E. Stiglitz

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is Rewriting the Rules of the American Economy.

AUG 5, 2016, Project Syndicate

NEW YORK – Fifteen years ago, I wrote a little book, entitled Globalization and its Discontents, describing growing opposition in the developing world to globalizing reforms. It seemed a mystery: people in developing countries had been told that globalization would increase overall wellbeing. So why had so many people become so hostile to it?

Now, globalization’s opponents in the emerging markets and developing countries have been joined by tens of millions in the advanced countries. Opinion polls, including a careful study by Stanley Greenberg and his associates for the Roosevelt Institute, show that trade is among the major sources of discontent for a large share of Americans. Similar views are apparent in Europe. Den Rest des Beitrags lesen »

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Post-Brexit, Can a Kinder, Gentler Model Help Globalization Survive?

Posted by hkarner - 8. Juli 2016

Date: 07-07-2016
Source: The Christian Science Monitor

Politicians that do not learn lessons from Brexit, the United Kingdom’s decision to end membership with the European Union, will unleash new economic disruptions. “For years, a wave of anti-establishment resentment, feeding on anger at widening social inequality and hostility to foreigners, has been building across Europe,” writes Peter Ford, Sara Miller Llana and Howard LaFranchi for the Christian Science Monitor. “Lately, similar nativist forces have made themselves felt in the United States.” Voters in democratic societies must view policies as fair. Widening inequality in education and employment drags democracies toward extreme protectionist and narrow policies that distract from real problems confronting the globe. Leaders have “opportunities to present a vision of a kinder, gentler model of globalization that takes more account of local realities” prior to elections in the United States, Germany, France, and other countries. Solutions include trade adjustment assistance, social welfare programs, insurance policies, less reliance on austerity programs and improved communications on visionary policies. Globalization is a disruptive force. Backtracking from entrenched interconnectedness may be more treacherous. – YaleGlobal Den Rest des Beitrags lesen »

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Globalisation and inequality: The new wave

Posted by hkarner - 1. April 2016

Date: 31-03-2016
Source: The Economist

Surprisingly little is known about the causes of inequality.
A Serbian-American economist proposes an interesting theory

Milanovic BookGlobal Inequality: A New Approach for the Age of Globalisation. By Branko Milanovic. Belknap; 299 pages; $29.95. Harvard University Press; £22.95.

IT’S a golden age for studying inequality. Thomas Piketty, a French economist, set the benchmark in 2014 when his book, “Capital in the Twenty-First Century”, was published in English and became a bestseller. The book mapped the contours of the crisis with a sweeping theory of economic history. Inequality, which had been on the wane from the 1930s until the 1970s, had risen sharply back toward the high levels of the Industrial Revolution, he argued. Now Branko Milanovic, an economist at the Luxembourg Income Study Centre and the City University of New York, has written a comprehensive follow-up. It reinforces how little is really known about economic forces of long duration.

In some ways “Global Inequality” is a less ambitious book than “Capital”. It is shorter, and written more like an academic working paper than a work of substantial scholarship for a wider readership.

Like Mr Piketty, he begins with piles of data assembled over years of research. He sets the trends of different individual countries in a global context. Over the past 30 years the incomes of workers in the middle of the global income distribution—factory workers in China, say—have soared, as has pay for the richest 1% . At the same time, incomes of the working class in advanced economies have stagnated. This dynamic helped create a global middle class. It also caused global economic inequality to plateau, and perhaps even decline, for the first time since industrialisation began. Den Rest des Beitrags lesen »

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Good for the Rich, Bad for the Poor

Posted by hkarner - 1. Dezember 2014

Inequality is bad for income growth of the poor (but not for that of the rich)

Branko Milanovic, Roy van der Weide 29 November 2014

Visiting Presidential Professor, Graduate Center, University of New York and Senior Scholar, Luxembourg Income Center

Economist on the Poverty and Inequality Research Team in the Development Research Group, World Bank

Concerns about income inequality are ethical and political as well as economic. Ethically, rising inequality – particularly that in favour capital owners who do not labour for their income – is troubling. Politically, conflation of the rich and the powerful undermines democracy and the ‘background institutions’ that Rawls considered essential for a well-ordered liberal society.1 But for economists, it is the economic problems associated with inequality that are of first-order importance. Among those, none is more important than the effect of inequality on growth. Den Rest des Beitrags lesen »

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