Land Seizures — The number-one issue in the country is a plan by the government to impose Zimbabwe-style land confiscation. South Africa needs another enlightened leader like Nelson Mandela, but it keeps electing imitations of Robert Mugabe. President Cyril Ramaphosa confirmed recently that his government plans to expropriate private property without compensation, following the examples of Zimbabwe and Venezuela.
Factors included more market income in the top percentages, a larger increase in wage rates for those at the top, increases in corporate pay, the expansion of technology disproportionately benefiting those at the top, increasing pay for those working in the financial and legal professions, the expansion of financial services, etc.
As a result of that uneven income growth, the share of total after-tax income received by the 1 percent of the population in households with the highest income more than doubled between andwhereas the share received by low- and middle-income households declined….
The share of income received by the top 1 percent grew from about 8 percent in to over 17 percent in Inthe top 1 percent received about the same share of income as the lowest income quintile; bythe top percentile received more than the lowest two income quintiles combined. In a short follow-upKrugman adds that the change in income share in that period shows that just about all of the redistribution has taken place from the bottom 80 to the top 1.
Noting that around the world there is a new global working wealthy dominating the new global elite, an earlier New York Times article notes for the US that the gap [in the US] between the super rich and everybody else is now greater than at any time since before the Depression of the s.
Furthermore, The richest one-hundredth of 1 percent of American families — about 15, — accounted for less than 1 percent of national income in Bythe figure was 6 percent, according to Tyler Cowen, an economist at George Mason University outside Washington.
That difference translates into hundreds of billions of dollars. Countries like Russia have been seen as having an oligarchical structure. But for a while many have talked of countries like the US also showing similar patterns.
And so a long-time concern is that a lot of this increased concentration in wealth is not just from successful business practices, but collusion, corruption and undue influences: The generous government bailouts of United States financial institutions prompted Simon Johnson, a professor of economics at the Massachusetts Institute of Technology, to compare American bankers with emerging-market oligarchs.
In an article in The Atlantic magazine, which he later expanded into a book, Mr. Johnson wrote that American financiers had pulled off a quiet coup.
They have largely pulled away from their compatriotseven in more egalitarian countries, such as Germany and various Scandinavian countries, while those already with large inequality in emerging developing countries are getting more unequal too. An analysis of over 43, transnational corporations TNCs has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
The problem with such super concentration is that a small minority can influence the world system disproportionately — what is good for them is not necessarily good for everyone else, for example. In addition, given the enormous position in the world system, a problem in just a handful of them can, and have, had a terrible effect on the rest of the economy as the current financial crisis has shown.
Adam Smith, who was amongst the first to argue for free markets, had also warned against the impacts and undue influences of such concentration, but it would seem the modern TNCs have, in his name, achieved the same position.
Inequality in Cities Around the World Inequality is usually associated with poorer, developing nations.
But for many years, studies have shown that many wealthier nations also suffer from inequality, sometimes at levels similar to those of some developing countries.
In addition, and almost counter to conventional wisdom, the report finds that in cities that have high levels of inequality increases the chance of more disparities increases, not reduces, with economic growth.
This is because high levels of urban inequality have a dampening effect on economic growth and contribute to a less favorable environment for investment.
This exacerbates insecurity and social unrest which, in turn, diverts public and private resources from social services and productive investments to expenditures for safety and security. In another UN Habitat report, the issue of equality was noted: Government has many roles but a fundamental one, in democracy, is to build equality.
For legitimacy to exist in society, citizens must perceive that inclusion and equality are fundamental objectives of public authorities.
For example, the report adds that in many developing cities, wealthier citizens live in private spaces and may even avoid visiting or walking around in city centers. There is therefore a dilemma that the public sector faces compared to the private sector: In parallel with growing cities are growing informal settlements or slums.
Numerous factors create this rise, from poverty in the countryside, changes towards neoliberal economic ideology, corruption, globalization factors and so on.
The problem is so immense that, according to UN Habitat, approximately 1 billion people live in slums in the cities of the world — approximately 1 in every 6 people on the planet. While there have been some successes in reducing the number of people living in such areas in recent years by about a tenth mostly in China and Indianumerous problems persist.The emergence of the threat of trade wars and sanctions is perhaps a more distressing development than the seemingly proliferating phenomena of proxy wars around the world.
Jul 24, · And the synchronous wave that lifted every world economy at the year’s nearly nine out of 10 companies in the Standard & Poor’s stock index reporting earnings so far had beat.
Poverty is the scarcity or the lack of a certain (variant) amount of material possessions or money. Poverty is a multifaceted concept, which may include social, economic, and political elements.
Absolute poverty, extreme poverty, or destitution refers to the complete lack of the means necessary to meet basic personal needs such as food, clothing and shelter. The "Better Business, Better World" report shows how pursuing the Global Goals could raise trillions in new market opportunities in ways that extend prosperity to all.
About Us. IHS Markit is the leading source of information and insight in critical areas that shape today's business landscape. Customers around the world rely on . Update May March November Analysis from Wood Mackenzie “All five of the major oil-producers in region – Iran, Iraq, Kuwait, Saudi Arabia and the UAE – will run a fiscal deficit in