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Inequality, Growth, and Poverty in an Era of Liberalization and Globalization (Hardcover)
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Inequality, Growth, and Poverty in an Era of Liberalization and Globalization (Hardcover)
Series: WIDER Studies in Development Economics
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Within-country income inequality has risen since the early 1980s in
most of the OECD, all transitional, and many developing countries.
More recently, inequality has risen also in India and nations
affected by the Asian crisis. Altogether, over the last twenty
years, inequality worsened in 70 per cent of the 73 countries
analysed in this volume, with the Gini index rising by over five
points in half of them. In several cases, the Gini index follows a
U-shaped pattern, with the turn-around point located between the
late 1970s and early 1990s. Where the shift towards liberalization
and globalization was concluded, the right arm of the U stabilized
at the 'steady state level of inequality' typical of the new policy
regime, as observed in the UK after 1990. Mainstream theory
focusing on rises in wage differentials by skill caused by either
North-South trade, migration, or technological change poorly
explains the recent rise in income inequality. Likewise, while the
traditional causes of income polarization-high land concentration,
unequal access to education, the urban bias, the 'curse of natural
resources'-still account for much of cross-country variation in
income inequality, they cannot explain its recent rise. This volume
suggests that the recent rise in income inequality was caused to a
considerable extent by a policy-driven worsening in factorial
income distribution, wage spread and spatial inequality. In this
regard, the volume discusses the distributive impact of reforms in
trade and financial liberalization, taxation, public expenditure,
safety nets, and labour markets. The volume thus represents one of
the first attempts to analyse systematically the relation between
policy changes inspired by liberalization and globalization and
income inequality. It suggests that capital account liberalization
appears to have had-on average-the strongest disequalizing effect,
followed by domestic financial liberalization, labour market
deregulation, and tax reform. Trade liberalization had unclear
effects, while public expenditure reform often had positive
effects.
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