The political economy of inequality Frank Stilwell Emeritus - - PowerPoint PPT Presentation

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The political economy of inequality Frank Stilwell Emeritus - - PowerPoint PPT Presentation

Jan 12, 2024 251 likes •453 views

Sydney Ideas The political economy of inequality Frank Stilwell Emeritus Professor, Department of Political Economy University of Sydney A University of Sydney, Sydney Ideas event Key themes Patterns Processes Problems Politics Prospects

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Frank Stilwell

The political economy

  • f inequality

Sydney Ideas Emeritus Professor, Department of Political Economy University of Sydney

A University of Sydney, Sydney Ideas event

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Key themes

Patterns

  • Dimensions

and extent of inequality – within and across countries, and globally Processes

  • What shapes

'who owns what?' and 'who gets what?' Problems

  • Economic,

social and environmental effects of inequality, and its impact on happiness Politics

  • Strategies

and policies for pursuing egalitarian goals Prospects

  • Obstacles and

drivers of progressive change

The political economy of inequality, Frank Stilwell

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World income inequality, 2016

Source: World Income Database, http://wid.world/data

20000 40000 60000 80000 100000 120000 p p 1 p 1 p 2 p 2 p 3 p 3 p 4 p 4 p 5 p 5 p 6 p 6 p 7 p 7 p 8 p 8 p 9 p 9 p 1 p 1 p 1 1 p 1 1 p 1 2 p 1 2 p 1 3 p 1 3 p 1 4 p 1 4 p 1 5 p 1 5 p 1 6 p 1 6 p 1 7 p 1 7 p 1 8 p 1 8 p 1 9 p 1 9 p 2 p 2 p 2 1 p 2 1 p 2 2 p 2 2 p 2 3 p 2 3 p 2 4 p 2 4 p 2 5 p 2 5 p 2 6 p 2 6 p 2 7 p 2 7 p 2 8 p 2 8 p 2 9 p 2 9 p 3 p 3 p 3 1 p 3 1 p 3 2 p 3 2 p 3 3 p 3 3 p 3 4 p 3 4 p 3 5 p 3 5 p 3 6 p 3 6 p 3 7 p 3 7 p 3 8 p 3 8 p 3 9 p 3 9 p 4 p 4 p 4 1 p 4 1 p 4 2 p 4 2 p 4 3 p 4 3 p 4 4 p 4 4 p 4 5 p 4 5 p 4 6 p 4 6 p 4 7 p 4 7 p 4 8 p 4 8 p 4 9 p 4 9 p 5 p 5 p 5 1 p 5 1 p 5 2 p 5 2 p 5 3 p 5 3 p 5 4 p 5 4 p 5 5 p 5 5 p 5 6 p 5 6 p 5 7 p 5 7 p 5 8 p 5 8 p 5 9 p 5 9 p 6 p 6 p 6 1 p 6 1 p 6 2 p 6 2 p 6 3 p 6 3 p 6 4 p 6 4 p 6 5 p 6 5 p 6 6 p 6 6 p 6 7 p 6 7 p 6 8 p 6 8 p 6 9 p 6 9 p 7 p 7 p 7 1 p 7 1 p 7 2 p 7 2 p 7 3 p 7 3 p 7 4 p 7 4 p 7 5 p 7 5 p 7 6 p 7 6 p 7 7 p 7 7 p 7 8 p 7 8 p 7 9 p 7 9 p 8 p 8 p 8 1 p 8 1 p 8 2 p 8 2 p 8 3 p 8 3 p 8 4 p 8 4 p 8 5 p 8 5 p 8 6 p 8 6 p 8 7 p 8 7 p 8 8 p 8 8 p 8 9 p 8 9 p 9 p 9 p 9 1 p 9 1 p 9 2 p 9 2 p 9 3 p 9 3 p 9 4 p 9 4 p 9 5 p 9 5 p 9 6 p 9 6 p 9 7 p 9 7 p 9 8 p 9 8 p 9 9 Income (Euros) Population Percentile

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Intra-national income inequalities:

Growth in the share of the top 10%

Source: World Inequality Report 2017. http://wir2018.wid.world/files/download/wir2018-full-report- english.pdf, p. 10

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World income distribution percentage change, 1988 – 2008

Source: Milanovic, http://heymancenter.org/files/events/milanovic.pdf

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World income distribution percentage change, 1980 – 2016

Source: World Inequality Report 2017

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The top 500 billionaires by country, 2018

Source: World Inequality Report 2017

Country Number of Billionaires United States of America 155 China 39 Germany 39 Russian Federation 27 India 25 Hong Kong 17 Brazil 15 United Kingdom 15 Canada 13 France 13 Sweden 13 Thailand 8 Japan 7 Mexico 7 Switzerland 7 South Korea 6 Australia 6

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The 1%’s share in USA, 1980 – 2016

Source: World Inequality Report 2017

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The 1%’s income share in Western Europe, 1980 – 2016

Source: World Inequality Report 2017, p. 1

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Global economic inequality in the 21st century

Counterveiling tendencies

  • Trade unions
  • Social democratic states

Circular and cumulative causation

  • Wealth and poverty
  • Inheritance

Contemporary political economic changes

  • Globalisation
  • Financialisation
  • Neoliberalism
  • Urbanisation
  • Technological change

Driving disparities

The political economy of inequality, Frank Stilwell

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The share of wages in total income

Source: International Monetary Fund, http://www.imf.org/en/Publications/WEO/Issues/2017/04/04/world- economic-outlook-april-2017#Chapter 3, p. 122.

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The decline of public wealth

Source: World Inequality Report 2017, p. 15

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Economic inequality, health and social problems

Source: Wilkinson and Pickett 2010, p. 20

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Income inequality and social mobility

Source: Dorling 2017, p. 25

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  • ‘Raising the floor’
  • ‘Lowering the ceiling’
  • Creating greater equality of opportunity in the intervening space

RE-DISTRIBUTION:

  • Government taxes and expenditures

PRE-DISTRIBUTION:

  • Basic income
  • Civilising the corporation/challenging corporate power
  • Extending the commons

Policies for greater equality

The political economy of inequality, Frank Stilwell

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Shifting shares: prospects

Source: World Inequality Report 2017, http://wir2018.wid.world/files/download/wir2018-full-report- english.pdf

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The political economy of inequality, a Sydney Ideas event

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Necessary elements in social change:

  • CRITIQUE
  • VISION
  • STRATEGY
  • ORGANISATION

Now, what action?

  • A PERSONAL CHALLENGE…

Making a difference

The political economy of inequality, Frank Stilwell