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The many faces of inequality in Australia and the world

26 Jun 2015
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Inequality matters. This is the consistent finding of a myriad of studies in recent times. Consequently, inequality has become an increasingly important concern for policy-makers, business people and societies throughout the world. We can attribute some of the increased interest in inequality to the success of Thomas Piketty’s book Capital in the Twenty-First Century. A more important factor, however, is the clear evidence that inequality is rising in many countries throughout the world. While Piketty’s major concern is with inequality in the developed world, it is clear that the rise of the developing world, particularly China and India has changed the global distribution of income and wealth. Complicating the analysis of inequality is the fact that rapid economic growth in these two giants has seen a massive reduction in global poverty and a small reduction in global inequality. The big winners from the globalisation of the world economy have been the middle classes of the developing world and the wealthy in the developed world. 

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2015
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