Economic insecurity a hallmark of globalisation
Most workers worry about their jobs being threatened by cheaper imports facilitated by global integration, automation & digitisation.
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Berkeley
IT IS now commonplace to blame rising economic inequality for working-class anger and the gravitational pull towards right-wing populism all over the world. But the relation between these two phenomena is actually more complicated.
As the recently released World Inequality Report 2018 observes, over the last three decades, the richest 1 per cent in the world reaped 27 per cent of the world's income, while the bottom 50 per cent of the population received 12 per cent. The same report indicates that the income share of the top 1 per cent peaked just before the financial crisis, and went down a little or stabilised since then. Yet the right-wing eruptions happened mostly in more recent years. Is this just a delayed reaction? Going into the trends a little deeper, one finds more complex processes.
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