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  • Imagine the global population was made up of just 100 people, and this pie represents global income.

  • The richest 1% of people - or just one person - gets one-fifth of this pie.

  • But for the poorest half of the population - or 50 people - they have to share just half of that.

  • That's what global inequality looks like today.

  • And the difference between those slices of pie is only getting bigger.

  • Global income has grown over the past four decades, but so has income inequality in nearly every region of the world.

  • Huge growth in Asia, particularly China and India, has meant that the bottom 50 percent's income gained 12% of that overall growth.

  • But that's nothing compared to the top 1%, which captured 27% of income growth.

  • Those moves at the very top and bottom have left the global middle class squeezed.

  • The poorest 90% of the U.S. and EU's population falls within this bracket.

  • It's this rising inequality that exploded into the global Occupy Wall Street movement.

  • And if you think the financial crisis would have helped level the playing field, think again.

  • The one percent's share has steadily increased since 2008.

  • And the source of wealth growth?

  • It's heavily tilted towards the United States and the rise of financial assets.

  • That's partly because banks started taking less risks after the financial crisis, meaning they've become less willing to lend to the poor and middle class.

  • But the gap between the rich and poor differs depending on where you're looking.

  • In Europe, the top 10

  • In the Middle East, they capture more than 60%. So what's causing inequality?

  • An obvious contributor is China and Russia's move away from communism, but that's just a tiny portion of the explanation.

  • Fast technological changes have led to a greater demand for skilled labor, while automation has eliminated many jobs.

  • That has led to a growing earnings gap between high and low-skilled workers.

  • Until recently, trade was seen as a largely positive global force.

  • But now it's become the bogeyman for rising inequality.

  • Some people in wealthier countries say they're losing out because good jobs are being outsourced to workers in developing countries.

  • 80% of Americans think sending jobs overseas harms America's workers.

  • But it's not that simple.

  • There's evidence that free trade has increased and decreased wages at the same time.

  • Take Apple for example.

  • It's created two million jobs in the U.S. but it's also created more than twice that in China.

  • In 2014, inequality came to the forefront of global discussion.

  • That's because of French economist Thomas Piketty, who published a book called Capital in the Twenty-First Century.

  • Despite being 700 pages long, it became an international bestseller.

  • Piketty drew a distinction between wealth and income.

  • His argument was that wealth, essentially a person's net worth, grows faster than income.

  • That means the rich get richer, because their wealth grows faster from capital they own, like stocks and houses.

  • This type of capital appreciates in value faster than wage growth, which salaried workers depend on.

  • So what can we do about it?

  • The IMF, Thomas Piketty and 100 other researchers have come up with some suggestions.

  • But you're not going to like the first one.

  • Taxes.

  • The United States pays much less tax when compared to Western European countries, and it has an impact on inequality.

  • The top one percent's share of income in the U.S. has risen dramatically, while that inequality is much more moderate in Western Europe.

  • Economists say this is largely because of taxes.

  • While it's commonly believed that taxes discourage people from working and investing more, good tax policies help governments to redistribute wealth for a more equal society.

  • On top of that, the IMF also found that higher income taxes for the rich do not hurt growth.

  • But that's if people actually pay them.

  • At least 10% of global GDP is being held in tax havens.

  • In six European countries alone, €350 billion is estimated to be hidden away.

  • Shareholders benefit most from tax havens.

  • But governments and societies suffer from the huge loss of revenue, which could be invested in public services and infrastructure.

  • That's bad news for another potential solution - better access to quality education and job opportunities.

  • Finally, the IMF found that rich countries with less unionisation are associated with an increase in the share of income of the top 10%.

  • In Denmark, domestic policies led to fast food workers making $20 an hour, that's twice of what they make in the United States.

  • Despite having no minimum wage, unions dominate in the small country.

  • That's guaranteed them a living wage and benefits their American counterparts could only dream of.

  • Some say that inequality incentivises innovation and productivity.

  • But inequality causes political and economic instability, and the IMF says it hurts economic growth.

  • If we want to make this pie bigger overall, its slices are going to have to get more equal first.

  • Hey everyone it's Xin En. Thanks for watching.

  • If you want to check out more of our CNBC videos, click here and here.

  • As always, feel free to leave any suggestions for future videos in our comments section.

  • Don't forget to subscribe and see you next time.

Imagine the global population was made up of just 100 people, and this pie represents global income.


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なぜ格差は拡大しているのか?| CNBCが解説 (Why is inequality rising? | CNBC Explains)

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    robert に公開 2021 年 01 月 14 日