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Wednesday, December 04, 2013

Mind the gap: The New Age of Inequality and its advocates

My new column for OpEdge

Over the last 30 years or so, we’ve witnessed a massive rise in inequality in Britain and in other countries across the world as neo-liberal economic policies replaced the more collectivist social democratic ones which dominated in 1950s, ’60s and ’70s.

Publicly-owned assets have been privatized, state provision cut back and extraordinarily generous tax cuts have been given to the rich. In the US, the top 1 percent saw income growth of 31 percent between 2009-12- compared to growth of less than 1 percent for the bottom 90 percent. A 2011 report of the OECD found that the income share of the top 1 percent in Britain had more than doubled in the period 1970 to 2005.

Austerity? If you’re one of the 1 percent things have never been so good. In 2012, the world’s richest 100 people increased their wealth by $241 billion.

You can read the whole piece here.

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