World Inequality Lab | WID.world @WIL_inequality
The open source for global #InequalityData, both within countries and between countries. #InequalityReport inequalitylab.world Paris, France Joined May 2016-
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“When the economy grows faster, then a pie growing bigger quickly also leads to increasing inequality ... We thought that the free market would take care of it but it has not.” - @Nitin_K_Bharti @yashjournals reports on our @WIL_inequality study. aljazeera.com/economy/2024/4…
🚨 In 2014, Modi was pitched as economic reformer who would rescue aspirations of middle class from clutches of elites. Ten years on, India is more unequal than under British Rule? Some astonishing figures—and questions in report @AJEnglish Read🧵 aljazeera.com/economy/2024/4…
Join us for our next #EqualityDebate with @BrankoMilan on #VisionsofInequality🤩 Looking forward to a great discussion with @mrandreescu @ULojkine & @PikettyWIL ! 🗓️Tue 21 May, 17:30-19:00 📍PSE, Paris 14e @PSEinfo 👉Register: inequalitylab.world/en/event/visio…
"Keynes proposed to penalise countries that held too much of a reserve currency as severely as those that ran deficits. Solving the dilemma he identified is as urgent as it is elusive" theguardian.com/commentisfree/… ht @PikettyWIL @AliceSodano @gatonievas @michaelxpettis @FadhelKaboub
"Wealthy nations exploit their position as the world’s bankers to siphon off hundreds of billions from the needy" On @gatonievas & @AliceSodano's paper on the exorbitant privilege of rich countries👇 theguardian.com/commentisfree/…
💥Ministers of Germany, Brazil, South Africa and Spain: "why we need a global tax on billionaires" Momentum for a coordinated minimum tax on the super-rich is accelerating – history in the making! theguardian.com/inequality/202…
In honor of my last day of teaching "Economic Inequality and Growth" at @UCBerkeley, some more graphs. I'll start with the famous elephant curve popularized by @BrankoMilan. Between 1980-2020, most global growth was captured by either the global bottom 50% or the top 1%.
When the German left was expropriating princes In the spring of 1924, the German left launched an uphill battle to redistribute the wealth of the Hohenzollerns. This episode illustrates the ability of elites to use the language of the law to perpetuate their privileges,…
Should Ukrain join the EU? Yes, but on the condition to redefine the EU as a political community serving the rule of law and democratic pluralism, and to break away from the religion of free trade and competition as the solution to all problems lemonde.fr/blog/piketty/2…
Back from the IMF/World Bank Spring meetings, where — six weeks after the beginning of the work at the G20 on a coordinated taxation of the super-rich — there was palpable "tax the rich" energy in the room A few notable developments 🧵
Bottom line: rich countries pretend to be in favour of fair & open markets, devlopment for all etc. but in practice the way financial markets are organized & regulated leads to an enormous income transfer from global South to global North, year after year & growing over time
Bottom line: rich countries pretend to be in favour of fair & open markets, devlopment for all etc. but in practice the way financial markets are organized & regulated leads to an enormous income transfer from global South to global North, year after year & growing over time
Has the US exorbitant privilege become a rich world privilege? Rates of return & foreign assets from a global perspective 1970-2022 G Nievas & A Sodano Please read this great work: it contains key findings showing the need to rethink the governance of the global financial system
Has the US exorbitant privilege become a rich world privilege? Rates of return & foreign assets from a global perspective 1970-2022 G Nievas & A Sodano Please read this great work: it contains key findings showing the need to rethink the governance of the global financial system https://t.co/o085404B8V
"Our proposal ensures that the super-rich cannot evade their fair share of income taxation; if they attempt to pay too little, a mandatory top-up mechanism will force them to contribute at least 2% of their wealth," said @gabriel_zucman #TaxTheRich #IMFMeetings #WBGMeetings
Branko Milanovic @BrankoMilan
161K Followers 1K Following 1) Income inequality; 2) Politics; 3) History; 4) Soccer. Author of "Global inequality" and "Capitalism, Alone" (2019). Stone Center, CUNY; LSE, LondonThomas Piketty @PikettyWIL
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5K Followers 946 Following Professor, Political Science & Sociology, CUNY Grad Cntr; Director, Stone Center on Socio-Economic Inequality / US Office of LIS. // New! janetgornick.bsky.socMorten N. Støstad @MortenStostad
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161K Followers 1K Following 1) Income inequality; 2) Politics; 3) History; 4) Soccer. Author of "Global inequality" and "Capitalism, Alone" (2019). Stone Center, CUNY; LSE, LondonThomas Piketty @PikettyWIL
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39K Followers 2K Following Professor of Economics @Harvard. Inequality, taxation, innovation & how people understand economic policies. Theory+data. https://t.co/naCOmtDvtMLucas Chancel @lucas_chancel
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17K Followers 669 Following Global Director, Poverty and Equity @WBG_Poverty Equitable Growth, Finance & Institutions @WorldBank https://t.co/Mh3SJcN6kpSalvatore Morelli @MorelliSal
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6K Followers 694 Following Economics editor @TheEconomist. Visiting Fellow @NuffieldCollege. Views mine only.Nice article in AJ on concentration of income and wealth. Summarizes @anmol_smnch et al. I avoid comparison w British rule (when poverty >90%) but under current extremes, inequality of opportunity dominates.
“The only opportunity for transformation for anyone in the middle class is to play a lottery and get into one of these very few institutions that can propel you to a white-collar job." - @Kumar_EconIneq aljazeera.com/economy/2024/4…
Looking forward to it!
Join us for our next #EqualityDebate with @BrankoMilan on #VisionsofInequality🤩 Looking forward to a great discussion with @mrandreescu @ULojkine & @PikettyWIL ! 🗓️Tue 21 May, 17:30-19:00 📍PSE, Paris 14e @PSEinfo 👉Register: inequalitylab.world/en/event/visio…
My amazing team-mates have had a piece written about them in the Guardian 🥳🥳 ! Go check out their research if you want to understand how inequality gets created !
Very nice piece in The Guardian featuring our research with @AliceSodano. Globalisation needs to be more inclusive towards poor countries. As it is now it is unsustainable. theguardian.com/commentisfree/…
Very honoured to participate to the next Equality Debate with one of the economists that inspired me to pursue research ! Join us on the 21st of may
Join us for our next #EqualityDebate with @BrankoMilan on #VisionsofInequality🤩 Looking forward to a great discussion with @mrandreescu @ULojkine & @PikettyWIL ! 🗓️Tue 21 May, 17:30-19:00 📍PSE, Paris 14e @PSEinfo 👉Register: inequalitylab.world/en/event/visio…
Very much looking forward to this equality debate on the new book of @BrankoMilan!
Join us for our next #EqualityDebate with @BrankoMilan on #VisionsofInequality🤩 Looking forward to a great discussion with @mrandreescu @ULojkine & @PikettyWIL ! 🗓️Tue 21 May, 17:30-19:00 📍PSE, Paris 14e @PSEinfo 👉Register: inequalitylab.world/en/event/visio…
"Keynes proposed to penalise countries that held too much of a reserve currency as severely as those that ran deficits. Solving the dilemma he identified is as urgent as it is elusive" theguardian.com/commentisfree/… ht @PikettyWIL @AliceSodano @gatonievas @michaelxpettis @FadhelKaboub
Fascinating! "the positive return differential does not come from rich countries investing in riskier assets. It is the result of their access to low-interest debt, as they are issuers of international reserve currencies" The paper proposes policies to overcome that privilege.
Each year poor countries send 2⃣ - 3⃣% of their GDP to the rich world while they could be investing that amount in education, health or climate policies, found @gatonievas & @AliceSodano. ❗️It's time to overthrow this rich world privilege ▶️tinyurl.com/mryzeya7 #springmeetings
Very nice piece in The Guardian featuring our research with @AliceSodano. Globalisation needs to be more inclusive towards poor countries. As it is now it is unsustainable. theguardian.com/commentisfree/…
Very interesting piece by The Guardian on Gaston Nievas & Alice Sonado's research on the exorbitant privilege of rich countries theguardian.com/commentisfree/…
Bottom line: rich countries pretend to be in favour of fair & open markets, devlopment for all etc. but in practice the way financial markets are organized & regulated leads to an enormous income transfer from global South to global North, year after year & growing over time
There are decades where nothing happens; and there are weeks where decades happen. #TaxTheRich
Les ministres Allemands, Brésiliens, Sud-Africains et Espagnols soutiennent un impôt mondial sur les milliardaires ! Le mouvement en faveur de notre proposition prend de l'ampleur!
💥Ministers of Germany, Brazil, South Africa and Spain: "why we need a global tax on billionaires" Momentum for a coordinated minimum tax on the super-rich is accelerating – history in the making! theguardian.com/inequality/202…
Unequal access to capital markets affects poor countries more than previously thought, and for different reasons. Important findings from @gatonievas and @AliceSodano at @WIL_inequality
Each year poor countries send 2⃣ - 3⃣% of their GDP to the rich world while they could be investing that amount in education, health or climate policies, found @gatonievas & @AliceSodano. ❗️It's time to overthrow this rich world privilege ▶️tinyurl.com/mryzeya7 #springmeetings
Cada año los países pobres envían entre el 2% y el 3% de su PIB al mundo rico, mientras que podrían estar invirtiendo esa cantidad en educación, salud o políticas climáticas ❗️ Es hora de derrocar este privilegio del mundo rico
Each year poor countries send 2⃣ - 3⃣% of their GDP to the rich world while they could be investing that amount in education, health or climate policies, found @gatonievas & @AliceSodano. ❗️It's time to overthrow this rich world privilege ▶️tinyurl.com/mryzeya7 #springmeetings
Groundbreaking @WIL_inequality research reveals India's Billionaire Raj driving economic inequality surpassing British Raj levels. It calls for equitable reforms Read More at: thekanal.in/en-IN/details/… @Nitin_K_Bharti @lucas_chancel @PikettyWIL @anmol_smnch #economy #Economia
Hugely important new research from @gatonievas and @AliceSodano showing the exorbitant privilege enjoyed by capital from rich countries in global financial markets, and the costs for lower income countries.
Each year poor countries send 2⃣ - 3⃣% of their GDP to the rich world while they could be investing that amount in education, health or climate policies, found @gatonievas & @AliceSodano. ❗️It's time to overthrow this rich world privilege ▶️tinyurl.com/mryzeya7 #springmeetings
🚀 Exciting news! Our WP with @gatonievas is out! 🔍 From the US exorbitant privilege to a rich world privilege. ➡️Urgent reforms needed for fairer international monetary and financial system. Read the paper below & the 🧵 by my amazing co-author here: tny.app/x15u84r3
Each year poor countries send 2⃣ - 3⃣% of their GDP to the rich world while they could be investing that amount in education, health or climate policies, found @gatonievas & @AliceSodano. ❗️It's time to overthrow this rich world privilege ▶️tinyurl.com/mryzeya7 #springmeetings
Amazing work by @AliceSodano and @gatonievas on one of the main drivers of global inequality! Read the summary and WP here ⬇️
Each year poor countries send 2⃣ - 3⃣% of their GDP to the rich world while they could be investing that amount in education, health or climate policies, found @gatonievas & @AliceSodano. ❗️It's time to overthrow this rich world privilege ▶️tinyurl.com/mryzeya7 #springmeetings
The paper proposes a set of policies that would overthrow such a privilege. But we highlight the need to reform the International Monetary and Financial System to attend the needs of the poorest countries. The current share of voting power in IMF speaks by itself #SpringMeetings
Importantly, the positive return differential does not come from rich countries investing in riskier, more profitable assets. It is the result of them accessing low interest debt (pub + priv) because they issue international reserve currencies.
The privilege is translated in net income transfers from the poorest to the richest equivalent to 1% of the GDP of top 20% countries (and 2% of GDP for top 10% countries) This is a burden for the bottom 80% of about 2-3% of their GDP