A Abbreviations This information is included in Appendix A: Abbreviationswhich includes all abbreviations and acronyms used in the Factbook, with their expansions. Acronyms An acronym is an abbreviation coined from the initial letter of each successive word in a term or phrase.
Factors included more market income in the top percentages, a larger increase in wage rates for those at the top, increases in corporate pay, the expansion of technology disproportionately benefiting those at the top, increasing pay for those working in the financial and legal professions, the expansion of financial services, etc.
As a result of that uneven income growth, the share of total after-tax income received by the 1 percent of the population in households with the highest income more than doubled between andwhereas the share received by low- and middle-income households declined….
The share of income received by the top 1 percent grew from about 8 percent in to over 17 percent in Inthe top 1 percent received about the same share of income as the lowest income quintile; bythe top percentile received more than the lowest two income quintiles combined.
In a short follow-upKrugman adds that the change in income share in that period shows that just about all of the redistribution has taken place from the bottom 80 to the top 1.
Noting that around the world there is a new global working wealthy dominating the new global elite, an earlier New York Times article notes for the US that the gap [in the US] between the super rich and everybody else is now greater than at any time since before the Depression of the s.
Furthermore, The richest one-hundredth of 1 percent of American families — about 15, — accounted for less than 1 percent of national income in Bythe figure was 6 percent, according to Tyler Cowen, an economist at George Mason University outside Washington.
That difference translates into hundreds of billions of dollars. Countries like Russia have been seen as having an oligarchical structure. But for a while many have talked of countries like the US also showing similar patterns. And so a long-time concern is that a lot of this increased concentration in wealth is not just from successful business practices, but collusion, corruption and undue influences: The generous government bailouts of United States financial institutions prompted Simon Johnson, a professor of economics at the Massachusetts Institute of Technology, to compare American bankers with emerging-market oligarchs.
In an article in The Atlantic magazine, which he later expanded into a book, Mr. Johnson wrote that American financiers had pulled off a quiet coup. They have largely pulled away from their compatriotseven in more egalitarian countries, such as Germany and various Scandinavian countries, while those already with large inequality in emerging developing countries are getting more unequal too.
An analysis of over 43, transnational corporations TNCs has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
The problem with such super concentration is that a small minority can influence the world system disproportionately — what is good for them is not necessarily good for everyone else, for example.
In addition, given the enormous position in the world system, a problem in just a handful of them can, and have, had a terrible effect on the rest of the economy as the current financial crisis has shown. Adam Smith, who was amongst the first to argue for free markets, had also warned against the impacts and undue influences of such concentration, but it would seem the modern TNCs have, in his name, achieved the same position.
Inequality in Cities Around the World Inequality is usually associated with poorer, developing nations. But for many years, studies have shown that many wealthier nations also suffer from inequality, sometimes at levels similar to those of some developing countries.Poverty is one of the most significant and serious issues in the world.
Today, millions of people are dealing with the cruel life conditions and trying to reach proper health care, . Different poverty levels. Poverty lines shown here include $1 a day, $ a day, $ a day, $2 a day (typical for many developing countries), $ a day (which includes a poverty level for some additional countries), and $10 a day, which a World Bank report referred to if looking at poverty from the level of a wealthy country, such as the US.
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Americans also believe that the average family of four requires more than $55, in annual income to be considered living out of poverty and safely in the middle class. What are the Causes of Poverty?
As governments, aid workers and activists search for solutions to the urgent problem of widespread poverty and seek to combat its many negative effects, there is a need to identify the causes of poverty in order to create sustainable change.
While many poor in wealthy countries may not be in absolute poverty as the many poor people in developing countries, the relative poverty and high inequality in many wealthy nations creates significant issues.