Lecture 5 Distribution of Wealth 2013

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Unformatted text preview: Capitalism sucks, I am joining Occupy! Wealth and Distribu0on of Wealth (large OECD countries) Chile Mexico United States Portugal Italy United Kingdom Australia Spain Greece Poland Switzerland OECD France Canada South Korea Netherlands Austria Germany Finland Norway Sweden Japan Denmark population 17,269,525 114,793,341 311,591,917 10,637,000 60,770,000 62,641,000 22,620,600 46,235,000 11,304,000 38,216,000 7,907,000 1,245,198,487 65,436,552 34,482,779 49,779,000 16,696,000 8,419,000 81,726,000 5,387,000 4,952,000 9,453,000 127,817,277 5,574,000 GDP/capita 17,311 15,270 48,442 25,385 32,928 35,494 39,438 32,424 26,948 21,310 49,151 35,092 34,993 40,440 30,254 42,834 42,225 39,211 38,083 61,882 41,300 34,294 40,983 Gini 52.1 48.3 40.8 38.5 36 36 35.2 34.7 34.3 34.1 33.7 33.1 32.7 32.6 31.6 30.9 29.2 28.3 26.9 25.8 25 24.9 24.7 2 10/1/13 Gini map of world (2011) Recent trend in Wealth Distribu0on (US) Golden age of US capitalism (AHer WW2 ­1970s) •  US is the world’s creditor and has the most produc0ve industrial capabili0es (shared amongst its mostly an0 ­communist allies) •  Breaon Woods, regula0ve measures against short ­ term specula0on •  Marshall and Dodge plans •  Class accord between labour and capital (Ford) 3 10/1/13 US economic history circa 1970s •  US begins to lose its compe00ve advantage in industry and by the mid 1980s is a debtor •  Breaon Woods falls apart (but the US is s0ll the issuer of interna0onal currency) •  IMF and World Bank (trade agreements, outsourcing and offshoring) •  Japan and China finance US debt 3. Effect of unequal distribu0on of income or wealth •  •  •  •  •  •  •  •  •  •  •  •  •  ...
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