Source: Adam Smith Institute
by Tim Worstall
“Global inequality of income has been falling this past forty and fifty years. No, it’s not all about China either. The poor countries have been growing faster than the rich countries – inequality is falling. As Branko Milanovic has proven, this is also true if we consider inequality directly between people, not just as national units. This is even true of capital – as Milanovic again has proven, capital incomes are becoming more equally distributed. Agreed, agreed, from a very high level but still, that direction of travel is there. So, we know how to do global inequality reduction. Exactly what we’ve been doing. The Washington Consensus stops poor country governments doing stupid things, globalisation distributes the work and the incomes and, Tadah! global inequality reduces. Great, get really neoliberal on that global economy and Bob’s your parent’s sibling of choice. The usual suspects are demanding that all of this stop of course.” (08/19/26)