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Inequality, Growth, and Poverty in an Era of Liberalization and Globalization
Edited by Giovanni Andrea Cornia
460 pages
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numerous figures and tables
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234x154mm
978-0-19-928410-8
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Paperback
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16 June 2005
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- An extensive review of the literature on inequality changes by country combined with quantitative analysis of trends in inequality indexes based on the World Income Inequality Database (WIID at UNU/WIDER).
- Shows that inequality has increased in 70 per cent of the 73 countries studied.
- Exhaustive measures of the impact on inequality of various sets of factors, including the Washington Consensus policies.
- Assesses the likely impacts of rising inequality on poverty and economic growth.
Within-country income inequality has risen since the early 1980s in most of the OECD, all transitional, and many developing countries. More recently, inequality has risen also in India and nations affected by the Asian crisis. Altogether, over the last twenty years, inequality worsened in 70 per cent of the 73 countries analysed in this volume, with the Gini index rising by over five points in half of them. In several cases, the Gini index follows a U-shaped pattern, with the turn-around point located between the late 1970s and early 1990s. Where the shift towards liberalization and globalization was concluded, the right arm of the U stabilized at the 'steady state level of inequality' typical of the new policy regime, as observed in the UK after 1990.
Mainstream theory focusing on rises in wage differentials by skill caused by either North-South trade, migration, or technological change poorly explains the recent rise in income inequality. Likewise, while the traditional causes of income polarization-high land concentration, unequal access to education, the urban bias, the 'curse of natural resources'-still account for much of cross-country variation in income inequality, they cannot explain its recent rise.
This volume suggests that the recent rise in income inequality was caused to a considerable extent by a policy-driven worsening in factorial income distribution, wage spread and spatial inequality. In this regard, the volume discusses the distributive impact of reforms in trade and
financial liberalization, taxation, public expenditure, safety nets, and labour markets. The volume thus represents one of the first attempts to analyse systematically the relation between policy changes inspired by liberalization and globalization and income inequality. It suggests that capital account liberalization appears to have had-on average-the strongest disequalizing effect, followed by domestic financial liberalization, labour market deregulation, and tax reform. Trade liberalization had unclear effects, while public expenditure reform often had positive effects. Readership: Academics, researchers, and students in economics and other social sciences, and governmental and non-governmental organizations
working on development issues.
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Edited by Giovanni Andrea Cornia, University of Florence Contributors:
Prof. Tony Addison, Deputy Director, World Institute for Development Economics Research (WIDER)
Prof. Anthony B. Atkinson, Warden, Nuffield College, Oxford University
Prof. Michael Carter, BASIS Director, Dept. of Agricultural and Applied Economics, University of Wisconsin-Madison
Prof. Daniele Checchi, Facoltà di Scienze Statistiche, Università degli Studi di Milano Bicocca
Dr. Ke-young Chu, Dept. of Economics, Wesleyan University
Prof. Giovanni Andrea
Cornia, Department of Economics, University of Florence
Dr. Hamid Davoodi, International Monetary Fund
Dr. Rahul Dhumale, Senior Economist, Federal Reserve Bank USA
Prof. Robert Eastwood, School of Social Sciences, University of Sussex
Dr. Sanjeev Gupta, Chief of Expenditure Policy Division, Fiscal Affairs Department, IMF
Prof. Isra Sarntisart, Faculty of Economics, Chulalongkorn University, Thailand
Dr. Carolyn Jenkins, Research Associate, Centre for the Study of African Economies, University of Oxford
Prof. Raghbendra Jha , Executive Director, Australia South Asia Research Centre, Australian National University
Dr. Sampsa Kiiski, Helsinki, Finland
Prof. Michael Lipton, Poverty Research Unit, University of Sussex, UK
Dr. Sanjay G. Reddy, Dept. of Economics, Barnard College, Columbia University
Prof. Francisco Rodríguez, Chief Economist, Venezuelan National Assembly
Dr. Catherine Saget, Employment Sector, International Labour Organisation
Prof. Ajit Singh, Senior Fellow, Queens' College, Cambridge University
Prof. Lance Taylor, Arnhold Professor of International and Cooperation and Development, New School University, New York
Dr. Lynne Thomas, Centre for Research into Economics and Finance in Southern Africa, London
School of Economics
Prof. Rolph van der Hoeven, Employment Sector, International Labour Organisation
Prof. A. Erinç Yeldan, Department of Economics, Bilkent University, Turkey
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"'..essential reading for anyone concerned with poverty reduction and the impact of current policy reforms'
" - Frances Stewart, Director, Queen Elizabeth House, University of Oxford
"'...a valuable contribution to the important but still very limited body of serious analysis on the enormously important question of how liberalization and globalization affect people though their growth, distribution and poverty impacts. The volume addresses most of the key issues and, through the material it adds to the ongoing debates, will help to shift the balance of considered opinion away from the overoptimistic predictions of some of the cheer-leaders for liberalization and globalization to a more plausible middle ground. Such a shift is essential if these phenomena are to be appropriately controlled and harnessed for human betterment.'
" - Albert Berry, Professor, Department of Economics, University of Toronto
""This book is a well-researched, energetic and analytically adept multi-authored volume..."" - Development and Change
""Together they make a valuable collection of papers on linkages between inequality and/or trade with growth and/or povertyresearchers will find much of value in the volumes, and research students will find the reviews, methods and case studies informative and useful."" - Journal of International Development
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PART I: INCOME DISTRIBUTION TRENDS,THEORIES AND POLICIES
1: Giovanni Andrea Cornia: Inequality, Growth and Poverty: An Overview of Changes over the Last Two Decades
2: Giovanni Andrea Cornia, Tony Addison and Sampsa Kiiski: Income Distribution Changes and Their Impact in the Post-World War II period
PART II: TRADITIONAL CAUSES OF INEQUALITY: STILL RELEVANT FOR EXPLAINING ITS RISE IN THE 1980s-90s?
3: Michael Carter: Land Ownership Inequality and the Income Distribution Consequences of Economic Growth
4: Daniele Checchi: Does Educational Achievement Help Explain Income Inequality?
5: Michael Lipton and Rob Eastwood: Rural and Urban Income and Poverty: Does Convergence Between Sectors Offset Divergence within Them?
PART III. RECENT FACTORS INFLUENCING THE DISTRIBUTION OF INCOME
6: Ajit Singh and Rahul Dhumale: Globalization, Technology and Income Inequality: A Critical Analysis
7: Lance Taylor: External Liberalization, Economic Performance and Distribution in Latin America and Elsewhere
8: Rolph van der Hoeven and Catherine Saget: Labour Market Institutions and Income Inequality: What are the New Insights after the Washington Consensus?
9: Anthony B. Atkinson: Increased Income Inequality in OECD Countries and the Redistributive Impact of the Government Budget
10: Ke-young Chu, Amid Davoodi and Sanjeev Gupta: Income Distribution and Tax and Government Social Spending Policies in Developing Countries
11: Giovanni Andrea Cornia and Sanjay Reddy: The Impact of Adjustment-Related Social Funds on Income Distribution and Poverty
PART IV. COUNTRY CASE STUDIES
12: Raghbendra Jha: Reducing Poverty and Inequality in India: Has Liberalization Helped?
13: Francisco Rodriguez: Factor Shares and Resource Booms: Accounting for the Evolution of Venezuelan Inequality
14: Erinc Yeldan: The Impact of Financial Liberalization and the Rise of Financial Rents on Income Inequality: The Case of Turkey
15: Carolyn Jenkins and Lynne Thomas: The Changing Nature of Inequality in South Africa
16: Isra Sarntisart: Growth, Structural Change and Inequality: The Experience of Thailand
Index
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