13 Bankers (Johnson/Kwak), 46
1947 Town and Country Planning Act, 230
1MDB, 160
A.I.G., 176
‘Act for Setting Schools,’ 56
active investing, 172
Adidas, 199
aid: and anti-globalisation, 119; and poverty, future of, 124–25; and poverty, reduction of, 119, 204
al-Hindawi, Abdul Zahra, 124
alienation, and inequality: 19–20, 24, 69–75
American Economic Review, 34
American Political Science Association, 77
Angelides, Phil, 177
‘anomie,’ 69
AOL, on cost of living, 238, 239 (tables 8 & 9)
art prices, 67
Artprice.com, 67
Asian models, 10
Atkinson, Anthony, 39–41; and income inequality from 1980s to late 2000s, 95; and inequality from 1890 to 1970, 85; on inequality, measurement of, 87; and Inequality: What Can be Done, 202; and Journal of Economic Theory, 87; and Kuznets Curve, 37; and Piketty, 40; on technology and inequality, 40, 46, 61–62, 202
Attlee, Clement, 76
automation: Dao, Das, Koczan and Lian on, 41–42; and finance, 139, 170, 172–73; and powerlessness, sense of, 74; and Type 3 Inequality, 62–63
autonomous vehicles. See self-driving vehicles
Bakker, Bert, 128
Bangladesh, 42,111, 117, 202, 206
Banham, John, 231
Bank Menatep, 162
Bank of America, 175
bankers, 167–73. See also and Goldman Sachs
Barker, Kate, 231
Barone, Guglielmo, 186
Barro, Robert, 130, 132 (Table 5), 133–34
‘Barro growth repressions,’ 133
‘Basic Income Around the World—The Unexpected Benefits of Unconditional Cash Transfers,’ 246–47
Bear Sterns, 175
Beefeater Gin, 199
Berkshire Hathaway, 175. See also
Buffet, Warren
billionaires, 32, 49, 155–56, 163, 183, 200
Black, Bernard, 162
blockchain technology, 199–200
Boubtane, E., 274
Bourguignon, François, 109
Brazil: food prices, 239 (Table 8); rents, 240 (Table 10); and UBI, 247
British Association for the Advancement of Science, 39
Brittan, Samuel, 39
Brookings, and poverty, 117; and taxation, 251–52
Brown, Gordon: and Financial Services Authority, 182; and Goldman Sachs, 174, 180; and partisanship, 76; and regulation, 159
Brueckner, M., 130
Bureau of Economic Advisors, 247
Business Insider, and UBI in UK, 244–46
Butler, Rab, 76
Butskellism, 76
‘buy to leave,’ 152
CAFOD, 119
Cahill, Timothy, 178
camel graph: and cobra graph, 205 (Figure 14); and elephant graph, 201 (Figure 13)
Canada: and educational inequality, 214; and food costs, 239 (Table 9); and income, Gini coefficients of, 94 (Table 3); and top marginal tax rate, 252 (Table 13); and wealth, Gini coefficients for, 99–100
Canadian Conference Board report, and incomes, global, 103
Capital in the Twenty-First Century (Piketty), 16, 27, 33
capitalism: and cronyism, 222; and ethics, 220–21; and government, 219; and monopolies, 222; and moral purpose, 220; and reputation, 221; and self-interest, 219
CapX, 48
Carnegie, Andrew, 185
Cato Institute, 136
CBI, and green belt, 231
Cebr: and bonuses, financial sector, London, 90; and homeless, San Francisco, 108; and housing, UK, 231; on immigration, 271, 275–76; and inequality, global, projections of, 102; and locational economics, 45; offices of, 166; and productivity, public and private, 235; on Russian economy, 162; source for UK rich figures 8, 9, & 10, 189–90; source for sources of wealth figures 11 & 12, 190–1; source for camel and elephant graph figure 13, 201; source for cobra, elephant, and camel graphs figure 14, 205; World Economic League Table, 11, 200, 206
Cerps, Uldis, 228
champagne, 80
‘Changes in Relative Wages’ (Katz/Murphy), 45
‘Changes in Wage Structure and Earning Inequality’ (Katz/Autor), 45
charities. See aid
Charlton, Bobby, 29
Cheng Ho Cultural Museum, 54
Cheshire, Paul, 231
Chicago Booth School of Business, 48
child mortality, 120
China: and elephant graph, 102; and fall of poverty survey, 109; GDP, future of, 200; and inequality, global, 102; and league table, 278; mobile phone, 241 (Table 11); old saying, 185; and poverty line, 113, 114, 116–17, 122; and rents, 240 (Table 10); and robots, 203; and Sanders manifesto, 261; and savings, 234; and tech giants, 223 (Table 7); and top 1% income of, 89; and top 1%, wealth share of, 91; and top 10%, wealth share of, 91; and Trump manifesto, 267
Christian Aid, 119
Civil Rights Act of 1964, 78
Clinton, Bill, 46, 140, 159, 174, 180, 267–68
CNN Money, 166
cobra graphs, 204–6, 205 (fig. 14), 205 (fig. 15), 281
coefficient of variation, 87
Cole, Julio, 38
‘collective consciousness,’ 69
Columbus, 55
competition policy, 43, 222, 238, 280
‘Concentrating on the Fall of the Labor Share’ (Autor, Dorn, Katz, Patterson, and Van Reenan), 41
Confederation of British Industry, 220
Confucians, and trade, 56
Congo, and poverty, 122
Conservative Party (UK), and immigration, 272–73
Constitution of Liberty, The (Hayek), 36
consumption data, 92
Corbyn, and 2016 manifesto, 258–60
Corbyn/Sanders, critique of, 257–65
corporate social responsibility programmes, 221
cost of living 236–42; by country, 237 (Figure 16); food, 239 (Tables 8 & 9); and indirect taxes, 234; and mobile phone, 241, 241 (table 11); and monopolies, 222; real and measured, 98; and rent, 240 (Table 10); and Western governments, 22, 280
Credit Suisse Global Wealth Report, 49–50, 88, 104
crony capitalists, 44, 159–63, 196, 222, 279
cronyism, 44, 222. See also crony capitalists ‘culture of poverty,’ 137
Daesh, 124
Davies, Gavyn, 174
Davies, Howard, 182
despair, and inequality, 24, 65, 70–72, 83
development, mixed model of, 10
Dirksen, Everett, 58
disequilibrium phenomenon, 53, 106
Division of Labour in Society, The (Durkheim), 69
Domino Theory, 60
‘Don’t Blame the Robots: Assessing the Job Polarization Explanation of Growing Wage Inequality’ (Mishel, Shierholz, and Schmitt), 46
Draghi, Mario, 179
Duckworth, Angela, 217
Dudley, Bob, 163
Durkheim, 69
‘elephant graph, the,’ 47, 100, 101 (fig. 4); and camel graph, 201, 202; and cobra graph, 205; critique of, by Resolution Foundation, 102, 103
Economic Journal: Kakwani Index, 105; Milnes, 105
Economic Report to the President, 247
Economics and Equality (Jones), 39
economies of scale, 39, 170–71, 207–9
Economist, The: and Giles, 91; and green. belts, 230; and poverty, fall of, 116–18, 122; and Stiglitz, 44
education: and advanced economies, 37; and character, 216–17; and China, 18; and college degree, 213; and emerging economies, 18, 118; and Far East, 10; and globalisation, 17; and Goldin and Katz, 41; and growth, 131, 134; and inequality, 211–18; and inner resources, 216; and Kuznets, 37; and middle classes, 83; and mortality, among US whites, 71–72; and National Education Service, 259; and poverty, 120, 121; and private schools, 21; and Sanders, 261; and Scotland, 56–57, 211; and ‘superbabies,’ 19, 75, 192; and technology, 17; and Tinbergen, 41
elephant graph, 47, 100, 101 (Figure 4), 199–210; and camel graph, 201 (Figure 13); and cobra graph, 205 (Figure 14); and Resolution Foundation, 102–3
emerging economies: and aid, 119; and China, 60; and cronyism, 279; and education, 18, 118; and food costs, 238; and health, 118; and India, 60; and mobile phones, 209; and next phase for, 10; and poverty, 117; and protectionism, 278; and rents, 239; and robotics, 199; and rule of law, 118; and ‘superbabies,’ 210; and super-rich, 155, 210; and tax, 23, 125; and technology, 119; and Type 2 Inequality, 53–54
End This Depression Now! (Krugman), 45
Equality and Efficiency: The Big Tradeoff (Okun), 126
Equifax, 221
equivalisation, 93
‘Essay on the Principle of Population, An’ (Malthus), 114
Esquire, 141
Ethernet, 208
Eurostat, 123
Evans, Richard, 60
‘Examining an Elephant,’ 102
exploitation, and inequality, 21; and Piketty, 16–17. See also Type 1 Inequality
Far East, economic development of, 10–11
Federal Poverty Level, 244, 244 (table 12)
Fianna Fail, 246
Fieder, Martin, 193
financial services sector, 167–73, 181. See also Goldman Sachs
Financial Times: and Bakker, 128; on bonuses, 144; and Giles, 91; and Goldman Sachs, 174; and Wolf, 47
Finland: and income inequality, 94 (Table 3), 96; and top marginal tax rate, 252 (Table 13); and UBI, 23, 243, 246
First World War, 48–49, 59, 90, 247
Flat White Economy, The (McWilliams), 9–10, 13; and Big Bang, 143; and economies of scale, 207; and grunge chic, 80; and housing, 68, 231; and immigration, 273–76; and Microsoft, 207; and Shoreditch, 81; and technology, 200
Folkhemmet, 227
Food and Agriculture Organisation, 112
football, and inequality, 29–30
Forbes: and billionaires, 32; and Oxfam, 49; and tech companies, 11
Forbes magazine, and genetic manipulation, 63
Forte, Giuseppe, 274
Foster, Richard, 200
France: and GDP, 54 (Table 2); and growth and inequality, 127; and income disparities, 30, 94 (Table 3), 95, 96; and top marginal tax rate, 252 (Table 13); and mobile phone, 241 (Table 11); and rents, 240 (Table 10); and top 1% income of, 31 (Table 1), 89; and top 1%, wealth share of, 90; and top 10%, income of, 90; and top 10%, wealth share of, 91
Fraser Institute, 131
Free To Choose (Friedman/Friedman), 52
Freeman, Robert, 174
Friedman, Milton, 38–39, 51–52
Friedman, Rose, 52
FTSE100, 200
Gaitskell, Hugh, 76
Galor, O., 130
Ganong, Peter, 232
Gayle, George-Levi, 187
General Household Survey, 144
genetic manipulation, 63
Germany: and Adidas, 199; food costs in, 239 (Tables 8 & 9); GDP of, 54 (Table 2); and global poverty, survey on, 108; income inequality in, 94 (Table 3); mobile phone costs in, 241 (Table 11); rents in, 240 (Table 10); and savings, 234; top 1%, income of 30, 31 (Table 1), 89; top 10% income, 90
Gilder, George, 208
Giles, Chris, and Piketty data, critique of, 90, 91–92
Gini coefficient, 93; Atkinson on, 87; and Canada, 100; and GDP, 130; global, 98–99; Great Britain, 99 (Table 4); and income inequality, by country, 94–96, 94 (Table 3); and regional differences, 97–98; and Toth, 96; UK, 97 (Figure 1); and US, 100, 101 (Figure 3); and wealth, 99–100
Glasgow Centre for Public Health, 70
Global Construction Perspectives, 162, 206
Global Inequality: A New Approach for the Ae of Globalisation (Milanovic), 13, 47, 101
globalisation, 269; and aid, 119, 125; and distribution of income, 103; and education, 121; and emerging economies, 236; and Greece, 123; and incomes, 203; and inequality, 17, 57–61, 116, 200, 210, 236, 257; and poverty, 118, 123; and trade restrictions, 269; and Western economies, 202, 236, 257
Globalisation and Its Discontents (Stiglitz), 45
Glyn, Andrew, 215
Godfather Part II, The, 159, 184
Goldin, Claudia, 41
Goldman Sachs, 173–181; after the financial crisis, 176–79; and 2008 financial crisis, 175; and A.I.G., 176; and Cahill, 178; charge sheet of, 174–75; and Commodities Futures Trading Commission, 177; and Federal Housing Finance Agency, 177; and Financial Crisis Inquiry Committee, 177; and Greek crisis, 179; and left-of-centre politicians, 180; and Public Employee’s Retirement System of Mississippi, 178; and regulation, 184; and TARP, 176
Goodison, Nicholas, 143
Gorbachev, 60
‘Government Sachs,’ 176
Graham, Dan, 81
Great Escape, Health, Wealth and the Origins of Inequality, The (Deaton), 46–47
‘Greater Post-Neolithic Wealth Disparities in Eurasia than in North America and Mesoamerica (Kohler et al.), 48
Greece: and bad economic policy, 123; and Goldman Sachs, 179–80; income inequality, 94 (Table 3); and top marginal tax rate, 252 (Table 13)
Greenspan, Alan, 233
Grimstone, Gerry, 172
‘Growth That Reaches Everyone: Facts, Factors, Tools’ (Duttagupta, Fabrizio, Furceri and Saxena), 47–48
Guardian, The: and Bill Bryson, 230–31; on immigration, 271
Gulf War, 124
Gupta, Rajat, 177
health: and inequality, 66; and poverty, 120–21
Heckman, James, 217
Heritage Foundation, 136
Hershbein, 215
Hicks, John, 208
Hilton, Anthony, 200
Hincapié, Andrés, 187
Hirsch, E. D., 217
Hirsch, Fred, 6667
Hobson, John A., 48
homelessness, 16, 68, 108, 115
homogamy, 63, 192, 210, 212, 280
Hong Kong: and China, 60; and Fairchild, 57–58; food costs, 239 (Tables 8 & 9); and GDP per capita measures, 12; and life expectancy, 121; and living standards, 17; and top marginal tax rate, 252 (Table 13); and mixed model, 10; and mobile phone, 241 (Table 11); and offshore manufacturing, 57–59; and property, 192; and protectionism, 278; public sector of, 235; and rents, 240, 240 (Table 10); and ultra-rich, 151–52, 152 (Table 6)
housing, 66–69, 226–29, 231–33, 238, 240, 240 (Table 10)
Huber, Susanne, 193
Huntington, Samuel, 54
IMF: on cost of living, 237 (Figure16), 238; on income and growth, 127, 129; on inequality and growth, 47; and inequality in Western economies, 17; and labour share, 41, 42; and Sachs, 161; and Sweden, rent control, 228; on technology and globalisation, 62; and Venezuela, 264
immigration: and Trump, 270–72; and UK, 272–78
income: and ‘elephant graph,’ 101 (Figure 4), 201 (Figure 13), 205 (Figure 14); and annual GDP, 103 (Figure 5); and camel graph, 201 (Figure 13), 205 (Figure 14); and cobra graph, 205 (Figure 14); and global rich list, 189 (Figure 8); and inequality globaly, 99 (Figure 2); and inequality in UK, 97 (Figure 1); and inequality, 94 (Table 3); and policy, 39; share of 1%, 30, 31, 89; and UK rich list, 189 (Figure 9), 190 (Figure 10)
income data, 92
Independent, and ‘superbabies,’ 192
India: food costs, 239 (Tables 8 & 9); and GDP, future of, 200; and GDP, growth of, 54 (Table 2); and inequality, 90; and inequality, global, 102–3; and life expectancy, 121; and mixed model, 10; and mobile phones, 241 (Table 11); and offshore manufacturing, 59; and poverty line, 113; and poverty, 113, 117, 122; rents, 240 (Table 10); and software, 61; and technology, 61; and top 1% income of, 31 (Table 1), 89
Industrial revolution, first, 56–57, 195, 203, 247
industrial revolution, fourth, 202–4, 247–49
industrial revolution, second, 247
industrial revolution, third, 247
inequality: and ‘superbabies,’ 63, 192–194; and alienation, 69–70; and autocratic societies, 129; between countries, 100–7; and communist societies, 129; counteracting of, 20; and crony capitalists, 159–63; and despair, 70–72; and economic histories, 128; and education, 212–18; and emerging economies, 129; and exploitation, 52–53; future of, 199–210; and GDP growth, 129–30; global, Annual GDP Growth graph, 103(fig.5); and globalisation, 17, 53–61; and growth, 126–137; and health, 66; and homogamy, 210; and homogeneous societies, 129; and housing, 231–32; and immigration, 129; income, and data, 88–89; intergenerational, 107; and life expectancy, 70–72; measurement of, 87–89; and monopolies, 209; and overpaid chief executives, 163; and Piketty, 52; and planning controls, 229–33; and political partisanship, 75–80; and positional goods, 66–69; and poverty, 15, 65–66; and public services, 234–35; and quantitative easing, 233–34; and redistribution, 130, 136; and social cohesion, 72–75; and tax, 105–7; and tech billionaires, 183; and technology, 61–63, 207; and Toth, 95–96; and Type 1 inequality, 41, 52–53, 157–84, 257, 260; and Type 2 Inequality, 53–61; and Type 3 Inequality, 61–63, 243, 247, 257; and Type 4 Inequality, 63–64, 192–94, 212; types of, 52–64; and UBI, 247; within countries, 89–100; and zoning, 229–33
‘Inequality and the Disappearing Large Firm Wage Premium’ (Bloom, Guvenen, Smith, Song and von Wachter), 49
‘Inequality, Foreign Investment, and Imperialism’ (Hauner, Milanovic, Naidu), 48–49
Inequality Paradox, 108
Inequality: What Can be Done (Atkinson), 39–40, 202
inheritance tax, 194, 211, 246, 255–56, 280
Institute of Economic Affairs, on growth and public spending, 131–32
International Covenant on Civil and Political Rights, Article 14, 51
International Poverty Line. See IPL
International Price Comparison project, 111
investment, and profits, 136
Investopedia, 172
Iran, and UBI, 247
Ireland, Republic of: and inequality, 96; and top marginal tax rate, 252 (Table 13); and Sunday Times Rich List, 188; and UBI, 246
Islamic State, 124
Italy: and Bank of Italy, 186–87; and GDP, 54 (Table 2); and growth and inequality, 127; and income inequality, 94 (Table 3); and income of top 1%, 31 (Table 1); and income of top 10%, 95; and inequality, 30, 96, 128; and JPMorgan, 180; and labour laws, 263; and top marginal tax rate, 252 (Table 13); and mobile phone, 241 (Table 11); and rents, 240 (Table 10); and UBI, 243
Jacques, Martin, 43
Japan, 59–60; and China, 42; GDP of, 54 (Table 2); and growth and inequality, 30, 127; and life expectancy, 120; and top marginal tax rate, 252 (Table 13); and mobile phone, 241 (Table 11); old saying in, 185; and quantitative easing, 233; and rents, 240 (Table 10); and sophisticated products, 236; and tech giants, 223 (Table 7)
Jay, Peter, 55
Jelinek, Craig, 166
Johnson, Boris, 253
Johnson, Simon, 46
Jones, Aubrey, 39
Journal of Economic Theory, 87
Journal of Markets and Morality, 38
JPMorgan, 180
JPMorgan Chase, 175
Kakwani Index, 105
Kaplan, Steven N., 156
Kea, 183
Kearney, Melissa S., 215
Keynes, John Maynard, 35
Kharas, Homi, 117
Khodorkovski, Mikhail, 162
Knight Frank, 152
Knowledge is Power Program, 217
Kopf, Dan, 192
Kraakman, Reinier, 162
Krugman, Paul, 45
Kwak, James, 46
Labour Research survey, 144–45
Laffer Curve, 131
Larsen, C., 69
Law, Legislation and Liberty (Hayek), 36
Leach, G., 133
Lederman, Daniel, 130
Lee, Frances, 78
Lee Kuan Yew, 60
Lehman Brothers, 175
Lehto, Otto, 247
Lenin, 48
Leon, 181
life expectancy, 16, 24, 47, 55, 70–72, 113, 120, 204, 206, 235
‘Lights out London,’ 153
Lilley, Peter, 254
Litton Loan Servicing, 175
locational economics, 45
London: and coffee, 80; and digital economy, 273; and entrepreneurialism, 82; and financial sector, 53, 90, 181; and food costs, 239 (Tables 8 & 9); and green belt, 229–31; and grunge chic, 65, 80; and homeless, 16; and mid-1990s, 142–43; and migration, 276; and plumber joke, 37; and property, 66, 68, 147, 148, 152–55; and rents, 240 (Table 10); and Royal Parks, 255; and taxation, 97; and taxi drivers, 248; and ultra-rich, 32, 152 (Table 6)
Lorenz curve, 93
Los Angeles Times, and Goldman, 176
Losing Ground (Murray), 137
Luddite rebellion, 57
Luxembourg, Rosa, 48
Maastricht Treaty, 179
Malacca, 54
Malthus, Thomas, 114
Maritime Museum in Lisbon, 55
Marx, Karl: and alienation, 69; and assumption of false consciousness, 109; and change, 70; and monopoly, 222
Maslow’s hierarchy of needs, 215–16
Maxwell, Robert, 174
McCarthy, Kevin, 78
McCarthy, Nolan, 79
McKinsey, 200
Metcalfe, Robert, 208
Metcalfe’s Law, 208
Metroland, 230
Mexico: and income inequality, 94 (Table 3); and top marginal tax rate, 252 (Table 13); and mobile phone, 241 (Table 11); and rents, 240 (Table 10); and Slim, 184, 207; and top 10%, 95; and Trump, 270; and UBI, 247
Migration Observatory, 275, 276
Milanovic, Branko, 13, 47, 48; and Global Inequality: A New Approach for the Age of Globalization, 13, 47
Millennium Development Goals, 119
Milnes, Barry Bracewell, 105
Minford, Patrick, 133
Mnuchkin, Steven, 173
mobile phone, 209, 241, 241 (table 11)
Mocetti, Sauro, 186
money tree, 260
monopolies:
monopoly, 38–39; and Bell Telephone, 208; capitalism and, 222; and crony capitalists, 159; industrialisation, and East, 236; and mobile phone, 241; and tech, 159, 183, 207, 209–10; and Type 1 Inequality, 53; and undeserving rich, 158
Morgan Bank, 169
Morrisson, Christian, 109
Moyers, Bill, 78
Murray, Charles, 137
mutual fund assets, 171
negative income tax, 38
Netherlands: and inequality, 94 (Table 3), 96, 128; and top marginal tax rate, 252
network effects, 39, 208–9, 222
New York Review of Books, 45
New York Times: on partisanship, 77; and Porter, on education, 213; and Smith, 178; and undeserving rich, 167
Norway: and income inequality, 94; and top marginal tax rate, 252; and voluntary taxes, 254
Obama, Barack, on inequality, 34
OBR (Office for Budge Responsibility), 245, 275
OECD: on education, 212, 213; and income distribution, 95; and income inequality, Table 3, 94–95; and inequality, forum on, 102; and redistribution, 251; on taxation and growth, 132–35, 132 (Table 5); and Wikiprogress, 211
Office for Budget Responsibility. See OBR
Office for National Statistics. See ONS
offshore manufacturing, and developing countries, 59
Okun, Arthur, 126
ONS: and Gini coefficients, definition of, 93; and Index of Services, 274; and tax data, 105–6; and UBI, 245; and UK, Gini coefficients, 97 (Figure 1), 99 (Table 4)
Oregon Office of Economic Analysis, 203
Organization for Economic Cooperation and Development. See OECD
Ortiz-Ospina, Esteban, 104, 109
‘Our Kids’ (Putnam), 218
‘overview of growing income inequalities in OECD countries: Main findings, An,’ 94
Oxfam Annual Reports on Wealth Inequality, 49
Oxfam, 119
Panel Study of Income Dynamics, 187
Papanicolau, Spyros, 179
passive investing. See passive funds
Pawlo, Mikael, 82
Pemberton, Hephzi, 183
Perkins, Maxwell, 142
Personal Responsibility and Work Opportunity Act, 136
Pidgin, 81
Piketty, Thomas, 16–17, 27, 33–34; and ‘Routinisation, Globalisation, and the Fall in Labour’s Share of Income,’ 42; and Atkinson, 39–40; and Auten and Splinter, 87; and Capital in the Twenty-First Century (Piketty), 16, 27, 33; and exploitation, 33–34; and First World War, 49; and Giles, 91–92; on ‘Inequality, Foreign Investment, and Imperialism, 49; and inequality from 1890 to 1970, 85; and Kuznets Curve, 37; and measurement issues, 87; and Sachs, 44; and tax cuts, 53; and tax data, 87; and Type 1 Inequality, 33–34, 52–53, 157; and WID, 89, 90; and yields, 170
Pinch: How the Baby Boomers Took Their Children’s Future—And Why They Should Give it Back, The (Willetts), 107
political partisanship, and inequality, 75–80
Portes, Jonathan, 274
positional goods, and inequality, 66–69
poverty: and civil war, 124; and Congo, 122; by continent, 122; and data, 111–13; definition of, 109–10; and developed world, 123; and education, 120, 121; and excluded groups, 206; fall of, and globalisation, 118–20; fall of, and reasons for, 116–21; further reduction of, 122–25; future of, 199–210; global, fall of, 109; and globalisation, 17, 118–20; and health, 120–21; history of, 114–16; and India, 122; and inequality, 15, 65–66; and International Poverty Line, 110; and IPL graph, 116(fig.6); and Nigeria, 122; people in, number of, 15–16; and redistribution, 136; reducing, problems with, 18; regions of, 121–22
Pragnell, Mark, 144
Price of Civilization, The (Sachs), 44
Price of Inequality: How Today’s Divided Society Endangers Our Future, The (Stiglitz), 44
Price Waterhouse Cooper, and automation, 62–63
Priceonomics, 192
private schools, 214
professional status, 222
profits, and investment, 136
ProPublica, 176
Protégé Partners LLC, 172
public spending, 86, 131, 132 (Table 5)
‘pupil premium,’ 215
Purchasing Power Parity (PPP), 111
‘Purpose of Education, The’ (Gibb), 216–17
Putnam, Robert, 218
quantitative easing, 196, 226, 233–34
Race between Education and Technology, The (Goldin/Katz), 41
Rajaratnam, Raj, 177
Rauh, Joshua D., 156
Ravallion, Martin, 115
Rawls, John, 34
Razak, Najib, 160
Red Book, 141
redistribution, 18; and growth, 130; to poor, 136–37; and taxation, 251–56, 280
Reformation, 55; regulation, 21; bankers, 159; behavior, 182; Big Bang, 143; cost of living, 22, 119; financial institutions, 225; Folkhemmet, 227; land use regulation in US, 232–33; tech giants, 224–25; technology, 203; UK property prices, 191; zoning and rents, 240
remuneration, 164, 165 (Figure 7), 184
rental property, comparative costs of, 240 (table 10)
Resolution Foundation, 102, 255
Return of Depression Economics, The (Krugman), 45
‘Rich Boy, The’ (Fitzgerald), 141
robotics, 19, 62, 199, 247. See also automation and technology
Rooney, Wayne, 29
Rosling, Hans, 16
‘Routinisation, Globalisation, and the Fall in Labour’s Share of Income (Dao, Das, Koczan, and Lian), 41
Royal Parks, 255
Russia: and crony capitalism, 44, 161–63; and East Asian economic success, 60; and English courts, 81; and gangster capitalism, 219; and growth, 162–63; and life expectancy, 121; and mobile phone, 241 (Table 11); and Sachs, 44, 161–62; and wealth data, 90–91
sado-monetarism, 76
Sanchez, Carolina, 117
Sardelis, Christoforos, 179
Saving Capitalism (Reich), 45
SBTP, 46
Scotland: and education, 56, 211; and life expectancy, 121; old saying of, 185
SEAL, 217
Second World War, 59–60, 76, 169, 192
Seides, Ted, 172
self-driving vehicles: and fourth industrial revolution, 247; and taxis, 248; and technological leap, 19, 62; and transport, 199, 249; and truckers, 199, 249
Shoag, Daniel, 232
Shoreditch, 81
Singapore: cost of living, 238; GDP and West, 12, 22; global economy, 59; Iron Curtain, 60; life expectancy, 121; living standards, 17; top marginal tax rate, 252 (Table 13); mixed model of development, 10; mobile phone, 241 (Table 11); offshore manufacturing, 59; protectionism, 278; public sector, 235; rents, 240 (Table 10); rich, 32, 151, 152 (Table 6)
Singegal, Jim, 166
Sketch, 80
skills biased technical progress (SBTP), 46, 61–62, 156
Smith, Adam, 34–35, 56, 207, 219
Smith, Greg, 178
‘Snows of Kilimanjaro, The’ (Hemingway), 141–42
Soccer. See football
social cohesion, 69, 73–75, 211–212
South Korea: and life expectancy, 120–21; and top marginal tax rate, 252 (Table 13); and tech giants, 223 (Table 7)
Spain: food costs, 239 (Table 8); incomes, 95; inequality, 128; top marginal tax rate, 252 (Table 13); mobile phone, 241 (Table 11)
St Louis Federal Reserve Bank, 187, 211
State of Child Health report, 66
Statistics Sweden, 227
Stigler Center, 48
Stigler, George, 207
Sunday Times, Rich List; 144, 187–192, 189 (fig. 8), 189 (fig. 9), 190 (fig. 10), 190 (fig. 11), 191 (fig.12); and Smith, 48
Sunday Times Rich List, 144, 187–192, 189 (fig. 8), 189 (fig. 9), 190 (fig. 10), 190 (fig. 11), 191 (fig. 12)
‘superbabies,’ 192–94; and earnings, 187; and emerging economies, 210; and inequality, 19; and Type 4 Inequality, 63; and universal education, 212
supereconomies of scale, 207–9, 220, 222
‘superstar firm,’ 41
Sweden: grunge chic, 65, 82; inequality, 94 (Table 3), 96; top marginal tax rate, 252 (Table 13); rent control, 226–229
Swedish Financial Supervisory Authority, 228
Switzerland: inequality, 128; top marginal tax rate, 252 (Table 13); UBI, 246
Tarasova, 162
Task Force on Negotiating Agreement in Politics, 77
taxation: corporate sector, 44, 58; cost of living, 22; country, 252 (table 13); Friedman, 38; growth, 86, 130–37, 132–33 (Table 5); high prices, 22; impact of, 105–6; inheritance tax, 255–56; negative income tax, 38; redistribution, 129, 251–56; Sachs, 44; system, 23; Type 1 Inequality, 53; voluntary taxes, 81, 253–56; wealth, 255–56
‘Tax and Growth’ (Minford), 133
tech billionaires, 159, 183–84,
tech giants, 43, 223 (Table 7), 224–25
technology: communications, 60–61; education, 215; financial sector pay, 200; fourth industrial revolution, 247; future of inequality, 202–4, 248; future, 257; Great Divergence, 54; Huntingdon, 54; income, 54; industrial revolution, 56; inequality, 19, 45, 207; monopolies, 207, 209, 224; ‘post scarcity,’ 22; regulation, 224; Reich, 46; remoteness of power, 73; Soviet-style communism, 219; super-rich, 155; Type 3 Inequality, 61–63; types of, 199; UBI, 249; war, 56; work force, 247–49. See also, robotics, autonomous vehicles, and blockchain
Telford, Thomas, 56
Thatcher, 53, 67, 140, 142, 143
Theory of Moral Sentiments, The (Smith), 34
‘Tiger Economy on the Thames,’ 143
Tinbergen, Jan, 41
TNK-BP, 163
“Top Incomes in the Long Run of History” (Atkinson/Piketty/Saez), 39
Tourre, Fabrice, 177
trickle-down economics, 34, 114, 123
Troubled Assets Relief Program, 175
Trump: critique of, 268–69; immigration, 270–72; manifest of, 265–68
Turnbull, Malcolm, 174
Type 1 Inequality, 52–53, ‘Concentrating on the Fall of the Labor Share,’ 41; Corbyn/Sanders, 257; crony capitalists, 159–63; Goldman Sachs, 173–181; overpaid chief executives, 163; Piketty, 33–34
Type 3 Inequality, 61–63; future, 257; UBI, 243, 247
Type 4 Inequality, 63, 192–94, 212
UBI, 243–50; Brazil, 247; Finalnd, 243, 246; immigrant workers, 249; Iran, 247; Italy, 243; Mexico, 247; technology, 247–49; Type 3 Inequality, 247; UK, 244–46; US, 244
UK: Brexit, 76; CEO pay, 172; champagne, 80; charities, 254–55; children, 66; disposable income, 96–97; education, 212, 214–17; Flat White Economy, 55; Gini coefficients, 97–100, 99 (Table 4); Great Divergence, 54 (Table 2); growth and inequality, 127; homeless, 115; housing, 68, 231; immigration, 272–78; income, 97 (Figure 1); indirect taxes, 251; industrial revolution, 56–57, 248; inequality, 92, 94 (Table 3), 104, 107; life expectancy, 120; Nick Gibb, 216–17; SEAL, 217; partisanship, 80; private schools, 214; productivity, public and private, 235; public sector, 235; quantitative easing, 233; taxes, 106; taxi drivers, 248; top 1% 30, 31 (Table 1), 89, 90, 106; top 10%, 90, 91; UBI, 244–46
UK Economic Forecasting Model UKMOD9, 275
ultra-rich, base of, 152 (Table 6)
undeserving rich, 157–85; crony capitalists, 159–63; financial service sector, 167–73; Goldman Sachs, 173–81; overpaid chief executives, 163–67; types of, 158–59
unemployment: Britain, 76, 97, 142; cost of labour, 263; debt levels, 228; incomes policy, 39, 45; Italy, 263; restrictions, 263; technology, 203, 247, 249; Thatcher, 142; UBI, 244
Unequal Democracy (Bartels, L.M.), 43
unintended consequences, law of, 21, 49, 169, 196, 226–35
universal basic income. See UBI
Universal Declaration of Human Rights, Article 7, 51
US: billionaires, 155–56; CEO pay, 164, 165(fig. 7); cost of living, 238; education, 212–14; financial services sector, 169; Gini coefficients, 99–101, 101 (Figure 3); growth and inequality, 127; homeless, 115; housing, cost of, 231; inheritance tax, 194; KIPP, 217; lobbying, 224; old saying, 185; planning policy, 233; quantitative easing, 233; redistribution, 252; self-driving vehicles, 248–49; taxes, 106; top 1%, 89, 90–91; top 10%, 90, 91; trade, 269; UBI, 244; zoning, 233
US Constitution, and 14th Amendment, 51
Vanguard, 170
Venezuela: job market, 260; labour laws, 263–65; poverty, 123, 125; redistribution, 18
Vietnam, investment in, 57–58, 60
vigintiles, 102
voluntary taxes, 23, 81, 253–56; and UBI, 246; and welfare reform, 280
Vox, 274
Wall Street Journal, and Razak, 160
Wallace, William, 144
war: civil, and poverty, 124; economic development, 58; Japan, 59–60; technology, 56
Washington Post, 77
wealth: shares of, 90–91; taxation, 255–56
Wealth of Nations, The (Smith), 34, 207
Westminster Council, 254
When China Rules the World (Jacques), 43
Why Globalisation Works (Wolf), 47
Why Nations Fail: The Origins of Power, Prosperity, and Poverty (Acemo lu/Robinson), 42–43
Why Nations Fail, review of (Boldrin, Levine, and Modica), 43
Wikiprogress, 211
Willetts, David, 107
Wolf, Martin, 47
Woodcock, George, 39
Work of Nations, The (Reich), 45–46
World Economic League Table 2018, 162, 200, 206
World Health Organisation, and poverty, 113
World Health Report, 113
World Inequality Database. See WID
Worstall, Tim, 48
Yukos, 162
Zeira, J., 130
Zheng He. See Cheng Ho
Zimbabwe: poverty, 112, 123: quantitative easing, 234
zoning: green belt, 229–233; law of unintended consequences, 226; rents, 239–40