social inequality adversely affects economy
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Social inequality adversely affects economy

Arab Today, arab today

Arab Today, arab today Social inequality adversely affects economy

American economist Joseph Stiglitz
Dubai - ArabToday

Widening gap in social inequality has adversely affected the performance of the US economy, a US economist has said.
American economist Joseph Stiglitz, professor at Columbia University and author of many of the leading researches on income, growth, economy and education, said the statistical study launched recently by Oxfam International, revealing that the wealth of the richest eight people is equivalent to the wealth of the poorer half of the world, was shocking to many — and a strong witness on the enormous wealth earned by the richest category in the world compared to the crumbs earned by the poor.
Speaking on the topic “Global Economic Governance: Where to?” at the World Government Summit 2017 in Dubai, Professor Stiglitz commented on the current economic conditions in the United States: pensions earned by the working class in the country, is relatively equivalent to same pensions they used to earn 60 years ago.
This means that working groups did not get a real increase in their pensions, resulting in feelings of anger and congestion, which led to the recent presidential election results in the US.
Stiglitz also noted that the data in the United States show a decrease in the average age as a result of the spread of social diseases and rates of suicide and drug addiction.
Stiglitz stressed that social inequality adversely affect the performance of the economy, resulting in a growing political divide in the society, which reduces the volume of investments in infrastructure and basic social services.
Technical advances, more unemployment
On the role of globalisation in such effects, Stiglitz pointed out that globalisation plays a small role in this matter, but technical advances have a much bigger role because they contribute to reducing the demand for unskilled labour and consequently leads to high unemployment rates.
Stiglitz said the rise of populism in the United States came as a result of three factors: the growth of inequality, people’s feeling that the ruling system is unfair, especially that the same persons who were directly responsible for the occurrence of the global financial crisis in 2008 were appointed to solve the crisis rather than be held accountable; and, finally, the loss of confidence in the elite layer of society.

Source: Gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

social inequality adversely affects economy social inequality adversely affects economy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

social inequality adversely affects economy social inequality adversely affects economy

 



GMT 08:12 2017 Tuesday ,28 November

Government launches a campaign to eliminate corruption

GMT 18:43 2018 Thursday ,20 September

Russian PM does not rule out expansion of trade wars

GMT 09:28 2017 Saturday ,30 December

Ski jumping: 40,000 to see Four Hills take leap of faith

GMT 19:31 2017 Sunday ,16 April

Iran to export gas to Iraq

GMT 03:14 2017 Monday ,17 April

Kazakhstan Ambassador hails ties with Oman

GMT 20:57 2017 Wednesday ,20 September

Dubai Customs launches Partners’ Happiness Lab

GMT 18:32 2017 Monday ,30 October

CBE governor directs banks to expand funding

GMT 14:58 2017 Sunday ,19 February

Dhoni removed as Pune captain, Smith to take over

GMT 14:35 2017 Thursday ,19 January

Naidu comes to the defence of 'Dangal' actress Zaira

GMT 18:06 2016 Tuesday ,06 December

HHA launches Geely X7 Sport 4WD in Saudi market

GMT 05:42 2017 Saturday ,01 April

Toshiba soars on reports of memory chip unit bid

GMT 16:00 2018 Tuesday ,30 October

Five killed in Daesh attack in central Libya

GMT 01:37 2018 Tuesday ,16 January

Education Minister congratulates Bahrain Bayan School

GMT 13:01 2015 Sunday ,23 August

New Suez Canal Project achievement for all Arabs
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday