W7 academic lecture - Branko Milanovic: New approaches to inequality

Rethinking Capitalism undergraduate module
Week 7 academic lecture: New approaches to inequality by Branko Milanovic

This week’s lectures analyses the dynamics of inequality both globally, in advanced economies and in the UK. Inequality is increasingly recognised as one of the most serious challenges facing modern capitalist economies, in particular in advanced economies. The last quarter century of globalisation has witnessed the largest reshuffle of global incomes since the Industrial revolution. The main factor behind the "reshuffle" was the rise of China, and to a slightly lesser extent, of all Asia. This drove the global Gini index of inequality down by about 2 points over the twenty-year period, 1988-2013. However, inequality in advanced economies has increased, with the the top “1%” exploding away from the middle classes who saw their incomes stagnate.

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The Rethinking Capitalism undergraduate module provides students with a critical perspective on these ‘grand-challenges’ and introduces them to new approaches to economics and policy which challenge standard thinking.

The module draws on the book “Rethinking Capitalism”, edited by Mariana Mazzucato (Director of IIPP) and Michael Jacobs (Visiting fellow in the UCL School of Public Policy). It features guest academic lectures from some of the chapter authors. These academic lectures are combined with presentations by policy makers working at the frontline of the issues under discussion, including from the Bank of England, the UK Treasury and government departments dealing with innovation and climate change.

[ihmemaa]

@rising share of labour income among the top: So, what type of labour are those people at the top actually doing? What is counted as labour here? Are they among those managers who caused the housing bubble because of bonuses etc.? Have activities been "redefined" as labour (just like high prices have been redefined as high value) or is this actually "creating value through working"?