"Collating data from the World Bank and other sources in innovative ways, he argues that globalization in the late twentieth and early twenty-first century was accompanied by then-unprecedented growth of income in both previously poor populations (notably in China) and people at the top of the world's income distribution (especially those in the West). By contrast, relative shares of world income stagnated or were thought to have declined for wealthy nations' middle and working classes, including in the United States."
"Milanovic's graph revealing this pattern has become highly influential. Plotted in terms of the change in people's real earnings as a function of where those sit in the global income distribution, it is called an elephant curve because of its shape (a broad hill forms the elephant's back, and a sharp fall and subsequent increase form the trunk). But what the graph actually shows is hotly debated."
Globalization in the late twentieth and early twenty-first centuries produced unprecedented income growth for previously poor populations (notably China) and for top global earners in the West. Relative shares of world income stagnated or declined for middle and working classes in wealthy nations, notably the United States. The 'elephant curve' plots changes in real earnings across the global income distribution, showing a broad rise for many and a fall for some Western middle earners before a subsequent increase. Critics dispute a direct causal link between globalization and those declines, citing other possible drivers.
Read at Nature
Unable to calculate read time
Collection
[
|
...
]