A case for redistribution? Income inequality and wealth concentration in the recent crisis
Several Nobel laureates economists have called for redistributive policies. This paper shows that there is a strong case for redistributive policies because the global increase of income inequality and wealth concentration was an important driver for the financial and Eurozone crisis. The high level...
- Autores:
-
Goda, Thomas
Onaran, Özlem
Stockhammer, Engelbert
- Tipo de recurso:
- Fecha de publicación:
- 2014
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/2883
- Acceso en línea:
- http://hdl.handle.net/10784/2883
- Palabra clave:
- Financial crisis
Eurozone crisis
distribution
income inequality
wealth concentration
redistribution
- Rights
- License
- Acceso abierto
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2014-08-11T11:58:02Z2014-08-012014-08-11T11:58:02Zhttp://hdl.handle.net/10784/2883D31G01E25Several Nobel laureates economists have called for redistributive policies. This paper shows that there is a strong case for redistributive policies because the global increase of income inequality and wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and rising debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich played a key role in the rise of the structured credit market and enabled poor and middle-income households to accumulate increasing amounts of debt. To tame the inherent instability of the current mode of capitalism it is necessary to reduce inequality.engUniversidad EAFITEscuela de Economía y FinanzasA case for redistribution? Income inequality and wealth concentration in the recent crisisworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Financial crisisEurozone crisisdistributionincome inequalitywealth concentrationredistributiontgoda@eafit.edu.coo.onaran@gre.ac.uke.stockhammer@kingston.ac.ukGoda, ThomasOnaran, ÖzlemStockhammer, EngelbertLICENSElicense.txtlicense.txttext/plain; charset=utf-81145https://repository.eafit.edu.co/bitstreams/d29b88d1-d436-4d54-ae0c-9eaf32c05ea8/downloada4a15015cc3b57a4390e89906678ba6eMD52ORIGINAL2014_17_Thomas_Goda.pdf2014_17_Thomas_Goda.pdfapplication/pdf1574466https://repository.eafit.edu.co/bitstreams/511ecd1f-136a-424a-be68-8fe4f581e60a/download4cda147a6a9707fd8421751f3b75b580MD5310784/2883oai:repository.eafit.edu.co:10784/28832024-03-05 14:06:26.618open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.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 |
| dc.title.eng.fl_str_mv |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| title |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| spellingShingle |
A case for redistribution? Income inequality and wealth concentration in the recent crisis Financial crisis Eurozone crisis distribution income inequality wealth concentration redistribution |
| title_short |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| title_full |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| title_fullStr |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| title_full_unstemmed |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| title_sort |
A case for redistribution? Income inequality and wealth concentration in the recent crisis |
| dc.creator.fl_str_mv |
Goda, Thomas Onaran, Özlem Stockhammer, Engelbert |
| dc.contributor.eafitauthor.none.fl_str_mv |
tgoda@eafit.edu.co o.onaran@gre.ac.uk e.stockhammer@kingston.ac.uk |
| dc.contributor.author.none.fl_str_mv |
Goda, Thomas Onaran, Özlem Stockhammer, Engelbert |
| dc.subject.keyword.eng.fl_str_mv |
Financial crisis Eurozone crisis distribution income inequality wealth concentration redistribution |
| topic |
Financial crisis Eurozone crisis distribution income inequality wealth concentration redistribution |
| description |
Several Nobel laureates economists have called for redistributive policies. This paper shows that there is a strong case for redistributive policies because the global increase of income inequality and wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and rising debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich played a key role in the rise of the structured credit market and enabled poor and middle-income households to accumulate increasing amounts of debt. To tame the inherent instability of the current mode of capitalism it is necessary to reduce inequality. |
| publishDate |
2014 |
| dc.date.available.none.fl_str_mv |
2014-08-11T11:58:02Z |
| dc.date.issued.none.fl_str_mv |
2014-08-01 |
| dc.date.accessioned.none.fl_str_mv |
2014-08-11T11:58:02Z |
| dc.type.eng.fl_str_mv |
workingPaper info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/version/c_b1a7d7d4d402bcce |
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http://purl.org/coar/resource_type/c_8042 |
| dc.type.local.spa.fl_str_mv |
Documento de trabajo de investigación |
| dc.type.hasVersion.eng.fl_str_mv |
draft |
| dc.identifier.uri.none.fl_str_mv |
http://hdl.handle.net/10784/2883 |
| dc.identifier.jel.none.fl_str_mv |
D31 G01 E25 |
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http://hdl.handle.net/10784/2883 |
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D31 G01 E25 |
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eng |
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eng |
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http://purl.org/coar/access_right/c_abf2 |
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Acceso abierto |
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Acceso abierto http://purl.org/coar/access_right/c_abf2 |
| dc.coverage.spatial.eng.fl_str_mv |
Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees |
| dc.publisher.spa.fl_str_mv |
Universidad EAFIT |
| dc.publisher.department.spa.fl_str_mv |
Escuela de Economía y Finanzas |
| institution |
Universidad EAFIT |
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