Annual Lecture in Economics – web event
Thursday 26 May 2022
Recent changes in global income distribution and their political implications
Speaker: Branko Milanovic – Senior Scholar at the Stone Center on Socio-Economic Inequality at the CUNY Graduate Center and Centennial Professor at the London School of Economics
Chair: Ioannis Tirkides – Economic Research Manager, Bank of Cyprus, and President of the Cyprus Economics Society
Abstract: Incomes remained fairly stable in the advanced countries since the 1980s and globalization is thought of as the driving force. At the same time the incomes of populations in poor countries have grown steeply and hundreds of millions of people have been lifted out of poverty. Hence global income inequality overall dropped. The lecture will examine the recent trends in global income distributions, both before and after Covid, and what they mean politically, including for globalization itself, and for global relations such as the trade and technology war between China and the United States. What will happen to the spread of technology and improvements in living standards across large swaths of the world? Slowing growth will make it harder to eradicate poverty and likely preserve current levels of global inequality. This will be the opposite of the initial dynamic of globalization.