Inequality between economies, and within advanced economies, has never been greater – witness this week\’s statistics on the widening wealth gap in the UK.
Fact fail first: inequality between economies has been falling as inequality within them rises. Fact fail second: the report mentioned says that the wealth gap is as high as it has been since WWII. That\’s not, as you might recognise \”ever\”.
But here\’s the logic failure:
So self-evidently desirable and beneficial are these pillars of the market economy that even China, after years of fighting them, is embracing them as quickly as it dares. But China wants the benefits, not the excesses, and so far, in this giant experiment in market liberalisation, it seems to be getting them.
Inequality in China is higher than it is here or than it is in any other major economy. So either China hasn\’t dodged this excess or inequality isn\’t such an excess to be dodged. Either of which make the contentions a little strange.