Growth, Inequality and Development in the Aftermath of the Great Recession
Edited by Hasan Cömert and Rex A. McKenzie
Chapter 2: A tale of two worlds? Income distribution and the global crisis: observations from the North/South nexus
This study has an objective of providing evidence for the fact the last global capitalist crisis proceeded very unevenly and most of the countries in the Global South were not affected to the same extent as the developed capitalist world. Moreover, the trend of a decreasing share of developed capitalist countries in world income began prior to the crisis and continued during the crisis. The Global South’s wage share showed a steep incline during the crisis, and most of this incline was due to the contraction of output. Finally, this study shows that the advanced countries and the countries in the Global South exhibited different and antithetical trends during the crisis. In the South, most of the countries increased their output, albeit at a lower rate compared to the pre-crisis period, and income distribution improved for most of these countries. On the other hand, most of the developed countries experienced a decline in output and worsening income distribution. However, in essence, these two seemingly divergent paths were the results of the one totalizing tendency embedded in the permanent dynamics of global capitalism.
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