A case for redistribution? Income inequality and wealth concentration in the recent crisis

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dc.contributor.authorGoda, Thomas
dc.contributor.authorOnaran, Özlem
dc.contributor.authorStockhammer, Engelbert
dc.contributor.eafitauthortgoda@eafit.edu.co
dc.contributor.eafitauthoro.onaran@gre.ac.uk
dc.contributor.eafitauthore.stockhammer@kingston.ac.uk
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2014-08-11T11:58:02Z
dc.date.available2014-08-11T11:58:02Z
dc.date.issued2014-08-01
dc.description.abstractSeveral 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.eng
dc.identifier.jelD31
dc.identifier.jelG01
dc.identifier.jelE25
dc.identifier.urihttp://hdl.handle.net/10784/2883
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordFinancial crisiseng
dc.subject.keywordEurozone crisiseng
dc.subject.keyworddistributioneng
dc.subject.keywordincome inequalityeng
dc.subject.keywordwealth concentrationeng
dc.subject.keywordredistributioneng
dc.titleA case for redistribution? Income inequality and wealth concentration in the recent crisiseng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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