Capitalism, Money and Inequality in the World

There is little doubt that, in the last hundred years or so, progress has been made in lifting more people out of extreme poverty (World Bank 2020). Yet, considerable economic inequalities both within and between nations persists and, as recent work has shown, if the rate of return on capital surpasses the rate of growth, inherited wealth will grow faster than earned wealth (Piketty 2014, p. 1). Together, these inequalities contribute to radically different life chances for people around the world. For some it means multiple mansions, private jets, hundred-foot yachts and access to life-saving technologies, while for a substantial portion of humanity it means a daily struggle just to survive or maintain a livelihood.

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