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Global Inequality: A New Approach for the Age of Globalization by Branco Milanovic

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One of the world’s leading economists of inequality, Branko Milanovic presents a bold new account of the dynamics that drive inequality on a global scale. Drawing on vast data sets and cutting-edge research, he explains the benign and malign forces that make inequality rise and fall within and among nations. He also reveals who has been helped the most by globalization, who has been held back, and what policies might tilt the balance toward economic justice.

Global Inequality takes us back hundreds of years, and as far around the world as data allow, to show that inequality moves in cycles, fueled by war and disease, technological disruption, access to education, and redistribution. The recent surge of inequality in the West has been driven by the revolution in technology, just as the Industrial Revolution drove inequality 150 years ago. But even as inequality has soared within nations, it has fallen dramatically among nations, as middle-class incomes in China and India have drawn closer to the stagnating incomes of the middle classes in the developed world. A more open migration policy would reduce global inequality even further.

Both American and Chinese inequality seems well entrenched and self-reproducing, though it is difficult to predict if current trends will be derailed by emerging plutocracy, populism, or war. For those who want to understand how we got where we are, where we may be heading, and what policies might help reverse that course, Milanovic’s compelling explanation is the ideal place to start.

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from the Financial Times.. By John Aglionby in Nairobi May 3, 2016 Fund warns governments that urgent reforms are needed to stem downturn Economic growth in sub-Saharan Africa will slow to 3 per cent in 2016 as much of the continent reels from low commodity prices, the International Monetary Fund has warned. In its latest economic outlook on the region, the fund warned that governments needed to implement urgent and substantial reform as prolonged domestic downturns and
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from ArabianBusiness.com..By ReutersMay 3, 2016 Saudi Arabia will loosen restrictions on foreign ownership in its stock market in order to improve the investment environment, the Capital Market Authority said on Tuesday. Each investor under Saudi Arabia's Qualified Foreign Institutions (QFI) scheme, which allows foreign institutions to buy stocks directly, will be allowed to own a stake of just under 10 percent of a single company, the CMA said. Previously, each QFI together with its affiliates could only
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from ArabianBusiness.com..By Sarah TownsendMay 4, 2016 Middle East credit ratings are expected to come under further downwards pressure due to low oil prices, according to Zurich-based Fisch Asset Management. The latest regional analysis from the asset manager says ratings pressure will grow as leverage increases on GCC corporate and sovereigns. It said its subsidiary Independent Credit View (I-CV) had completed credit analyses for Emirates Airlines, Saudi Telecom Company (STC) and a sovereign rating for Kuwait. It handed the
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from ArabianBusiness.com..By ReutersMay 4, 2016 The banks to advise the Saudi Stock Exchange on its initial public offering (IPO) will be selected in the coming days, the bourse's CEO said on Tuesday, suggesting that it could opt for both local and international banks to provide broader expertise. It was reported in March that the exchange known as Tadawul had asked banks to pitch for the advisory mandate on the IPO of the Gulf region's biggest bourse. "We need the
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from The Wall Street Journal.. By VU TRONG KHANH May 1, 2016 Rare public protest targets Taiwanese conglomerate after tons of fish washed ashore in four provinces Protesters march in Hanoi on Sunday after a series of fish deaths along Vietnam’s coast. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES HANOI—Hundreds of people marched peacefully in the streets of Vietnam’s capital Sunday over environmental pollution after mysterious mass fish deaths along the nation’s central coast. In a rare public protest
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from the Financial Times.. By Benedict Mander in Buenos Aires, Samantha Pearson in São Paulo and  in Miami May 4, 2016 South America’s two largest economies jealously eye each other’s handling of economic reform and corruption After pulling off a $16.5bn bond issue, the largest ever by an emerging markets nation, Argentina is the new favourite among investors. By contrast neighbouring Brazil, yesterday’s darling, is gripped by recession, political crisis and a graft scandal so encompassing it
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from Al Jazeera..May 3, 2016 Investors scramble for land in Maiduguri, in Borno state, where prices have more than doubled in recent years. Property investors in the Nigerian city of Maiduguri are benefiting from a rise in property prices following the retreat of Boko Haram fighters. Maiduguri is the largest city in Borno state, once a stronghold of the fighters and a frequent target for its suicide bombers. The group claims to be fighting against Western influence
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from Al Jazeera..By Megan O'TooleMay 3, 2016 Majority of people in Middle East and North Africa believe their government is failing to fight corruption, poll finds. A protest against Lebanon's rubbish crisis and government corruption was held in downtown Beirut in March [Hassan Ammar/AP] Five years after the Arab Spring, a majority of people throughout the Middle East and North Africa region believe that corruption is on the rise, according to a new survey. Results of the poll by Transparency
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from Balkan Insight..By Fatjona Mejdini | BIRN | TiranaMay 3, 2016 Ilustrative picture of an investment in Albania | Photo: aida.gov.al  Within the first four months of 2016, Chinese companies have acquired an interest in strategic sectors and significantly raised the level of international trade Business ties between Albania and China are strengthening as Chinese companies acquire players in strategic sectors of the Albanian economy. In addition, China emerged as the second-largest trading partner for Albania during March, accounting for 7.7
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from ArabianBusiness.com..By ReutersMay 3, 2016 Roughly one in three people in the Middle East and North Africa has recently paid bribes to public officials and for services such as medical care and electricity, and most people say corruption is growing, a watchdog group said on Tuesday. Only a fifth of people who paid a bribe reported the incident, and twice as many said they suffered retaliation when they did report corruption, according to Transparency International. Bribery is