By Steve Keen | Evonomics I like Joe Stiglitz, both professionally and personally. His Globalization and its Discontents was virtually the only work by a Nobel Laureate economist that I cited favourably in my Debunking Economics, because he had the courage to challenge the professional orthodoxy on the “Washington Consensus”. Far more than most in… Continue reading Economists Ignore One of Capitalism’s Biggest Problems
Financial expansion fuels greater income inequality, mainly because: People with higher income benefit more than poorer ones from credit-financed investment opportunities and the sector pays high wages, which are above what employees with similar profiles earn in the rest of the economy. This premium is particularly large for top-income earners” [**] / OECD Report ♦ Of course,… Continue reading Financial Expansion Fuels Income Inequality
Fourth Industrial Revolution (FIR) is on the doorstep. Income inequality and global warming are on the top of future challenges. There is a close link between financial system, digitalisation and economic inequality. Before looking into future, I think, we better start reviewing the past; especially the globalisation era how it went. I picked up some books… Continue reading Banking, Digitalisation and Inequality
HSBC’s meltdown has left business customers unable to pay salaries or suppliers, but this is not the first time such a crisis has hit a British bank.
Finally United Kingdom has decided to join Asian Infrastructure Investment Bank (AIIB) whereas the US is not ''happy'' with the move of the UK to join AIIB. It's a new international financial institution (IFI) lead by China and viewed as a rival to the World Bank. Due to size of population, increasing per capita consumption and their hard work Chinese economy is growing to be the largest in the world. Now China has backed the Asian Infrastructure Investment Bank (AIIB) and seeking large number of membership ...