He mainly touches on inequality.
This is what he calls divergence. He wants less divergence, (hence more global convergence).
That is the economists' pet, at least those on the so called left.
The 800 pound gorilla in the room of globalization, however,
and the one those on the right are most afraid of,
if they have any sense,
because they have most fostered it,
and it is the most harrowing,
is the opposite,
a topic he is reluctant to face head on except in passing:
global convergence.
The right elite, the upper centile, want plenty of divergence, which coincidentally, also implies global convergence of average income and wealth.
If you are a liberal economist, you suffer from the failings of both poles of the discipline, more or less, and just drift along with globalization, willy nilly.
Economics has truly been the doomsday discipline of the West,
regardless of which side you are on.
No comments:
Post a Comment