Tuesday, December 10, 2013

More than one percent

A recent press report via Richard Singer
"It's not just the wealthiest 1 percent. 
Fully 20 percent of U.S. adults become rich for parts of their lives, wielding outsize influence on America's economy and politics. This little-known group may pose the biggest barrier to reducing the nation's income inequality. "
From an earlier report of Palma's work
 "But if you add up the income shares of the 50% of the population just below that 

rich 10% you find that in almost all countries, they receive about half the national 

income (see graph 2, below).....‘In Latin America the middle classes seek to defend 

their share of income with different forms of alliances with the élite (some more 

successfully than others). This is different to India, for example, where the 

administrative classes defend their position mostly via alliances with the poor (which

 gives them the political power to mediate in the different conflicts between the 

capitalist élite and the state)’. Vintage stuff." 

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