In the last 40 years, income inequality has surged in the United States. From the decline of organized labor to changing government policies, here's why the income gap has gotten so wide.
can attract revenue across the world on a scale far larger than in previous generations. That produces immense jackpots for those companies and the executives who lead them, turning the pay gap between top executives and the workers they employ into a chasm.
"There is increasingly divergence and economic growth and economic outcomes across places in the U.S.," said University of Maryland economist Melissa Kearney. "Along with these superstar workers, and these superstar firms, we now have superstar cities in our increasingly winner-take-all economy."The share of workers represented by labor unions has dropped by half, to just over 10%, over the last four decades.
The same goes for policies at private institutions. Admissions procedures at top colleges favor the children of donors and past graduates. As the recent scandal ensnaring prominent entertainers and athletic coaches demonstrates, those with money can also buy illicit advantages. We need some inequality. The problem is when that dynamism gives rise to dynasticism. Kids of affluent parents, even if they're of mediocre talent, go to the best schools and talented kids from less affluent families don't."We need some inequality," said Autor. "The problem is when that dynamism gives rise to dynasticism. Kids of affluent parents, even if they're of mediocre talent, go to the best schools and talented kids from less affluent families don't.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
5 things to watch on Trump’s trip to EuropePresident Trump departs Sunday for a five-day trip to Europe, heading first to the United Kingdom for a three-day state visit before continuing on to Ireland.
Read more »
Stand firm or face a new Cold War, Guterres warns EuropeThe world risks a descent into lawlessness and a new Cold War if multilateralism fails, U.N. Secretary-General Antonio Guterres said on Thursday, calling on the European Union to take a lead role in fighting to preserve a rules-based global order. Speaking in the western German city of Aachen, where
Read more »
AP: Purdue foreign arm caught up in opioid probe in EuropeICYMI: opioids are not just a U.S. issue. In Italy, prosecutors allege pharmaceutical executives paid a prominent doctor to help push more painkillers. AP finds the doctor wrote papers minimizing addiction fears. Read more:
Read more »
75 years after D-Day, a former German soldier is worried for EuropeAs the world prepares to mark the 75th anniversary of D-Day, a former German solider said he fears a fraying of the alliances that were created in the wake of the war, which brought peace and stability to Europe.
Read more »
Low-Inflation Trap That Ensnared Japan and Europe Worries FedAs the central bank wraps up a yearlong review, the Fed faces questions on how it should handle its 2% inflation target going forward.
Read more »
JetBlue in talks with Airbus on A321XLR plane to service EuropeJetBlue Airways Corp is in discussions with Airbus SE about the European planema...
Read more »
Alipay has tripled its merchants in Europe amid 'booming' Chinese tourism marketAlipay is making big inroads in Europe as Chinese tourists flock to the region, according to the leader of the Chinese firm's European division.
Read more »
Sino-U.S. trade war offers Europe chance to bank more Chinese reservesShould European countries want the euro to replace the dollar as the world'...
Read more »
Opinion | Trump’s Case Against EuropeOpinion: As Trump’s team sees it, they aren’t trying to weaken Europe; they are trying to save Europe from itself.
Read more »
Europe set for minor gains at the open as global markets bounce backEuropean stocks are expected to start Wednesday's session on a slightly upbeat note, after Wall Street delivered its second best day of 2019.
Read more »