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Inequality and InstabilityA Study of the World Economy Just Before the Great Crisis$
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James K. Galbraith

Print publication date: 2012

Print ISBN-13: 9780199855650

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199855650.001.0001

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Economic Inequality and the World Crisis

Economic Inequality and the World Crisis

(p.289) Chapter 13 Economic Inequality and the World Crisis
Inequality and Instability

James K. Galbraith

Oxford University Press

This concluding chapter discusses the results of studies and measurement pertaining to economic data. It shows the need to redefine the study of economic inequality, and to restructure, to some degree, the main lines of research in this field. It argues that the forces which hinder development in individual countries and which even change their institutions are mostly financial in character. These financial factors include the flow of financial investments, interest rates, and the flow of payments on both internal and international debts. The chapter confirms the work of Simon Kuznets which states that economic inequality fundamentally evolves with the changing structure of economies and the balance of power and prices across sectors. Since sectors are linked to regions, sectorial and regional patterns of change in inequality are closely linked.

Keywords:   economic inequality, financial investments, interest rates, debt payments, Simon Kuznets

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