Trading Away Income Inequality: the Effects of Globalization
Income inequality in America is a serious issue. People are worried about a widening gap between the rich and the poor in the United States. But is the global story the same?
Professor Tyler Cowen tells how, globally, income inequality worldwide is on the decline. Thanks to globalization and free trade, the world is richer, and billions of people have escaped from poverty through the global economy. This is evidenced by the amazing growth of the economies in China and India.
When we talk about income inequality in America, we mustn’t forget that, worldwide, globalization and free trade are the forces that have the potential to eliminate income inequality and bring billions out of poverty.