The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality Kindle Edition
|Length: 274 pages||Word Wise: Enabled||Enhanced Typesetting: Enabled|
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“This is one of the most entertaining and original books you can read on a hot-button subject that will increasingly dominate the conversations in homes and government offices around the world. Economic inequality has always been part of the human experience and Branko Milanovic masterfully explains why it is still with us and why politicians, policy makers and the public are so often allured by policies that deepen inequality instead of reducing it. A delightful read!”
“Charming, erudite, curious and deeply informed about every aspect of economic inequality. Branko Milanovic takes us on a tour from Austen to Tolstoy, from ancient Rome to modern Brazil via the late Soviet Union. He explores almost all the ways of thinking about inequality that there are. And he makes it seem easy, which it definitely is not.”
New York Times Book Review
“[A]n eclectic book on inequality…. [Milanovic’s] colorful vignettes…are almost uniformly delightful. No matter where you are on the income ladder, Milanovic’s examination of whether Bill Gates is richer than Nero makes for great cocktail party conversation.”
“[Branko Milanovic] has fun with economics…. Behind the fun are some serious concerns about growing global income inequality…. And underlying the fun facts is a prodigious amount of research: everything from demographic patterns in 13th century Paris to interest rates in ancient Rome.”
“[A]n innovative look at price and consumption differences…. Students, practitioners, and anyone interested in economics and the issue of inequality would enjoy this.”
“If you have the slightest interest in politics and macro-economics, you should be [in possession of this book].”
“Talk about a timely book. The Haves and the Have-Nots will get your blood boiling. World bank economist and expert on global inequality Branko Milanovic takes us back to a time when the world was divided in the very rich few and impoverished masses. He then jolts us to the present, where everyone in society is unquestionably better off, yet the income of the top 1.75% of the world’s population exceeds that of the bottom 77%.... No socialist manifesto, this is instead a thought-provoking work of how we got where we are and where this imbalance will take us.”
“Where do you rank in the all-time world distribution of income? How about Jane Austen’s Mr. Darcy? Or Anna Karenina? Was Octavian Augustus richer than Bill Gates? Why might China fall apart, like the USSR and Yugoslavia? Why should we care about differences in income and wealth? In this book of many delights, Branko Milanovic, who has spent 25 years studying global inequality, provides us with a veritable Arabian Nights of stories about inequality, drawing from history, literature, and everywhere in the world. A pleasure to read, and an eye-opener for haves and for have-nots alike.”
“Learn about the serious subject of economic inequality while you have plenty of fun traveling around the globe and far back in time! Through fascinating stories and wonderful illustrations, Branko Milanovic explains income and wealth inequality – their concepts, measurement, evolution, and role in human life – without compromising precision or balance. This is a delightful book, as commendable for vacations as for the classroom.”
“Milanovic defies the typical image of an economist by presenting research overlaid with humor, literary insights, and fully imagined portraits of daily life as he examines inequality across time and continents…. Milanovic writes as much like a philosopher as an economist as he ponders the growing trend of inequality in income around the world and answers questions many readers likely ask themselves about their economic prospects.”
“[A] timely look at the inequality of income and wealth…. Authoritative.”
“A brilliant tour through inequality, writ large and small, across the ages. Economics is often considered as ‘dismal’ and you may not be cheered up by what has been regarded as an acceptable distribution of income in the past (and what may be coming to our future). But The Haves and the Have-Nots is far from being a dismal book – it is entertaining, draws you in, and makes you think; this is the right way to draw attention to the substantive issues. Enrollments in economics courses would rise sharply if more writers followed Branko Milanovic’s lead.”
- File size : 1744 KB
- Word Wise : Enabled
- Print length : 274 pages
- Publisher : Basic Books (December 28, 2010)
- Publication date : December 28, 2010
- Language: : English
- ASIN : B06XCKCHLF
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- Text-to-Speech : Enabled
- X-Ray : Not Enabled
- Lending : Not Enabled
- Best Sellers Rank: #1,189,976 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
Top reviews from the United States
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I'm not sold on the vignette approach - though it did help in navigating complex ideas. I was also disappointed that the role of natural capital and environmental sustainability did not figure in discussions of poverty and inequality. I also found the end, or the final vignette about the first and third worlds, not really a great close to an engaging read.
I totally recommend this book, however. Easily the best on the topic I have read. Beautifully written, and I feel I have learned more about this important topic than I have with any other book or media.
The author is an economist and an academic. He does not appear, however, to be a great humanist. But he knows his history, pointing out that gaps in earnings primarily occur when "people move from agriculture into industry." He points out that folks around the world were relatively equal prior to the industrial revolution in England, and that most folks in most nations at that time were barely at a subsistence level.
Oh, sure, there were rich Kings and Nobles and such along the way, but they were nothing compared to the wealthy industrialists that were to emerge with industrialization. And as far as regions of the world, it is in the first half of the 18th century that Western Europe and North America really begin to separate from the rest of the world in terms of wealth. Prior to that, the comparative wealth of countries in the world was far more even.
In this line of thinking, the author feels that this is the factor that really defeated Karl Marx and his theories: Instead of the differences in inequality between classes around the world leading to change, it was the differences developed between countries and/or regions of the world that would lead to inequalities. But "Workers of the World, Unite," became more and more irrelevant under this scenario. Workers in some parts of the world saw great improvements in their lives, while workers in other parts of the world did not, essentially, through no fault of their own.
The author points out that for most of recent history inequality was not seen as all that bad. After all, a guy like Henry Ford created a ton of jobs in the process of getting filthy rich. And the author spends time discussing relative extreme wealth in the history of the world, with Mexican Carlos Slim coming out the winner there. He also talks about socialism vs. capitalism, and he tries to make the point that redistribution of wealth may not be the way to go. But I don't think any of this stuff is what makes this a great book. No, I think, again, the main value of the book is in the numbers he eventually gives us concerning inequality.
And in that light, he makes an interesting point about the Soviet Union, before its breakup, having a ratio of about 6:1 between the wealthiest republic, Russia, and the poorest, Tajikistan. In contrast, he tells us that the ratio of inequality between regions in France is now about 1.6:1, between U.S. states about 1.5:1, and in Germany 1.4:1. Back to extremes, he tells us that in the former country of Yugoslavia, the range in wealth between the highest and lowest republics was about 8:1.
To begin to measure inequality within countries and around the world, we need household income numbers from around the world. We need the ability to compare GDPs per capita in one country vs. another. And while he tells us that there are ways to do comparisons back before solid data was available, he does not spend a lot of time with this. What he wants to get to is to the comparisons between countries, based on their recent GDPs per person, and to the comparisons between the rich and the poor within the countries, themselves, in the world today.
Unfortunately, the ratio between the richest and the poorest country in the world today is more than 100:1. In some cases, essentially everyone in one of the richest countries is better off than everyone in one of the poorest countries. And this inequality can occur within one country, as well. For example, in Kenya in the time of Barack Obama's grandfather, everyone who was white was better off than anyone who was Black. Said another way, today, the poorest Americans are better off than more than two-thirds of the rest of the world, with half of the world having a per capita income of no more than $2 per day. And said yet another way, fully 80% of one's standing in life is simply due to the geography of one's birth.
Of interest, per the author, this inequality would have been the likely basis of President Obama's mother sending her son back to the U.S., rather than to have him continue to live in Indonesia: The projection that one educated and living in the U.S., even in a family of a government worker and a shoe salesman, would be better off than just about anyone under any situation in Indonesia.
Per the author, until recently, the collection of income distribution was more of a national thing than international. But once enough national data was available, this is where the Gini Coefficient comes in. It compares the income of each person with the incomes of all other people, individually. A Gini number of zero means that all persons have the same income, while a number of 100 would mean that only one person has all the money. This number can be used to compare countries of the world, countries within a region, or people within a single country. For humanists, the lower the number, the better. A reasonable number is about 35. Some examples:
In the late 70s, the U.S. had a Gini Coefficient of about 35. In contrast, Latin American countries are seldom below 50. On a global level, the Gini is about 70, which means that 30% of the world has more wealth than the other 70%. But within this, we know that the wealthiest 10% in the world receive about 56% of the world's income. The top 5% gets about 37%; thus, the ratio between the top and the bottom, in this comparison, reaches 200:1. Global inequality is probably the highest it ever has been in the history of the world.
And who are those at the top? The top 1% in the world number about 60 million, with nearly 50 million of these living in Western Europe or North America.
But, says the author, the impact of all this is probably shown most by immigration numbers, which involves less than 1/10th of one percent of the world's population per year. He seems to say that this matters, however, only if emigration gets worse and/or if one country is so poor that it does really bad things that have an impact on the rest of the world. For example, if a bird flu or some other pandemic starts in an area of the world with extreme poverty, this can spread to other parts of the world. Otherwise, the author seems to say that the conditions of wealth or poverty are relative within a single country.
But back to numbers: In an interesting contrast between the European Union and the United States, the author points out that the EU has more inequality among countries than the U.S. has between states. In each state in the U.S., there are rich and poor. But, overall, the GDP per capita in a comparison between U.S. states is not significant. It is about 1.5:1. But in the EU, where Luxembourg is the wealthiest country and Romania the poorest, the ratio is about 7:1. In effect, this means that virtually all those in Luxembourg are richer than those in Romania. This cannot be said about those in American states, New Hampshire having the highest per capita income vs. Arkansas with the lowest. But within some states, the ratio can be extreme. Within Texas and Tennessee, the Gini Coefficient is around 45!
And in world regions comparisons, Latin American countries are more like the United States, with the high levels of inequality being amongst members of the same country, rather than the per capita income of the various countries. In Asia, the opposite is true, with the differences being greatest in the relative per capita incomes between countries. But here is where it gets crazy: The overall Gini numbers for Latin America and for Asia are about the same: 56 vs. 60.
To conclude this lengthy review, the author says "the main drivers of global inequality today are differences in between-country incomes." He also says that things have gotten more unequal over the past 40 years. Since 1975, excess money has been available to the wealthiest countries. It simply got into the hands of the bankers and investment types, who did what people like them do best: They created ways that the excess money could generate even more excess money. Of course, the recent world-wide economic slowdown slowed the excess-money stuff a bit.
And then we have China and India. They would appear to be wild cards in all of this. China, of course, has made huge strides in improving its per capita income of its people, of late. India, too, has made great strides. And Brazil is in play here, as well.
So, we near the end of the book, where the author has this to say: "The key challenges of the 21st Century may be summarized as follows: how to bring Africa up, how to peacefully bring China in, and how to wean Latin America off of its self-obsession and bring it into the real world."
Hmmmmm. This is the first time we've heard about Africa, I think. And the stuff about Latin America needs to be better explained. So, the truth is that the author has not written the book to project or predict the outcome of this story. He's just trying to get more folks up to date and on board.
If you've gotten this far, welcome. You know more than you did before you read the book...assuming you now go out and buy and read it.
I appreciate and like his "outsider" viewpoint. His World Bank experience (as an economic researcher) impresses the reader without losing the reader with overly complicated arguments or formulas. His views on migration - essay 3 - are especially enlightening. "In the long run the antimigration battle cannot be won - if globalization continues" (p. 163).
If you are concerned about inequality and consider yourself involved in the conversation about it (including the fight against it), this book is simply a must read.
Top reviews from other countries
The first section deals with inequality of income within nations. For a long time this was declining in developed countries, but for the last thirty years it's been rising again.
The second section looks at inequality between nations. This is far greater than it was 100 years ago, but is it starting to decline? How much weight do we give China and India?
The third section is about inequality between individuals at a global level. Where do you stand you in the world-wide distribution of wealth? Turns out I'm in the top 20%, but not the top decile. Interestingly, Milanovic shows that the world-wide distribution of wealth used to be mainly determined by social class, but now 80% of it is down to which country you were born in.
Of course there are omissions. This is a short, introductory work. It traces trends in inequality without trying to do much to explain them. It focuses on inequalities in income, rather than wealth. But this is a great place to start and will leave you with plenty of questions to explore further (about immigration, for instance). And it's refreshing to hear a well-placed establishment economist (Head of Research at the World Bank) admit that inequality studies are unpopular because they 'are not particularly appreciated by the rich'.
I strongly recommend this book for everyone interested in immigration. This book can change ones worldview. The writing is precise and easy to understand. I found some chapters very moving. If you bothered to look at the reviews I have only one thing to tell you: Read this book.