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Additional resources for Globalization and the Poor: Exploitation or Equalizer? (Idea Sourcebooks in Contemporary Controversies)
The ratio of the average per capita incomes shows a similar, yet more dramatic, increase. 2 Note: Distributions are based on per capita GDP in current US dollars (IMF 2001a) Source: Authors’ calculations based on IMF (2001a, 2001b) QUESTIONS AND CRITICISMS ❖ 41 tries, witnessed some equitable improvement in the 1990s after a dramatic increase in inequality during the 1980s. 7 times higher in 1990. 7 in 1999. The improvement in equality in the 1990s was somewhat more pronounced in terms of median incomes, yet even under this measure the distribution of incomes was remarkably more inequitable in 1999 than at the beginning of the period in 1980.
Culture is gaining ground over the traditional sources of economic and political power, and the dominant geoculture of the West is an overwhelming force against traditional African cultures. Political: An important new factor in the process of globalisation is that there is a significant change in the geo-political structures. There has been a breakdown of the bi-polar world. With the collapse at the end of the 1980's of the Soviet Empire and the end of the Cold War, there is no longer major political division along the economic lines of capitalist and socialist countries.
Deregulated global trade and capital markets as the culprit Over the past decades international capital mobility has grown as capital controls were reduced or eliminated virtually everywhere. 3 billion in 1997, the last year before the global financial crisis, or by more than 6,000%. Even in 1998, in the wake of the financial crisis, capital flows remained remarkably high at $56 billion. , 36% in 1997) consisted of short-term portfolio investments (IMF 2001b). Faster capital mobility in a relatively deregulated environment leads to rising inequality, both within countries and between countries, and to less poverty reduction or even increasing poverty.