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World of Work Report 2008

Income Inequalities in the Age of Financial Globalization

Edited by Raymond Torres

The gap between “haves” and “have-nots” has dramatically widened over the past two decades. This timely, nontechnical volume assesses the extent of growing social inequalities, analyzing contributing factors in the workplace as well as the impact of widespread food and financial crises. The book provides a broad overview of the state of social inequalities in the world, in particular labor income versus profits and the highest incomes versus the incomes of the poorest families. Examining current patterns of inequality, it asks whether these are sustainable from the point of view of social cohesion, economic growth, and migration flows. The authors shed light on the causes of excessive inequality, including the possible role of financial market deregulation and the social impact of the subprime mortgage crisis. They also examine the extent to which traditional policies and institutions can address excessive market-driven inequalities. In conclusion, the volume considers policy reforms that could reduce the risk of rising excessive inequalities while maintaining economic dynamism

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