Let me add a note that a difference between global inequality when measure in purchasing power parity term ... that is, including standard of living gains of the emerging Chinese and Indian middle classes ... and in terms of current exchange rates ... that is, the international financial value of income gains of the emerging middle classes ...

... would, under the Economics of the Anglo disease, not necessarily be an accident. Its the financial value that transnational corporations are pursuing, while political elites in China, for example, are quite clearly pursuing sufficient standard of living gains among the urban middle classes to avoid political turmoil as China negotiates the demographic shock waves of Mao's population explosion.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.