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Images of the Capitalist Utopia

Discussion in 'World Economy' started by Tadhg Gaelach, Nov 23, 2017.

  1. Blokey

    Blokey Member Political Irish

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    More seriously though, people really are living in storm tunnels.


    Inside the Tunnels Las Vegas's Homeless Population Calls Home
    In the 1990s, the Hydro Conduit Corporation began building storm-drainage tunnels in Las Vegas to protect the tourist destination from raging flash floods. Today, the tunnels house the city's homeless population.

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    Inside the Tunnels Las Vegas's Homeless Population Calls Home
     
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  2. OP
    Tadhg Gaelach

    Tadhg Gaelach Legend Political Irish Donator

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  3. OP
    Tadhg Gaelach

    Tadhg Gaelach Legend Political Irish Donator

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    This is a very good article from Moody's. In the 1980s, Latin American, African and Asian countries were subjected to what is known as "The American Consensus." This is just a fancy word for the Neo-Liberal dogma that if everything is privatized, and taxes for the rich are kept low, then the economy will boom and the the benefits will "trickle down" to the poor and middle classes. Well, as this article shows, all that has happened is that the rich have got richer and the poor have got poorer - and the middle classes have often just been wiped out. It's also interesting to note that despite all the shock and horror about Venezuela being a Socialist dictatorship, it is still one of the most unequal places on earth - far worse than the USA. But it's not as bad as its neighbour Colombia, which it would be if it weren't for Chavez.


    Economic inequality in Latin America is nothing new, but recent figures from the World Bank that elevated five Latin American countries to the list of the 10 most unequal nations in the world is a reminder of growing disparity between the extremely rich and extremely poor in the region.

    Latin America is known as a poster child for inclusive growth: As the region’s economies grew, people in poverty shared in the economic expansion. In the 2006-2011 period, income growth among the poorest 40% of Latin Americans grew almost twice as fast as average, compared with only 1.5 times as fast in the next best region, East Asia. Even so, the same group controls less than 10% of the region’s income, and the top quintile has more than 35%.
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    As a point of comparison, no Latin American country came close to the U.S. in income equality: In Uruguay, the most equal major Latin American economy, the top 10% highest earners took home one-third of the pie, compared with 30% in the U.S. On the other hand, despite ranking sixth worst in the world, Honduras cannot compare to the worst country. The Honduran Gini coefficient, a measure of inequality ranging from 0 (perfect equality) to 1 (perfect inequality), was a mere 0.54 compared with South Africa’s depressingly large 0.63.
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    These challenges will be hardest to face in the years of slow growth ahead. An environment of persistently low commodities prices has triggered recessions in Venezuela and Brazil, so the hope of growing out of inequality is slim. Since the governments of the poorest unequal countries also suffer from the most debt, it will be even harder to fight the dramatic imbalances between rich and poor by investing in public human capital infrastructure such as schools and universities. Redistributive programs such as food and fuel subsidies have already racked up mountains of debt in many of the region’s public sectors.

    Moreover, one of the biggest issues the World Bank’s data exposed is that inequality is a problem not only in poor countries, but in richer ones as well. Of the 10 most unequal Latin American countries, the World Bank classifies all but three as upper-middle income. Chile, the fifth most unequal, is classified as high income; there, the richest decile of the population earns 27 times more than the poorest decile. In richer countries, governments will have to take the bitter pill of structural reforms to target low-productivity tenured workers, as well as tear down old policies that keep large, often state-run, corporations happy while crowding out private enterprise.

    The Numbers
    • Owing to the recession, unemployment in Brazil shot up to 8.2% from just 5.9% a year before.
    • In Mexico, retail and wholesale sales got a boost from stronger household consumption, increasing 5.2% y/y after a drop to 3.4% y/y in the previous month. But sales are still suppressed compared with growth above 6% over the past summer.
    • Mexico’s central bank kept interest rates at 3.75% after an unexpected out-of-cycle rate hike, while rates rose to 6.5% in Colombia.
    • Despite high inflation, Chile’s central bank kept rates steady at 3.5% in a bid to stimulate the faltering economy.
    The Markets
    Latin American equities were mostly up over the past week, apart from in Argentina, where President Obama’s visit coincided with the commemoration of the U.S.-backed “Dirty War,” stirring controversy.

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    The Merval in Buenos Aires fell 0.3% over the week. However, other stock markets rallied, with Chile’s IPSA stepping up 1%, Mexico’s IPC rising 2%, and Brazil’s Bovespa gaining 4%.

    LatAm Weekly: The Unfairest of Them All | Moody's Analytics Economy.com
     
  4. El Chaval.

    El Chaval. Member Political Irish

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    I've been to quite a lot of countries and have seen beggers in all of them.
    Mind you, I've never seen a Chinese begger. That points to cultural differences.


    I don't give to beggers in Ireland or places with generous social welfare.
    In Dublin, begging is either Romanian con artists, junkies who've blown all their dole money, or misfits.
    Most earn more than me and you, to be honest.

    I'd only give money to the elderly, disabled and blind etc, in countries with no social welfare.
     
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  5. Anglophile

    Anglophile Respected Member Political Irish

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    [​IMG]



    No John, capitalism is why we have iPads...:rolleyes:
     
  6. OP
    Tadhg Gaelach

    Tadhg Gaelach Legend Political Irish Donator

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    Rubbish! The first computer was developed by the British STATE. Then the Soviet Union and the US state built more computers. The private sector only latched on to the state's work later. The computer and the internet are great examples of State Enterprise.
     
  7. OP
    Tadhg Gaelach

    Tadhg Gaelach Legend Political Irish Donator

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    I'm really against the whole idea of "charity." Why should people have to go out collecting for a childrens' hospital or cancer research. We pay our taxes for that.
     
  8. OP
    Tadhg Gaelach

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    Prison Slave Labour in the USA.

     
  9. OP
    Tadhg Gaelach

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    [​IMG]
     
  10. OP
    Tadhg Gaelach

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  11. OP
    Tadhg Gaelach

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  12. OP
    Tadhg Gaelach

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  13. OP
    Tadhg Gaelach

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  14. OP
    Tadhg Gaelach

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  15. OP
    Tadhg Gaelach

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  16. OP
    Tadhg Gaelach

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  17. OP
    Tadhg Gaelach

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    [​IMG]
     
  18. OP
    Tadhg Gaelach

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    [​IMG]
     
  19. OP
    Tadhg Gaelach

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    [​IMG]
     
  20. OP
    Tadhg Gaelach

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