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4min chapter
Read with Bruegel: The Crisis of Democratic Capitalism
The Sound of Economics
The Impact of the Global Financial Crisis on the Economy
The combination of the hollowing out of the middle with that has meant that for a gain, a very large part of the population far from all, there have been relatively really modest growth in real household disposable incomes. In some societies, this is associated with large increases in inequality in household income distribution. It actually happens to be the case that the US and UK are the most powerfully affected by this because the countervailing policies were relatively ineffective. And then finally, I argue that this long period of dissatisfaction was as it were culminated by the wider shock associated with the global financial crisis.
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