Rich Versus Poor, the Global Gap Is Narrowing
Many people worry that Covid has made the world a less equal place, but that hasn’t been the case so far — at least at a global level.
Empty streets and poorer prospects in the West.
Photographer: JUSTIN TALLIS/AFPIncome inequality is among the most hotly debated economic topics of our times. It’s also one of the most misrepresented. For years the left has condemned the widening disparities that followed the financial crisis. And yet, a recent paper showed the global income gap actually declined between 2008 and 2013.
The next myth to be busted concerns the SARS-CoV-2 pandemic. A number of scholars and international organizations, including economics Nobel prizewinner Joseph Stiglitz and the United Nations, worry that the world has become a less equal place because of Covid-19 and the ensuing economic crisis. They think richer countries have been better able to protect themselves.