The Cost of Inequality Report 2013


Quotes taken from Oxfam's "The cost of inequality: how wealth and income extremes hurt us all" report:

"Globally the incomes of the top 1% have increased 60% in twenty years."

Original source: Milanovic, Branko. "Global income inequality by the numbers: in history and now --an overview--" World Bank Policy Research Working Paper no. WPS 6259, 2012/11/01 Available at http://econ.worldbank.org/external/default/main?pagePK=64165259&piPK=641... .

"Following the financial crisis, the process has accelerated, with the top 1% further increasing their share of income"

Note: The citation used by Oxfam does not check out. The statement however is correct, as stated by Joseph Stiglitz in the following articles: Stiglitz, Joseph. "The Price of Inequality" Project Syndicate. June 5 2012. Available at http://www.project-syndicate.org/commentary/the-price-of-inequality Stiglitz, Joseph. "Of the 1%, by the 1%, for the 1%" Vanity Fair. May 2011. Available at http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105 .

"The luxury goods market has registered double digit growth every year since the crisis hit. Whether it is a sports car or a super-yacht, caviar or champagne, there has never been a bigger demand for the most expensive luxuries."

Original source: Bain & Company. "Bain projects global luxury goods market will grow overall by 10% in 2012, though major structural shifts in market emerge" Bain & Company, 10/15/2012 http://www.bain.com/about/press/press-releases/bain-projects-global-luxu... Additional info on luxury goods market available here: http://www.economist.com/blogs/gulliver/2012/04/income-inequality-and-lu... NOTE: second part of the statement "demand for luxury goods has never been higher" could not be corroborated. .

"The IMF has said that inequality is dangerous and divisive and could lead to civil unrest. Polling shows the public is increasingly concerned about growing inequality in many countries, and by people across the political spectrum."

Original sources for first phrase: Evans-Pritchard, Ambrose. "IMF raises spectre of civil wars as global inequalities worsen" The Telegraph, 2/1/2011 available at http://www.telegraph.co.uk/finance/globalbusiness/8296987/IMF-raises-spe...

Kumhof, Michael and Ranciere, Romain. "Inequality, Leverage and Crisis" International Monetary Fund Working Paper WP/10/268 11/1/2010 available at http://www.imf.org/external/pubs/cat/longres.cfm?sk=24378.0 .

Original source for second phrase (on polling): Washington Post "Post-ABC poll: Support for reducing the nation's budget deficit, Nov 20-25, 2012" 11/28/2012 available at: http://www.washingtonpost.com/page/2010-2019/WashingtonPost/2012/11/28/N... AND Pew Research, "Pervasive Gloom About the World Economy" Global Attitudes Poject, 7/12/2012 available at: http://www.pewglobal.org/2012/07/12/pervasive-gloom-about-the-world-econ...

Source: "The cost of inequality: how wealth and income extremes hurt us all," Oxfam Media Briefing. Jan. 18, 2013. http://www.oxfam.org/sites/www.oxfam.org/files/cost-of-inequality-oxfam-... [verified 4/17/14]

#income #inequality