And then we have Latin American countries where, if we can speak of a regional trend in levels of inequality, it has been a decline and not an increase in income disparities. Big countries like Mexico and Brazil have seen their Gini coefficients go down in the past decade and more. So much for the notion that globalization has to mean increased inequality and the immiseration of the working class.
The irony here is that some Marxists have imbibed the propaganda of neo-liberals that there is no alternative to the weakening of the bargaining power of the working class and to increased inequality as a result of cross-border labor arbitrage. But when we peer past truisms and bland generalities about class and capitalism, we see this is not always the case.
CB: What are the levels of inequality ? 1% own 20 of all wealth ? Is capitalism ok in the long run afterall ? No need for world socialism ?