25 Sep '11, 12am

Economy : Unsatisfactory until The Great Revamp....

Economy : Unsatisfactory until The Great Revamp....

The above chart shows the income inequality in the US from 1918 until today. If you plot the chart of income inequality of countries around the world, you find the pattern of rising inequality in the last 30 years. Among developing countries, Singapore and USA have the highest income inequality. The only time during the last 100 years when the income inequality is as high as it is today was in 1929. The global economic system fell apart after the stock market collapsed in Oct 1929. There are numerous similarities between 1929 and 2007, the consumer debt was extremely high as individuals borrowed to spend because the income gap means that ordinary workers make too little to generate the aggregate demand for the total goods produced in the economy. Household borrowings help to close the gap i.e. the economy depended on rising debt levels to keep it going. After the US econom...

Full article: http://singaporemind.blogspot.com/2011/09/economy-unsatis...

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