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Inequality: The Crash and the Crisis

This book, written by Stewart Lansley, examines the connection between inequality and economic crises. It explores the historical U-curve of inequality in the UK from 1937 to 2009 and analyzes the income share of the top 1%. Additionally, it investigates the falling wage share, growing earnings gap, rising inequality under Labour, rising profit share, and falling investment. The book also delves into the economic impact of a growing wage/output gap, demand bubble economies, and regulatory capture. It concludes with a discussion on the growth of inequality and debt in the US in the 1920s. Through comprehensive analysis of these factors, the book highlights the corrosive effects of excessive inequality on both economic growth and society.

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Inequality: The Crash and the Crisis

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  1. Inequality, the crash and the crisis Stewart Lansley

  2. The Inequality U-curve, UK, 1937 – 2009Income share of top 1% Source: Cost of Inequality, Why Economic Equality is Essential for Recovery

  3. The Falling Wage Share, 1948-2011, UK Source: The Cost of Inequality: Three Decades of the Super-Rich and the Economy

  4. The growing earnings gap, UK Source: Cost of Inequality, Why Economic Equality is Essential for Recovery

  5. Rising inequality under Labour, 1997-2010 Share of income held by top 1% and top 0.1%

  6. Share of Employees in Low-wage Work, 2009 Source: OECD (2011) and Mason and Salverda (2010); data for Belgium, France, Italy, Portugal, and Spain refer to 2008; data for France and Netherlands refer 2005

  7. The rising profit share and falling investment, 1948-2010

  8. UK productivity record under ‘managed’ and ‘market’ capitalism

  9. Depth of post-war recessions, UK Source: The Cost of Inequality: Three Decades of the Super-Rich and the Economy

  10. The growing wage-productivity gap, US Source: The Cost of Inequality: Three Decades of the Super-Rich and the Economy

  11. The growing wage-productivity gap, UK Source: The Cost of Inequality: Three Decades of the Super-Rich and the Economy

  12. The growth of inequality and debt, US, 1920s

  13. The economic impact of a growing wage/output gap Demand Bubble economies Regulatory capture

  14. Source: The Cost of Inequality: Three Decades of the Super-Rich and the Economy Source: The Cost of Inequality: Three Decades of the Super-Rich and the Economy

  15. Growth in average wages and labour productivity across rich world, 1990-2011 Source: ILO

  16. Top executive and employee pay, 2000-2011

  17. ‘Inequality is the defining issue of our time`. President Obama, 2011 ‘Excessive inequality is corrosive to growth; it is corrosive to society… the economics profession and the policy community have downplayed inequality for too long.’ Christine Lagarde, January 2013 ‘Capitalism may not have it quite so easy in the next phase. Labour will fight back to take its proper (normal) share of the national cake, squeezing profits on a secular basis.’ Albert Edwards, SocieteGenerale.

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