{"id":4680,"date":"2015-01-20T08:02:00","date_gmt":"2015-01-20T13:02:00","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4680"},"modified":"2015-01-20T08:02:00","modified_gmt":"2015-01-20T13:02:00","slug":"look-whos-dragging-down-the-global-economy-though-no-one-is-allowed-to-say-it","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4680","title":{"rendered":"Look Who\u2019s Dragging Down the Global Economy Though No One Is Allowed to Say it"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/01\/20\/look-whos-dragging-down-the-global-economy-though-no-one-is-allowed-to-say-it\/\" target=\"_blank\">Look Who\u2019s Dragging Down the Global Economy Though No One Is Allowed to Say it<\/a><\/h3>\n<p>\u201cA bit of inequality is good as it creates incentives for hard work and rewards entrepreneurship,\u201d explained Mohamed El-Erian, Chief Economic Advisor of Allianz and former CEO of PIMCO. \u201cLots of inequality is bad, disenfranchises segments of society, and erodes the social fabric,\u201d he said, joining the chorus of voices that have been lamenting income and wealth inequality as an economic problem.<\/p>\n<p>But none of these voices dare to mention the cause \u2013 though they all know it. And we just got numerical confirmation.<\/p>\n<p>Hundreds of millions of people have been lifted out of abject poverty over the last two decades, mostly in Asia. In that respect, inequality has been reduced. But on a national level, \u201cyou get a different picture,\u201d El-Erian said in the\u00a0<a href=\"https:\/\/www.allianz.com\/en\/press\/news\/company\/point_of_view\/150115-a-bit-of-inequality-is-good.html\">interview<\/a>\u00a0published on Monday:<\/p>\n<blockquote><p>Whether in the US, Brazil or China: there has been a significant increase in both income and wealth inequality, and so much so that it is now affecting access to equal opportunities. The minute you start talking about opportunities, you start making it a much deeper problem and harder to solve.<\/p><\/blockquote>\n<p>\u201cSocial cohesion is at risk,\u201d said Allianz Chief Economist Michael Heise in the same interview. \u201cThat is a danger for industrialized and developing countries alike. In recent times we have seen social upheavals and conflicts where poverty played a major role.\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Look Who\u2019s Dragging Down the Global Economy Though No One Is Allowed to Say it \u201cA bit of inequality is good as it creates incentives for hard work and rewards entrepreneurship,\u201d explained Mohamed El-Erian, Chief Economic Advisor of Allianz and former CEO of PIMCO. \u201cLots of inequality is bad, disenfranchises segments of society, and erodes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2146,246,2767,2768,2769,869],"class_list":["post-4680","post","type-post","status-publish","format-standard","hentry","category-economics","tag-conflict","tag-economy","tag-mohamed-el-erian","tag-social-cohesion","tag-upheaval","tag-wealth-inequality"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4680"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4680\/revisions"}],"predecessor-version":[{"id":4681,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4680\/revisions\/4681"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}