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The transnational capitalist class (TCC), also known as the transnational capitalist network (TCN), in neo-Gramscian and Marxian-influenced analyses of international political economy and globalization, is the global social stratum that controls supranational instruments of the global economy such as transnational corporations and heavily influences political organs such as the World Trade ...
Other modern global topics can be easily traced back to the world-systems theory. As global talk about climate change and the future of industrial corporations, the world systems theory can help to explain the creation of the G-77 group, a coalition of 77 peripheral and semi-peripheral states wanting a seat at the global climate discussion table.
Income distribution has always been a central concern of economic theory and economic policy. Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the distribution of income between the main factors of production, land, labour and capital.
The Galor-Zeira model, established by Oded Galor and Joseph Zeira in 1988, is the first macroeconomic model to examine the influence of economic inequality on macroeconomic dynamics. The model disputes the previously prevalent view, held by the representative agent approach in macroeconomics till the early 1990s, that economic inequality has no ...
The approach originated with the work of the Economic Commission for Latin America (ECLA or CEPAL) and is primarily associated with its director Raúl Prebisch and Brazilian economist Celso Furtado. Prebisch began with arguments that economic inequality and distorted development was an inherent structural feature of the global system exchange ...
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
This enables the global North to achieve a net appropriation through trade, fostering development in the former while impoverishing the global South. [1] The theory of unequal exchange is a rejection of the fundamental assumptions of Ricardian and neoclassical theories of comparative advantage, which claim that free trade based on comparative ...
Much of neoclassical economic theory holds that features of unevenness, such as income inequality, equalizes as a result of capital diffusion throughout the open market. Proponents argue that investment liberalization allows foreign capital to invest in capital-poor countries, yielding the highest rates of return, and that global integration ...