The #WorldBank has admitted the #growth of #global #free #trade has not been a success for all.
An internal #briefing document seen by the BBC says the effects of #globalisation on #advanced #economies is "often uneven" and "may have led to rising wage #inequality ".
The #bank, which provides #loans to developing countries, also says that "adjustment #costs", such as helping #people who have lost their #jobs , have been higher than expected.
@rollitup - 2016-03-20T12:30:36.000Z
Cory Doctorow: Wealth Inequality Is Even Worse in Reputation Economieshttp://www.locusmag.com/Perspectives/2016/03/cory-doctorow-wealth-inequality-is-even-worse-in-reputation-economies/Gabriel - 2016-03-20T12:58:50.000Z
"The story of ‘meritocracy’ – a society that migrates wealth, status, and decision-making power into the hands of the most capable – is seductive. Rich people love the idea of meritocracy, because the alternative is that their lion’s share is unfair, the product of luck, or, worse, cheating. But many of meritocracy’s losers love it, too. In the words of John Steinbeck, ‘‘Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.’’ // “Meritocracy is a tautology, of course. There’s no objective measure of ‘merit’ so there’s no way to know whether your society is meritocratic or not.” - Cory Doctorow