More Evidence That Global Income Inequality Is Decreasing

More Evidence That Global Income Inequality Is Decreasing by Daniel Fernandez Mendez, Mises Institute

Over time, the claim that there is increasing income inequality globally has looked increasingly like a fairy tale. The assertions of inequality consist of the popular notion that the spread of capitalism leads to an immense increase in income inequality. The differences between rich and poor, we are told, are rising so fast that the situation is no longer sustainable. The narrative further asserts that there is an intrinsic tendency in capitalism toward inequality. This story is so often repeated that nobody questions it.

Is this picture accurate? The “naked” data seems to agree with the Marxist version of the market process, in which a...