Thursday, October 23, 2008
[IWS] ILO: WORLD OF WORK REPORT 2008: INCOME INEQUALITIES IN THE AGE OF FINANCIAL GLOBALIZATION [16 October 2008]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
International Institute for Labour Studies (IILS) at the ILO
World of Work Report 2008: Income inequalities in the age of financial globalization [16 October 2008]
http://www.ilo.org/public/english/bureau/inst/download/world08.pdf
[full-text, 178 pages]
CONTENTS
Chapter 1. Trends in employment and inequality . . . . . . . . . . . . . . . . 1
Main fi ndings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
A. Overview of recent developments and employment trends . . . . . . . . . . . . . . . . . . . 3
B. Trends in income inequality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
C. Why is income inequality a matter of policy concern? . . . . . . . . . . . . . . . . . . . . . . 22
D. Bottom line and rationale for the next chapters . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Appendix A. Regional country groupings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Appendix B. Calculation methods for wage dispersion, wage shares,
productivity and real wage growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Chapter 2. The role of financial globalization . . . . . . . . . . . . . . . . . . 39
Main findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
A. Development of financial globalization and wealth inequality . . . . . . . . . . . . . . . 41
B. Financial markets and pro-poor growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
C. Financial globalization, union bargaining power and the wage share . . . . . . . . . 50
D. Financial globalization and the convergence of capitalisms . . . . . . . . . . . . . . . . . . 52
E. Corporate governance and executive pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
F. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Appendix A. The impact of financial market crises on growth and inequality:
An empirical assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Appendix B. Empirical studies regarding pay for performance . . . . . . . . . . . . . . . . . . . 62
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Chapter 3. Labour institutions and inequality . . . . . . . . . . . . . . . . . . 71
Main findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
A. Review of earlier studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
B. Cross-country patterns of labour institutions and income inequality . . . . . . . . . 81
C. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Appendix A. Measures of labour institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Appendix B. Do labour institutions reduce inequality? An econometric analysis 94
Appendix C. Is the inequality-reduction eff ect of industrial relations
institutions withering away in advanced countries? . . . . . . . . . . . . . . . . 103
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Chapter 4. Employment patterns and income inequality . . . . . . . . . . . 115
Main fi ndings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
A. No clear link between income inequality and employment growth . . . . . . . . . . . 117
B. Rising non-standard employment as a factor of income inequality . . . . . . . . . . . 118
C. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Chapter 5. Redistribution through taxes and social transfers . . . . . . . . 127
Main fi ndings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
A. Social transfers, taxation and income inequality: what are the trends? . . . . . . . . 129
B. To what extent do taxes and social transfers shape income distribution? . . . . . . 136
C. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
Chapter 6. Decent Work as a coherent policy package . . . . . . . . . . . . 153
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
A. Links between Decent Work and income inequality . . . . . . . . . . . . . . . . . . . . . . . . 153
B. Policy coherence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
C. Areas for further analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Press Release
World of Work Report 2008 - Global income inequality gap is vast and growing [16 October 2008]
http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_099406/index.htm
GENEVA (ILO News) Despite strong economic growth that produced millions of new jobs since the early 1990s, income inequality grew dramatically in most regions of the world and is expected to increase due to the current global financial crisis, according to a new study published today by the research arm of the International Labour Organization (ILO).
The new report, entitled World of Work Report 2008: Income inequalities in the age of financial globalization (< http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_099406/index.htm#1 > Note 1), produced by the ILO's International Institute for Labour Studies also notes that a major share of the cost of the financial and economic crisis will be borne by hundreds of millions of people who haven't shared in the benefits of recent growth.
"This report shows conclusively that the gap between richer and poorer households widened since the 1990s", said Raymond Torres, Director of the Institute responsible for the report. "This reflects the impact of financial globalization and a weaker ability of domestic policies to enhance the income position of the middle class and low-income groups. The present global financial crisis is bound to make matters worse unless long-term structural reforms are adopted."
The report notes that while a certain degree of income inequality is useful in rewarding effort, talent and innovation, huge differences can be counter-productive and damaging for most economies, adding that "rising income inequality represents a danger to the social fabric as well as economic efficiency when it becomes excessive".
The report marks the most comprehensive study to date of global income inequalities by the Institute, and examined wages and growth in more than 70 developed and developing countries. It calls for longer term action to put the global economy on a more balanced track, including promotion of the ILO's Decent Work Agenda to link economic, labour and social policies to boost employment and improve incomes and income distribution.
The report says that as global employment rose by 30 per cent between the early 1990s and 2007, the income gap between richer and poorer households widened significantly at the same time. What's more, compared with earlier expansionary periods, workers obtained a smaller share of the fruits of economic growth as the share of wages in national income declined in the vast majority of countries for which data was available.
"The ongoing global economic slowdown is affecting low-income groups disproportionately", the report says. "This development comes after a long expansionary phase where income inequality was already on the rise in the majority of countries."
Among its other conclusions, the report says:
- Employment growth has also occurred alongside a redistribution of income away from labour. In 51 out of 73 countries for which data are available, the share of wages in total income declined over the past two decades. The largest decline in the share of wages in GDP took place in Latin America and the Caribbean (-13 percentage points), followed by Asia and the Pacific (-10 percentage points) and the Advanced Economies (-9 percentage points).
- In countries with unregulated financial innovation, workers and their families became increasingly indebted in order to fund housing investment and consumption. With stagnant wages, this was key to sustain domestic demand. However the crisis has underlined the limits to this growth model.
- Between 1990 and 2005, approximately two thirds of the countries experienced an increase in income inequality. The incomes of richer households have increased relative to those of the middle class and poorer households.
- Likewise, during the same period, the income gap between the top and bottom 10 per cent of wage earners increased in 70 per cent of the countries for which data are available.
- The gap in income inequality is also widening at an increasing pace between top executives and the average employee. For example, in the United States in 2007, the chief executive officers (CEOs) of the 15 largest companies earned 520 times more than the average worker. This is up from 360 times more in 2003. Similar patterns, though from lower levels of executive pay, have been registered in Australia, Germany, Hong Kong (China), the Netherlands and South Africa.
Noting that prospects are for a continuing increase in income inequality in the course of the present economic situation, the report also added that excessive income inequalities could be associated with higher crime rates, lower life-expectancy, and in the case of the poor countries malnutrition and an increased likelihood of children being taken out of school in order to work.
"Already now, there are widespread perceptions in many countries that globalization does not work to the advantage of the majority of the population", the report says. "The policy challenge is therefore to ensure adequate incentives to work, learn and invest, while also avoiding socially-harmful and economically-inefficient income inequalities."
Note 1 World of Work Report 2008: Income inequalities in the age of financial globalization, International Institute for Labour Studies. ISBN 978-92-9014-868-5. International Labour Office, Geneva, 2008.
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
International Institute for Labour Studies (IILS) at the ILO
World of Work Report 2008: Income inequalities in the age of financial globalization [16 October 2008]
http://www.ilo.org/public/english/bureau/inst/download/world08.pdf
[full-text, 178 pages]
CONTENTS
Chapter 1. Trends in employment and inequality . . . . . . . . . . . . . . . . 1
Main fi ndings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
A. Overview of recent developments and employment trends . . . . . . . . . . . . . . . . . . . 3
B. Trends in income inequality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
C. Why is income inequality a matter of policy concern? . . . . . . . . . . . . . . . . . . . . . . 22
D. Bottom line and rationale for the next chapters . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Appendix A. Regional country groupings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Appendix B. Calculation methods for wage dispersion, wage shares,
productivity and real wage growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Chapter 2. The role of financial globalization . . . . . . . . . . . . . . . . . . 39
Main findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
A. Development of financial globalization and wealth inequality . . . . . . . . . . . . . . . 41
B. Financial markets and pro-poor growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
C. Financial globalization, union bargaining power and the wage share . . . . . . . . . 50
D. Financial globalization and the convergence of capitalisms . . . . . . . . . . . . . . . . . . 52
E. Corporate governance and executive pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
F. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Appendix A. The impact of financial market crises on growth and inequality:
An empirical assessment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Appendix B. Empirical studies regarding pay for performance . . . . . . . . . . . . . . . . . . . 62
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Chapter 3. Labour institutions and inequality . . . . . . . . . . . . . . . . . . 71
Main findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
A. Review of earlier studies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
B. Cross-country patterns of labour institutions and income inequality . . . . . . . . . 81
C. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Appendix A. Measures of labour institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Appendix B. Do labour institutions reduce inequality? An econometric analysis 94
Appendix C. Is the inequality-reduction eff ect of industrial relations
institutions withering away in advanced countries? . . . . . . . . . . . . . . . . 103
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Chapter 4. Employment patterns and income inequality . . . . . . . . . . . 115
Main fi ndings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
A. No clear link between income inequality and employment growth . . . . . . . . . . . 117
B. Rising non-standard employment as a factor of income inequality . . . . . . . . . . . 118
C. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Chapter 5. Redistribution through taxes and social transfers . . . . . . . . 127
Main fi ndings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
A. Social transfers, taxation and income inequality: what are the trends? . . . . . . . . 129
B. To what extent do taxes and social transfers shape income distribution? . . . . . . 136
C. Policy considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
Chapter 6. Decent Work as a coherent policy package . . . . . . . . . . . . 153
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
A. Links between Decent Work and income inequality . . . . . . . . . . . . . . . . . . . . . . . . 153
B. Policy coherence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
C. Areas for further analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Press Release
World of Work Report 2008 - Global income inequality gap is vast and growing [16 October 2008]
http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_099406/index.htm
GENEVA (ILO News) Despite strong economic growth that produced millions of new jobs since the early 1990s, income inequality grew dramatically in most regions of the world and is expected to increase due to the current global financial crisis, according to a new study published today by the research arm of the International Labour Organization (ILO).
The new report, entitled World of Work Report 2008: Income inequalities in the age of financial globalization (< http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_099406/index.htm#1 > Note 1), produced by the ILO's International Institute for Labour Studies also notes that a major share of the cost of the financial and economic crisis will be borne by hundreds of millions of people who haven't shared in the benefits of recent growth.
"This report shows conclusively that the gap between richer and poorer households widened since the 1990s", said Raymond Torres, Director of the Institute responsible for the report. "This reflects the impact of financial globalization and a weaker ability of domestic policies to enhance the income position of the middle class and low-income groups. The present global financial crisis is bound to make matters worse unless long-term structural reforms are adopted."
The report notes that while a certain degree of income inequality is useful in rewarding effort, talent and innovation, huge differences can be counter-productive and damaging for most economies, adding that "rising income inequality represents a danger to the social fabric as well as economic efficiency when it becomes excessive".
The report marks the most comprehensive study to date of global income inequalities by the Institute, and examined wages and growth in more than 70 developed and developing countries. It calls for longer term action to put the global economy on a more balanced track, including promotion of the ILO's Decent Work Agenda to link economic, labour and social policies to boost employment and improve incomes and income distribution.
The report says that as global employment rose by 30 per cent between the early 1990s and 2007, the income gap between richer and poorer households widened significantly at the same time. What's more, compared with earlier expansionary periods, workers obtained a smaller share of the fruits of economic growth as the share of wages in national income declined in the vast majority of countries for which data was available.
"The ongoing global economic slowdown is affecting low-income groups disproportionately", the report says. "This development comes after a long expansionary phase where income inequality was already on the rise in the majority of countries."
Among its other conclusions, the report says:
- Employment growth has also occurred alongside a redistribution of income away from labour. In 51 out of 73 countries for which data are available, the share of wages in total income declined over the past two decades. The largest decline in the share of wages in GDP took place in Latin America and the Caribbean (-13 percentage points), followed by Asia and the Pacific (-10 percentage points) and the Advanced Economies (-9 percentage points).
- In countries with unregulated financial innovation, workers and their families became increasingly indebted in order to fund housing investment and consumption. With stagnant wages, this was key to sustain domestic demand. However the crisis has underlined the limits to this growth model.
- Between 1990 and 2005, approximately two thirds of the countries experienced an increase in income inequality. The incomes of richer households have increased relative to those of the middle class and poorer households.
- Likewise, during the same period, the income gap between the top and bottom 10 per cent of wage earners increased in 70 per cent of the countries for which data are available.
- The gap in income inequality is also widening at an increasing pace between top executives and the average employee. For example, in the United States in 2007, the chief executive officers (CEOs) of the 15 largest companies earned 520 times more than the average worker. This is up from 360 times more in 2003. Similar patterns, though from lower levels of executive pay, have been registered in Australia, Germany, Hong Kong (China), the Netherlands and South Africa.
Noting that prospects are for a continuing increase in income inequality in the course of the present economic situation, the report also added that excessive income inequalities could be associated with higher crime rates, lower life-expectancy, and in the case of the poor countries malnutrition and an increased likelihood of children being taken out of school in order to work.
"Already now, there are widespread perceptions in many countries that globalization does not work to the advantage of the majority of the population", the report says. "The policy challenge is therefore to ensure adequate incentives to work, learn and invest, while also avoiding socially-harmful and economically-inefficient income inequalities."
Note 1 World of Work Report 2008: Income inequalities in the age of financial globalization, International Institute for Labour Studies. ISBN 978-92-9014-868-5. International Labour Office, Geneva, 2008.
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