Desigualdade Global - Capítulo 1: Europa

Summary

This transcript covers a range of socioeconomic issues, focusing on rising inequality, stagnant wages, and the impact of globalization. It discusses personal hardships, such as job losses due to automation, reliance on food banks, and the growing divide between the rich and poor. The conversation touches on the political responses to these challenges, including Brexit, populism, and economic policies that have failed to uplift the working class. The dialogue emphasizes the disconnect between economic growth and real benefits for the middle class, leading to frustration and disillusionment.

Takeaways

• 📈 The IMF predicts fast economic growth for a particular advanced economy, but challenges remain in business investment and borrowing.
• 💼 Many workers face job insecurity, with automation and robots replacing jobs, particularly in fulfillment centers where 2,000 jobs are being lost.
• 📉 Wages for working-class individuals have been stagnant, leading to frustration, especially as income inequality between the rich and the poor grows.
• 🍽️ Food banks have become essential for many, with rising demand as more people struggle to afford basic necessities.
• 🏠 Housing costs are a major concern, with many unable to afford rent or deposits, forcing some to live with family or in more precarious conditions.
• 📊 Globalization has led to economic growth in some areas, but has also contributed to increased inequality, with the rich benefiting more than the working class.
• 💸 The trickle-down economics approach has been criticized, as tax cuts for the wealthy have not resulted in widespread benefits for the middle or lower classes.
• ⚖️ Rising inequality and the lack of government intervention in addressing wealth disparity are causing social unrest and dissatisfaction.
• 🚶 A Brexit supporter discusses the belief that leaving the EU would allow for more control over immigration and trade, but concerns remain about the long-term effects on wages and jobs.
• 🏭 Former industrial areas in the UK have seen significant economic decline, contributing to social challenges like unemployment, low wages, and dependence on food banks.

Q & A

What did the IMF predict regarding economic growth?

The IMF stated that this will be the fastest-growing advanced economy, despite some concerns regarding other economic factors.

What challenges are people facing in the job market mentioned in the script?

People are facing redundancy due to automation, specifically robots replacing workers in fulfillment centers, leading to significant job losses.

How has globalization impacted different social classes according to the script?

Globalization has led to huge growth in Asia and a reduction in between-country inequalities. However, it has also resulted in low-income growth for working classes and skyrocketing incomes for the global elite, creating tension and inequality.

What financial struggles are highlighted in the script?

The script discusses individuals struggling with basic living expenses, including rent, utilities, and food. Some are relying on food banks, and unemployment benefits have stagnated despite the rising cost of living.

What is the link between low-skilled immigration and wage depression according to the script?

The script mentions that unlimited low-skilled immigration from the European Union has depressed wages, as there is an oversupply of workers willing to accept lower pay.

How has inequality affected public services according to the discussion?

As inequality increases, the rich become less interested in public services because they can afford better private services. This reduces public investment, further widening the gap between the rich and poor.

What was the impact of Macron's economic policies as mentioned?

Macron's economic policies, particularly cutting taxes for the wealthy, have created discontent, contributing to movements like the 'Gilet Jaunes' (Yellow Vests) in France.

How has Brexit affected the economy and society according to the participants in the script?

Brexit has caused significant economic and social division. Some argue it has worsened existing problems like wage depression, while others view it as a way to regain economic control and reduce bureaucracy.

What are the challenges faced by older workers in the current job market?

Older workers, especially those nearing retirement, face challenges like redundancy and difficulty finding new work. Unemployment benefits have not increased, making it harder for them to survive financially.

What criticisms are raised against right-wing populism in the script?

The script criticizes right-wing populism as a fraud, diverting attention from real issues like inequality and using scapegoats like crime or immigration to gain support without solving underlying problems.

Outlines

00:00

📉 Struggles of Economic Growth and Automation

The paragraph discusses economic concerns, such as revised down projections for business investment, borrowing, and debt. It also touches on personal stories of unemployment, job loss due to automation, and difficulties older workers face in securing employment. The speaker highlights the harsh reality of living on unemployment benefits and the frustration over stagnant financial support. Globalization's uneven impact is addressed, showing how the wealthy benefit disproportionately while the working class suffers.

05:02

💸 Family Struggles and Economic Disparities

This section highlights the financial difficulties faced by families, including the cost of basic needs like childcare, food, and utilities. The speaker emphasizes how poor wages force individuals to work long hours, affecting their quality of life. A mother discusses her son’s struggles as a paramedic, working excessive hours for low pay. The discussion also touches on food banks' role in supporting families and the economic decline of previously prosperous industrial areas.

10:04

📊 Inequality, Globalization, and Populism

The paragraph delves into the growing income inequality caused by globalization, where the rich benefit significantly more than the middle class. This rising disparity creates resentment and fuels populist movements like Brexit and Trumpism, which, though responses to economic hardship, are seen as solutions that exacerbate the issues. The speaker points out the irony of a de facto alliance between the world's richest and poorest, leaving the middle class marginalized.

15:11

🏠 Housing Crisis and Social Inequality

This paragraph examines the worsening housing crisis and the socioeconomic gap between the rich and the poor. Personal stories reflect the struggles of affording rent and utilities, leading some to sell their homes or rely on family for support. The speaker criticizes the government’s lack of action on inequality, stating that without a focus on more equitable policies, societal divisions will deepen, making social mobility almost impossible.

20:11

🎩 Trickle-Down Economics and Social Discontent

This section critiques the idea of trickle-down economics, where tax cuts for the wealthy are expected to eventually benefit the lower classes. The speaker argues that this approach has led to greater discontent, with policies like wealth tax cuts and corporate tax reductions only benefitting the elite. The Gilets Jaunes (Yellow Vests) movement is mentioned as a direct response to such policies, representing the growing frustration among the working and middle classes.

Keywords

💡Globalization

Globalization refers to the process of increasing interconnectedness and interdependence among countries, especially in terms of trade, economics, and culture. In the video, globalization is discussed in terms of its benefits for Asia, leading to rapid growth and improvements in living standards, but also its downsides, including wage stagnation and increased inequality in Western economies.

💡Inequality

Inequality in this context refers to the economic disparity between different groups of people, especially between the rich, middle class, and poor. The video highlights the growing income gap, where the wealthy elite have seen their incomes skyrocket while the working class experiences stagnation, contributing to social unrest and dissatisfaction.

💡Middle Class

The middle class is traditionally considered the economic group between the wealthy and the poor, characterized by steady incomes and stability. In the video, the middle class is portrayed as being squeezed by globalization, with stagnant wages and fewer opportunities for upward mobility, leading to fear that their children will not do better than them.

💡Food Banks

Food banks provide essential supplies to individuals and families in need, distributing food parcels to those who can't afford basic necessities. The video references food banks to illustrate the extent of poverty in the UK, showing how formerly prosperous areas are now dependent on these services due to unemployment and economic hardship.

💡Brexit

Brexit refers to the United Kingdom's decision to leave the European Union, which was driven by a desire to regain control over trade and immigration. The video touches on Brexit as a response to economic dissatisfaction, with proponents arguing that EU regulations and low-skilled immigration depressed wages and contributed to inequality.

💡Automation

Automation is the use of technology and machines to perform tasks that were previously done by humans. In the video, a 64-year-old worker expresses concern about losing his job due to automation, as robots are replacing jobs in fulfillment centers, highlighting how technological advances are displacing workers in traditional sectors.

💡Wage Stagnation

Wage stagnation refers to the lack of growth in real wages over time, meaning that despite working, people are not earning more relative to the cost of living. The video discusses this as a major issue in Western economies, particularly for the working class, who find it harder to make ends meet compared to previous generations.

💡Trickle-Down Economics

Trickle-down economics is the theory that tax cuts and economic benefits provided to the wealthy will eventually 'trickle down' to the broader population, leading to overall economic growth. The video critiques this theory, suggesting that policies favoring the wealthy have increased inequality without benefiting the working class or middle class.

💡Populism

Populism is a political approach that seeks to represent the interests of ordinary people, often in opposition to the elite. The video touches on the rise of populism in response to inequality and economic challenges, with movements like Brexit and leaders such as Trump leveraging the discontent of those who feel left behind by globalization and the political establishment.

💡Social Mobility

Social mobility refers to the ability of individuals or families to move up or down the economic ladder, often tied to education and employment opportunities. The video portrays social mobility as being under threat, with the middle class worried that their children will have fewer opportunities for success than they did, due to stagnant wages and economic pressures.

Highlights

The IMF indicates that this will be the fastest-growing advanced economy, though concerns remain over live television coverage and the long-term economic impact.

An individual shares a personal story about impending redundancy due to warehouse closures and job replacements by robots, highlighting the struggle of older workers.

Despite being a major global economy, unemployment benefits have stagnated, causing financial strain on individuals who are struggling to find work.

The working class is seeing slow income growth, while globalization has substantially improved living standards in Asia, widening the gap between the rich and poor.

There is an alliance of interests between the global poor and the global elite, leaving the middle class feeling squeezed.

Rising inequality is creating significant social challenges, with public services being underfunded as the wealthy have less interest in supporting them.

In Oldham, food banks have seen a massive increase in demand over the past few years, a reflection of worsening economic conditions in formerly prosperous areas.

Many people feel worse off now than in the 1960s, even though they are still working hard and trying to maintain a decent standard of living.

There is a growing disconnect between political leaders and the working class, particularly regarding economic inequality and wealth distribution.

Brexit supporters express frustration over restrictions and bureaucracy from the EU, arguing that sovereignty and control over trade deals are key issues.

Income inequality has skyrocketed, with CEOs earning much more compared to the average worker, contributing to increased anxiety and anger among the middle class.

A sentiment of betrayal surrounds Brexit, with many voters feeling that their interests have been ignored in favor of political elites.

Low wages and the rising cost of living are driving more people to food banks, reflecting the economic pressures facing working families.

The future of economic growth looks uncertain as stagnant wages and weak investment create challenges for the middle class.

Calls for fiscal transparency and a reevaluation of trade with tax havens are growing, as governments lose out on tax revenues due to secretive financial practices.

Transcripts

the IMF says that this will be the

fastest growing advanced economy yet nor

actually if I want to not live

television chips they probably took me

very a good six-month say work for long

meal I'll offer you guys are so the best

11 regular young men talk

we are only just a little flat-footed

sukima preserve a TV anthem it a of the

premiere is it doesn't

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economic growth was revised down

business investment was revised down

borrowing and debt

ergonomically hispana is positive is

what it's across ma via its lucky say

about for a lo tiene miedo the paralegal

want to see I stuck a little bit even

let's be very clear economic plan does

[Applause]

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I have spent over half of that 20 pen

just on that and that will last two days

meats apples even spam in a tin

now I'll eat that raw on the butter

slice it'll put it on bread that's it

that's how I survive

I'm going to be made redundant in a few

months because the company I work for

are shutting down all the fulfillment

centers the warehouses and 2,000 jobs

are being lost and we're being replaced

by robots I'm 64 years old coming up to

65 the last four and a half years I've

been trying to get work unemployment

benefit is exactly the same today as

what it was four years ago which i think

is ridiculous

yeah 21st century saw a car six biggest

accommodate world you know and they're

still paying on 73 pound a week all I

can do is what I've always done this

I'll take any job that I can get if it

brings money in and while you're doing

that it may be low paid work I can

McDonald's or something but while you're

doing that you have to look for about a

job if you can there are three sides to

the globalization story you know there's

the more less happy side

happy globalization that's huge growth

in Asia and this is a substantial

improvement in living standards and this

is a reduction of between country

inequalities right but there's another

side to globalization which is the fact

that incomes have been growing at a very

low pace for the working classes

the third globalization story which is

what has been happening to the global

economic elite you see the economy elite

the top 1% their incomes skyrocket so we

have an ironic situation that you have a

de facto alliance of interests between

the world poor and the world rich

against the middle class in the Richmond

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I get my money on Thursdays my first

priorities is pay my rent

potential tax the water is electric and

then nobody can kick me out on the

street I've had to sell my house I was

able to give my children some money so

that they could get a deposit on the

house but I am got house now yeah I am

worse off now in 2020 19 than what I was

in 1964 a lot of people I work there was

a bit of unemployment but not much who

people add respect because he worked you

could grow you enjoy yourself well you

can't do it anymore

cuz you have no money to do it with I

live at home with my mum because if I

was to have a house of my own it's too

expensive because I need like a thousand

pound bond and like maybe 600 pound rent

and then with what I earned it's not

enough because I have to buy a central

for myself my children like nappies and

milk in school uniforms food gas

electric my children had to leave where

we lived to go and find work elsewhere

my son is a paramedic on the ambulances

but the wage he gets for doing is very

poor and he ends up having to work all

hours God sends to try and make enough

to live on

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these people are not concerned about the

very rich they're definitely concerned

about their status compared to people

who are doing somewhat better than them

and they're even more concerned and

upset that their children are not going

to do well this is an olden food bank we

have clients that will come from

different agencies to be able to have

food parcel

now the food parcel consists of beans

milk sugar cereal tin meat it's a three

day supply of food and they have to come

with food vouchers they can't just walk

in off the street by call the food banks

we have to have a limit on how many we

do so we do four in a six-month all-in

period Boulton oldham Rochdale berry

they used to be very prosperous

industrial areas when Fordism collapsed

those cities just went right down hill

in 2018 we helped 5258 adults plus 2709

children which was a total of just

nearly 8000 and that's just in one year

when we started seven years ago for a

year I think we did a total of a hundred

that fall is our first year the more you

have of death the less is the rich

interested in public services they of

course can provide for themselves a

better quality of public service so and

then the rich

I mean rightly some sense a like why

should they fund anything because I'm

basically getting nothing from the state

because I have to provide everything by

myself you've got a commitment socially

to a high degree of equality you come

out with an outcome across the whole

range of policies which drives you

towards more equality and if you have a

society perhaps because it's huge

relatively limited sense of solidarity

among the people and particularly

between the richer and the poor and

that's a society none of these norms

will apply and none of the institution's

will exist to force equality the

government will be indifferent on this

issue and nothing will happen we brought

in for brexit the all the people because

they knew it was before

well yeah money you know stuff what

people need to live on we renting to

come a market but standard a living way

and then when we joined the EU all to

get properly mother and that's where we

kept scenes for at least 25 years don't

they're somewhat and the people over you

forgot even higher i'm richard theis I'm

the founder of leave means leave and

we're marching 280 miles from Sunderland

down to London we're marching because

brexit the greatest largest ever votes

in British history is being betrayed

there's too many restrictions on the new

there's too many rules we can get a

lotta rid of a lot of bureaucracy we can

do our own trade deals which we're now

not allowed to do we've had unlimited

low-skilled immigration from the

European Union the average in the last

ten years is over 250,000 per annum if

you've got unlimited numbers of

low-skilled workers coming in you

depress the price of wages if you look

at the ratio of what a chief exec

of a [ __ ] 100 company earns compared to

their average earnings that has just

skyrocketed in the last 20 years and

what comes without it o ultimately is

anxiety and then anger what worries

about these responses Trump brakes it is

they will do nothing about the problem

in fact I'll make it worse and they will

encourage people to blame their plight

on some other often weaker group and so

they will make society more divided more

violent less equal they are they are a

consequence of social ills but they are

never a solution to it it's probably the

same all over the world

you've got your rich sitting in the

little glasses on the door give the poor

nothing you can only kick a dog so many

times and it'll come back and buy you

and that's what's going to happen

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yet luckily at this part I love on

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Ontario happen the harmonica exact

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hypothesis a community a the some common

steady trickle it work

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communication city spa the effects kiss

a collision so lovely meta a lacuna to

slapper haven't asked a group of you

knows we wanna twist rapper yo neva

Sebastian respond the program that was

proposed by Mike home in 2017 was

essentially a light neoliberal program

with the idea that you know if you

increase the size of the cake through

structural economic reforms if you

reduce the tax rates at the top of the

distribution

this will increase growth and then you

will be able to redistribute this growth

that's a trickle-down economics theory

but what we've seen over the past 18

months

he cut the wealth tax and the wealthiest

individuals he reduced the corporate tax

and he reduced capital income tax this

creates a whole lot of discontent and

this is what the Gina June is about

[Applause]

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sweet paprika do Mona I'm gonna to take

officinalis magic Odeon it on volume the

same 1012 just using from Allah

C right-wing populism it's always a

fraud because essentially it's a way of

diverting the attention of the people

who are suffering to symptoms of

inequality like crime or other things

like foreign versus social philosophy

Nene I've noticed when the pyramid yeah

paruparu Gainey

kaalia kaalia then when he talks

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franceska telephone allahu la people -

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know the vasila make us compile a video

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photonic Anakapalli a mode of motion of

a park a policewoman la Oh Jeannie

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just give I do not do the solidarity the

calico shows no no no pal I love console

okay that's related follow me - sir -

stay on factor kind of difficulty be

that

McCrone was very migration oriented

which is similarity to [ __ ] in the

sense that he really is yeah has moved

toward limiting immigration into France

and you notice that very clearly that

his policy with respect to immigration

is not very different from the Italian

your government it's just the Italian

new government openly says that and

macron simply closes the border but very

further the limits to our yearly full

volume ISM thank you for the frontier

focus for expected for their I hope

allocate the production line see a

future reporters setting up yeah and

what a zero from the coma it at suited

model governor no that not right that

man it's not normal there is enough

money for everybody eat for everybody

be good there's not equality there are

the rich and the poor if Mac home

doesn't really you know take the measure

of the social and the inequality

challenge namely that trickle-down

doesn't really work I don't understand

this contrary because they had a lot of

money they are student who has nowhere

sleep it's a it's not normal and they

said Paris is magic virus is tragic not

magic for me

ravi de economicus abou alto mucho más

in Segura mucho más in precisa con on

Futurama sin cierto cualquier persona

que este trabajando en una empresa

piensa Manas Amy pudica bar porque

estamos viendo cada dia parece como si

se intent Eric a la gente trabaja

rapport menos de niro la clase media a

un trabajador consider o un trabajador

en una Escalera is a class a media is

lucky CIA bappa Rado tiene miedo de

perro de algo you see a stockist I do

believe que tiene miedo is a limply algo

el empleado

parakarry Oh pray carry o then the

question becomes what kind of growth the

world these societies generate the

danger was squeezing out of the middle

class is that the engine of growth has

to change it doesn't mean that

necessarily you would not have growth

but you would have very different roles

the approach is potentially quite slow

investment tends to be relatively weak

if investment is weak then demand tends

to be very weak but my own guess is that

even if potential growth would arise

looking at the structure of our

economies at least in the developed

world we still wouldn't get a lot of

investment in Acadia dos anos and vanity

circle Bangko Sentral europeo y todos

Banco Sol rapido Suleiman is it at least

Abba mucho dinero en espanol entonces en

el momento todo funcion abba todo fluey

Abajo rest amount the result a Quran -

yeah no IDO dinero y esto Davido uronic

okay he's from dudeism todas las uvas

Scioscia no tienen para para los médicos

para para medica mentos para renova

instalaciones saskiab ramos daddy

iberian rasathi okapi turista tiene que

funcionar capitalism Oh lo que no puede

functionalism is Eddie

we cannot continue to do trade with tax

havens that are not respecting a basic

fiscal transparency rules because

countries governments lose at this game

so you can justify some limits to trade

for for these matters if they want to

recover this advantage they may have to

set up some limits to trade agreements

it seems to me clear that a combination

of rising inequality with stagnant real

income the two together have created a

lot of unhappiness personally I often

buried before the [ __ ] hits the fan I do

but I actually feel sorry for the young

people today the only person industry

doesn't want to million-pound away all

they want is real to pay the bills feed

the family receive a little bit well

they can't even give you that what do

you have to do you know to to make it

equal you know

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you