Newshub had a story last night about the booming economy:
International economist Ann Pettifor says New Zealand’s economy is “hugely imbalanced”.
“But what’s interesting about New Zealand is that inequality rose in this country more than in any other developed country in the world between 1980 and the 2000s – that’s extraordinary.”
She says those levels of inequality lead to political instability which has led to the rise of the likes of Donald Trump and “fascists in Europe”.
The idea that inequality = political instability is canonical on the left and I’d always just agreed with it and assumed it was true. But because this time it was an economist making the assertion, it made me wonder if it was false. And given that we did have the fastest rise in inequality yet have such an extraordinary degree of political stability that it frustrates the hell out of the left, doesn’t this seem like a false claim?