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Determinants of global income inequality: concerns and evidence about the neoliberal paradigm
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This paper analyses the main drivers of global income inequality while testing
some of the most relevant economic theories on inequality evolution. We run xed
e ects regressions on four di erent income inequality measures, using a panel of
157 countries, for the period 1960-2015. We nd evidence that, while labor market
reforms and unemployment were two upturning drivers of inequality, governments
have an important rebalancing role, despite their decreased size. Furthermore, al-
though social and political globalization reduced inequality, overall globalization and
the widening of nancial systems increased inequality. These ndings suggest that
the 1980s transition from post-war regulated capitalism to neoliberal capitalism led
to a worldwide upsurge of inequality within countries. The e ect of liberalization
on inequality is con rmed when we perform a causal analysis using the European
Eastern Bloc transition of the 1990s as a quasi-experiment.
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Income inequality Inequality extraction ratio Augmented kuznet´s curve Country fixed effects Difference-in-differences