Notice how the USA is starting to resemble Latin America and South Africa in terms of class divisions.
World Economic Forum
Global leaders will meet at the Annual Meeting in Davos this week to discuss how to improve the state of the world and address its most pressing challenges. There is much to talk about – not least the global inequality crisis, which has come to the fore in recent years in the wake of the economic and financial crisis of 2008-2009. Inequality is growing at an alarming pace and poses a serious risk to economic growth, the fight against poverty and social stability.
For evidence of the destructive impact that extreme inequality has on sustainable patterns of growth and social cohesion, we need look no further than Latin America and the Caribbean. Although the region achieved considerable success in reducing extreme poverty over the last decade, its still-high levels of income and wealth inequality have stymied sustainable growth and social inclusion. In Latin America and the Caribbean, inequality is preventing a return to an inclusive growth trajectory in the face of daunting external conditions. The Economic Commission for Latin America and the Caribbean (ECLAC) projects the region’s growth to be 0.2% for 2016.