Populism Spans Globe After Piketty’s Message Resounded
Bloomberg) -- A year after Thomas Piketty’s investigation into global inequality captured the attention of the world’s economic thinkers, policy makers in political-monopoly states are taking his lessons to heart in their annual budgets.
Governments in South Africa, Hong Kong and Singapore adopted a decidedly populist bent this week, expanding help for lower-income households and, in some cases, boosting levies on the wealthier members of society. China, which has taken steps to strengthen its health-care and social security programs in recent years, releases its budget next month.
The moves reflect in part social tensions that have risen as inequality climbed. Singapore, dominated by one party for 50 years, faces a potential election this year. Hong Kong, whose leaders are overseen by Communist China, saw a surge in protests last year, while South Africa saw economic growth hurt by labor strikes.
“I wouldn’t be surprised if we see more of this,” said Shang Jin Wei, chief economist at the Asian Development Bank in Manila. “Thomas Piketty’s book inspired interest into looking into this issue and therefore increasing taxes is partly a response to that.”
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