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The Haves and the Have-Nots summary
A Brief and Idiosyncratic History of Global Inequality
20 mins
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'The Haves and the Have-Nots' by Branko Milanović is an economic analysis of inequality. It explores the causes and consequences of inequality, and offers insights into its impact on society and politics.
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The Haves and the Have-Nots
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Inequality between individuals can change depending on developments in society.
Do you think a capitalist society would have different levels of inequality than would a socialist society?
Your answer is probably “yes,” but in the early days of income distribution studies, the answer wasn’t always so obvious.
In the early 1900s, Italian economist Vilfredo Pareto, a pioneer in the field of inequality, was the first scholar to study inequality in terms of income distribution among individuals rather than among classes.
Pareto’s central belief was that social arrangement – whether a society was capitalist, socialist or feudalist, for instance – had almost no effect on income distribution.
He reached this conclusion through the omnipresent 80/20 law, which states that 80 percent of an economy’s effects – such as sales in stores – are a result of 20 percent of the causes – such as the demand of clients.
In turn, this means that the wealthiest 20 percent of the population controls 80 percent of the total income.
In Pareto’s view, changes in social arrangement couldn’t ever effectively challenge this law. As a result, Pareto believed that levels of inequality would always remain more or less unchanged.
Russian-American economist Simon Kuznets challenged this idea in 1955 when he theorized that inequality among individuals does, in fact, change as society changes.
After conducting extensive research, Kuznets found that economic growth initially increases income inequality, but later decreases it.
When society shifted from an agricultural focus to an industrial focus, the new industrial class began to earn much more money than did farmers, and thus income inequality increased.
As society advanced, however, increased education and progressive state policies – such as government spending, taxes and other forms of income redistribution – caused income inequality to stall and eventually decrease.
Such policies shifted the balance of income toward the bottom and showed that, in contrast to Pareto’s ideas, Kuznets was correct in believing that social arrangement does have an impact on income inequality.
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What is The Haves and the Have-Nots about?
The Haves and the Have-Nots (2010) shows how inequality throughout history has made its mark on society at large. These blinks explore three types of inequality: inequality among individuals in a single country; inequality among countries; and global inequality, or inequality among all the world’s citizens.
The Haves and the Have-Nots Review
The Haves and the Have-Nots (2010) delves into the global wealth gap and its implications for society. Here's why this book is worth reading:
- With its comprehensive analysis of income inequality, the book provides deep insights into the dynamics of economic disparities.
- Through compelling data and thought-provoking examples, it sheds light on the social and political consequences of inequality, making it highly relevant in today's world.
- Its exploration of the historical context and cross-country comparisons captivate readers, creating a nuanced understanding of inequality on a global scale.
Best quote from The Haves and the Have-Nots
There are no countries where all people are paid equally, nor are there countries where only one person appropriates the entire income.
—Branko Milanović
Who should read The Haves and the Have-Nots?
- Students interested in politics and global justice
- People curious about global economics
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The Haves and the Have-Nots FAQs
What is the main message of The Haves and the Have-Nots?
The main message of The Haves and the Have-Nots is the examination of global income inequality and its consequences.
How long does it take to read The Haves and the Have-Nots?
The reading time for The Haves and the Have-Nots varies, but it typically takes several hours. The Blinkist summary can be read in a few minutes.
Is The Haves and the Have-Nots a good book? Is it worth reading?
The Haves and the Have-Nots is a thought-provoking book that offers valuable insights into the global wealth distribution. It's definitely worth a read.
Who is the author of The Haves and the Have-Nots?
The author of The Haves and the Have-Nots is Branko Milanović.
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