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The Capitalism They Hate. Part I. The Inequality Machine : Anthony de Jasay
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What this judgment conveniently fails to notice is that globalisation is global. Income distribution is changing not only in Western Europe and North America in the wake of shrinking transport and communications costs, but also in China, India and Indonesia. Third World employment is expanding rapidly, labour is migrating from the subsistence to the market economy, and its wages, starting from an abysmal level, are catching up with First World levels at a double-digit annual rate. The factor price equalisation theorem is hard at work thanks to the fusion of insulated compartments into an open world economy. Here, the Inequality Machine is producing more equality on a colossal scale by lifting the Eastern very poor to near the level of the Western poor. Nothing else, no development programme, no "war on poverty," no humanitarian campaign is in sight that would be remotely capable of doing the job. The envious and the morally indignant may hate capitalism for making the rich richer, but would they rather have the very poor remain very poor?