Economic inequality covers a wide variety of topics. It can refer to the distribution of wealth. Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth and consumption. There are many methods for measuring economic inequality, with the Gini coefficient being a used one. Another type of measure is the Inequality-adjusted Human Development Index, a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, equality of opportunity. Research suggests. Whereas globalization has reduced global inequality, it has increased inequality within nations. In 1820, the ratio between the income of the top and bottom 20 percent of the world's population was three to one. By 1991, it was eighty-six to one. A 2011 study titled "Divided we Stand: Why Inequality Keeps Rising" by the Organisation for Economic Co-operation and Development sought to explain the causes for this rising inequality by investigating economic inequality in OECD countries.
Single-headed households in OECD countries have risen from an average of 15% in the late 1980s to 20% in the mid-2000s, resulting in higher inequality. Assortative mating refers to the phenomenon of people marrying people with similar background, for example doctors marrying doctors rather than nurses. OECD found out that 40% of couples where both partners work belonged to the same or neighbouring earnings deciles compared with 33% some 20 years before. In the bottom percentiles number of hours worked; the main reason for increasing inequality seems to be the difference between the demand for and supply of skills. Income inequality in OECD countries is at its highest level for the past half century; the ratio between the bottom 10 % and the top 10 % has increased to 1:9 in 25 years. There are tentative signs of a possible convergence of inequality levels towards a common and higher average level across OECD countries. With few exceptions, the wages of the 10% best-paid workers have risen relative to those of the 10% lowest paid.
A 2011 OECD study investigated economic inequality in Argentina, China, Indonesia and South Africa. It concluded that key sources of inequality in these countries include "a large, persistent informal sector, widespread regional divides, gaps in access to education, barriers to employment and career progression for women."A study by the World Institute for Development Economics Research at United Nations University reports that the richest 1% of adults alone owned 40% of global assets in the year 2000. The three richest people in the world possess more financial assets than the lowest 48 nations combined; the combined wealth of the "10 million dollar millionaires" grew to nearly $41 trillion in 2008. A January 2014 report by Oxfam claims that the 85 wealthiest individuals in the world have a combined wealth equal to that of the bottom 50% of the world's population, or about 3.5 billion people. According to a Los Angeles Times analysis of the report, the wealthiest 1% owns 46% of the world's wealth.
In January 2015, Oxfam reported that the wealthiest 1 percent will own more than half of the global wealth by 2016. An October 2014 study by Credit Suisse claims that the top 1% now own nearly half of the world's wealth and that the accelerating disparity could trigger a recession. In October 2015, Credit Suisse published a study which shows global inequality continues to increase, that half of the world's wealth is now in the hands of those in the top percentile, whose assets each exceed $759,900. A 2016 report by Oxfam claims that the 62 wealthiest individuals own as much wealth as the poorer half of the global population combined. Oxfam's claims have however been questioned on the basis of the methodology used: by using net wealth, the Oxfam report, for instance, finds that there are more poor people in the United States and Western Europe than in China. Anthony Shorrocks, the lead author of the Credit Suisse report, one of the sources of Oxfam's data, considers the criticism about debt to be a "silly argument" and "a non-issue … a diversion."
Oxfam's 2017 report says the top eight billionaires have as much wealth as the bottom half of the global population, that rising inequality is suppressing wages, as businesses are focused on delivering higher returns to wealthy owners and executives. In 2018, the Oxfam report said that the wealth gap continued to widen in 2017, with 82% of global wealth generated going to the wealthiest 1%; the 2019 Oxfam report said that the poorest half of the human population has been losing wealth at the same time that a billionaire is minted every two days. According to PolitiFact, the top 400 richest Americans "have more wealth than half of all Americans combined." According to The New York Times on July 22, 2014, the "richest 1 percent in the United States now own more wealth than the bottom 90 percent". Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start". In September 2012, according to the Institute for Policy Studies (I
Sweden the Kingdom of Sweden, is a Scandinavian Nordic country in Northern Europe. It borders Norway to the west and north and Finland to the east, is connected to Denmark in the southwest by a bridge-tunnel across the Öresund, a strait at the Swedish-Danish border. At 450,295 square kilometres, Sweden is the largest country in Northern Europe, the third-largest country in the European Union and the fifth largest country in Europe by area. Sweden has a total population of 10.2 million. It has a low population density of 22 inhabitants per square kilometre; the highest concentration is in the southern half of the country. Germanic peoples have inhabited Sweden since prehistoric times, emerging into history as the Geats and Swedes and constituting the sea peoples known as the Norsemen. Southern Sweden is predominantly agricultural, while the north is forested. Sweden is part of the geographical area of Fennoscandia; the climate is in general mild for its northerly latitude due to significant maritime influence, that in spite of this still retains warm continental summers.
Today, the sovereign state of Sweden is a constitutional monarchy and parliamentary democracy, with a monarch as head of state, like its neighbour Norway. The capital city is Stockholm, the most populous city in the country. Legislative power is vested in the 349-member unicameral Riksdag. Executive power is exercised by the government chaired by the prime minister. Sweden is a unitary state divided into 21 counties and 290 municipalities. An independent Swedish state emerged during the early 12th century. After the Black Death in the middle of the 14th century killed about a third of the Scandinavian population, the Hanseatic League threatened Scandinavia's culture and languages; this led to the forming of the Scandinavian Kalmar Union in 1397, which Sweden left in 1523. When Sweden became involved in the Thirty Years War on the Reformist side, an expansion of its territories began and the Swedish Empire was formed; this became one of the great powers of Europe until the early 18th century. Swedish territories outside the Scandinavian Peninsula were lost during the 18th and 19th centuries, ending with the annexation of present-day Finland by Russia in 1809.
The last war in which Sweden was directly involved was in 1814, when Norway was militarily forced into personal union. Since Sweden has been at peace, maintaining an official policy of neutrality in foreign affairs; the union with Norway was peacefully dissolved in 1905. Sweden was formally neutral through both world wars and the Cold War, albeit Sweden has since 2009 moved towards cooperation with NATO. After the end of the Cold War, Sweden joined the European Union on 1 January 1995, but declined NATO membership, as well as Eurozone membership following a referendum, it is a member of the United Nations, the Nordic Council, the Council of Europe, the World Trade Organization and the Organisation for Economic Co-operation and Development. Sweden maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens, it has the world's eleventh-highest per capita income and ranks in numerous metrics of national performance, including quality of life, education, protection of civil liberties, economic competitiveness, equality and human development.
The name Sweden was loaned from Dutch in the 17th century to refer to Sweden as an emerging great power. Before Sweden's imperial expansion, Early Modern English used Swedeland. Sweden is derived through back-formation from Old English Swēoþēod, which meant "people of the Swedes"; this word is derived from Sweon/Sweonas. The Swedish name Sverige means "realm of the Swedes", excluding the Geats in Götaland. Variations of the name Sweden are used in most languages, with the exception of Danish and Norwegian using Sverige, Faroese Svøríki, Icelandic Svíþjóð, the more notable exception of some Finnic languages where Ruotsi and Rootsi are used, names considered as referring to the people from the coastal areas of Roslagen, who were known as the Rus', through them etymologically related to the English name for Russia; the etymology of Swedes, thus Sweden, is not agreed upon but may derive from Proto-Germanic Swihoniz meaning "one's own", referring to one's own Germanic tribe. Sweden's prehistory begins in the Allerød oscillation, a warm period around 12,000 BC, with Late Palaeolithic reindeer-hunting camps of the Bromme culture at the edge of the ice in what is now the country's southernmost province, Scania.
This period was characterised by small bands of hunter-gatherer-fishers using flint technology. Sweden is first described in a written source in Germania by Tacitus in 98 AD. In Germania 44 and 45 he mentions the Swedes as a powerful tribe with ships that had a prow at each end. Which kings ruled these Suiones is unknown, but Norse mythology presents a long line of legendary and semi-legendary kings going back to the last centuries BC; as for literacy in Sweden itself, the runic script was in use among the south Scandinavian elite by at least the 2nd century AD, but all that has come down to the present from the Roman Period is curt inscriptions on artefacts of male names, demonstrating th
Voucher privatization is a privatization method where citizens are given or can inexpensively buy a book of vouchers that represent potential shares in any state-owned company. Voucher privatization has been used in the early to mid-1990s in the transition economies of Central and Eastern Europe — countries such as Russia, Slovenia and Hungary. History of post-Soviet Russia Viktor Kožený Privatization in Russia David Ellerman, "Lessons From East Europe’s Voucher Privatization", The Capital Ownership Group
President of Russia
The President of Russia the President of the Russian Federation, is the head of state of the Russian Federation, as well as holder of the highest office in Russia and commander-in-chief of the Russian Armed Forces. In 1991, the office was known as the President of the Russian Soviet Federative Socialist Republic until 25 December 1991. According to the 1978 Russian Constitution, the President of Russia was head of the executive branch and headed the Council of Ministers of Russia. According to the current 1993 Constitution of Russia, the President of Russia is not a part of the Government of Russia, which exercises executive power. In all cases where the President of the Russian Federation is unable to fulfill his duties, they shall be temporarily delegated to the Prime Minister of Russia, who becomes Acting President of Russia; the Chairman of the Federation Council is the third important position after the President and the Prime Minister. In the case of incapacity of both the President and Prime Minister, the chairman of the upper house of parliament becomes acting head of state.
The power includes execution of federal law, alongside the responsibility of appointing federal ministers, diplomatic and judicial officers, concluding treaties with foreign powers with the advice and consent of the State Duma and the Federation Council. The president is further empowered to grant federal pardons and reprieves, to convene and adjourn the Federal Assembly under extraordinary circumstances; the president directs the foreign and domestic policy of the Russian Federation. The president is elected directly through a popular vote to a six-year term; the law prohibits anyone from being elected to the presidency for a third consecutive term. In all, three individuals have served four presidencies spanning six full terms. In May 2012, Vladimir Putin became the fourth president. A candidate for office must be a citizen of the Russian Federation, at least 35 years old and has "permanently resided" in Russia for at least 10 years; the Constitution of Russia limits the election of one person to the Presidency to two consecutive terms.
Since the constitution contains no ruling on a total number of terms that a President may serve, a former president may seek re-election after sitting out one complete term. The election of the President is regulated by the Presidential Election Law and the Basic Guarantees of Electoral Rights; the Federation Council calls the presidential elections. If it does not call a presidential election, due, the Central Election Commission will call the presidential election; the Election Day is the second Sunday of the month and the presidential electoral constituency is the territory of the Russian Federation as a whole. Each faction in the State Duma, the lower house of the Russian parliament has the right to nominate a candidate for the presidential elections; the minimum number of signatures for a presidential candidate fielded by a political party with no parliamentary representation is 100,000, down from 2 million before amendments to the law. Terms were extended from four during Dmitry Medvedev's administration.
The President is elected in a two-round system every six years, with a two consecutive term limitation. If no candidate wins by an absolute majority in the first round, a second election round is held between two candidates with the most votes; the last presidential election was in 2018, the next is expected in 2024. Inauguration of the President of Russia is conducted six years after the previous inauguration. If the President was elected in early elections, he takes the oath, thirty days after the announcement of the results. Before executing the powers of the office, a president is constitutionally required to take the presidential oath:I swear in exercising the powers of the President of the Russian Federation to respect and safeguard the rights and freedoms of man and citizen, to observe and protect the Constitution of the Russian Federation, to protect the sovereignty and independence and integrity of the State, to faithfully serve the people. Vacancies in the office of President may arise under several possible circumstances: death and removal from office.
In all cases when the President is unable to perform his duties, his powers are temporarily transferred to the Prime Minister until the new President takes office. After the oath of office has been taken by the elected president, these following insignia are handed over to the president; these devices are used on special occasions. The first insignia, issued is the chain of office with an emblem; the central emblem is the red cross of the Order "For Merit to the Fatherland", with arms in equal size, charged with the Russian coat of arms. On the reverse of the cross, the words "Benefit and Glory" appear in the form of a circle. A golden wreath is used to connect the cross with the rest of the chain. There are 17 "links" in the emblem, with nine consisting of the Russian coat of arms; the other eight consist of a rosette bearing the motto "Benefit and Glory." At the inauguration of Vladimir Putin, the emblem was placed on a red pillow, positioned on the left side of the podium. According to the Presidential website, the emblem is placed inside the Kremlin and is used only on certain occasions.
The standard is a square version of the Russian flag, charged in the center with the Russian coat of arms. Golden fringe is added to the standard. Copies of the stan
Government budget balance
A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. The government budget balance alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a government budget surplus, a negative balance is a government budget deficit. A budget is prepared for each level of government and takes into account public social security obligations; the government budget balance can be broken down into the primary balance and interest payments on accumulated government debt. Furthermore, the budget balance can be broken down into the structural balance and the cyclical component: the structural budget balance attempts to adjust for the impact of cyclical changes in real GDP, in order to indicate the longer-run budgetary situation; the government budget surplus or deficit is a flow variable. Thus it is distinct from government debt, a stock variable since it is measured at a specific point in time.
The cumulative flow of deficits equals the stock of debt. The government fiscal balance is one of three major sectoral balances in the national economy, the others being the foreign sector and the private sector; the sum of the surpluses or deficits across these three sectors must be zero by definition. For example, if there is a foreign financial surplus because capital is imported to fund the trade deficit, there is a private sector financial surplus due to household saving exceeding business investment by definition, there must exist a government budget deficit so all three net to zero; the government sector includes federal and local governments. For example, the U. S. government budget deficit in 2011 was 10% GDP, offsetting a capital surplus of 4% GDP and a private sector surplus of 6% GDP. Financial journalist Martin Wolf argued that sudden shifts in the private sector from deficit to surplus forced the government balance into deficit, cited as example the U. S.: "The financial balance of the private sector shifted towards surplus by the unbelievable cumulative total of 11.2 per cent of gross domestic product between the third quarter of 2007 and the second quarter of 2009, when the financial deficit of US government reached its peak...
No fiscal policy changes explain the collapse into massive fiscal deficit between 2007 and 2009, because there was none of any importance. The collapse is explained by the massive shift of the private sector from financial deficit into surplus or, in other words, from boom to bust."Economist Paul Krugman explained in December 2011 the causes of the sizable shift from private deficit to surplus: "This huge move into surplus reflects the end of the housing bubble, a sharp rise in household saving, a slump in business investment due to lack of customers." The sectoral balances derive from the sectoral analysis framework for macroeconomic analysis of national economies developed by British economist Wynne Godley. GDP is the value of all services produced within a country during one year. GDP measures flows rather than stocks. GDP can be expressed equivalently in terms of production or the types of newly produced goods purchased, as per the National Accounting relationship between aggregate spending and income: Y = C + I + G + where Y is GDP, C is consumption spending, I is private investment spending, G is government spending on goods and services, X is exports and M is imports.
Another perspective on the national income accounting is to note that households can allocate total income to the following uses: Y = C + S + T where S is total saving and T is total taxation net of transfer payments. Combining the two perspectives gives C + S + T = Y = C + I + G +. Hence S + T = I + G +; this implies the accounting identity for the three sectoral balances – private domestic, government budget and external: = +. The sectoral balances equation says that total private saving minus private investment has to equal the public deficit plus net exports, where net exports is the net spending of non-residents on this country's production, thus total private saving equals private investment plus net exports. In macroeconomics, the Modern Money Theory describes any transactions between the government sector and the non-government sector as a vertical transaction; the government sector includes the
1996 Russian presidential election
The 1996 Russian presidential election was held in Russia on 16 June 1996, with a second round on 3 July. The result was a victory for the incumbent President Boris Yeltsin. Yeltsin defeated Communist challenger Gennady Zyuganov in the run-off, his inauguration ceremony took place on 9 August. In 1991 Boris Yeltsin was elected to a 5-year term as President of Russia, still a part of the Soviet Union at the time; the next election was scheduled be held sometime in 1996. In late December 1991 Russia became a sovereign nation in wake of the collapse of the Soviet Union; this meant that the scheduled election would now be the first presidential election to be held in a sovereign Russia. In a 1993 referendum question Russian voters rejected holding an early presidential election. Thus, the presidential election remained scheduled to be held in the year 1996. In 1993 the Constitution of Russia was adopted. In the Constitution, future presidential terms were stipulated to last for four years, meaning that the 1996 election would elect a president to serve a 4-year term.
When incumbent president Boris Yeltsin launched his reelection campaign in early 1996, he was predicted to lose. Public opinion of Yeltsin was at a historical low point. Due to this, there was talk about Yeltsin postponing or canceling the election. However, he decided against this. Shortly before the election campaign Yeltsin had faced a number of significant political humiliations which harmed his political stature. In December 1995 the Communist Party of the Russian Federation had achieved dominance in the State Duma. On January 9, 1996 Chechen rebels seized thousands of hostages in Dagestan and Yeltsin's response to this was viewed as a failure. Additionally, Yeltsin was overseeing a terrible economy. Russian economy was still contracting and many workers had continued to be unpaid for months. By early 1996 Yeltsin's public approval was so poor that he was polling at fifth place among presidential candidates, with only 8 percent support, while Communist Party leader Gennady Zyuganov was in the lead with 21 percent support.
When Zyuganov showed up at the World Economic Forum in Davos, Switzerland, in February 1996, many Western leaders and the international media were eager to see him, treated him with regards to believing that he would be the next president of Russia. However, Yeltsin managed to reverse his fortunes defeating Zyuganov in the second round of the election. Pharmaceutical businessman Vladimir Bryntsalov ran as the candidate of the Russian Socialist Party. Brytsalov claimed that his leadership would eliminate the country's poverty, promising that if he were elected, there would be "no poor pensioners, no poor workers, no poor entrepreneurs, no poor farmers."His plan, which he dubbed "Russian socialism", was for large companies to begin paying wages comparable to companies in other industrialized nations. The plan anticipated that the employees of the companies would consequentially pay larger income taxes, spend more on consumer goods, increase their productivity at their jobs; the feasibility of this plan was criticized, as Russian companies were considered to be unable to pay such wages.
Brytsalov promoted himself with the superlative claim of being "the richest man in Russia" and flaunted his wealth. Despite being a deputy of the State Duma, Brytsalov did not have a voting-record. In his legislative career, he had low attendance and little participation. Brytsalov was seen as a marginal candidate, was regarded as unlikely to win the election. Former Soviet leader Mikhail Gorbachev ran as an independent candidate, he ran as a self-proclaimed social democrat. His campaign was hampered both by strong public disdain towards him and a strong lack of media coverage for his candidacy. Politician and renown ophthalmologist Svyatoslav Fyodorov ran as the candidate of the Party of Workers' Self-Government, he the founder and leader of the party, which was, at the time, arguably the most influential social-democratic movement in Russia. Fyodorov was considered to be on the center-left of the political spectrum. In 1994 Fyodorov had described his political objective by stating, "I want peasants to own farms, workers to own factories, physicians to own clinics, everyone to pay a 30% tax, the rest is theirs."Fyodorov advocated for the mass creation of joint stock companies to guarantee workers a share of profits and allow them to participate in management of their companies.
He dubbed this concept "democratic capitalism" or "popular socialism". He had advocated such a policy since as early as 1991. Fyodorov advocated for economic freedom and moderate taxation, stimulation of production, a ban on exports of most raw materials. Fyodorov promised. Fyodorov proclaimed to draw inspiration in his politics from both Ross Deng Xiaoping. Up until early May, Fyodorov unsuccessfully attempted to negotiate the creation of a third force coalition, with negotiations centering on a coalition between him and fellow candidates Yavlinsky and Lebed. General Alexander Lebed ran as the nominee of the Congress of Russian Communities, a centrist nationalist party. Lebed promoted himself as an authoritative leader that would introduce law and order, tackle corruption and allow capitalism to blossom. While he presented an authoritarian personality, he held moderate positions. After reaching an informal agreement with Yeltsin in April, Lebed began to see positive news coverage, as well as a greater overall quantity of media coverage.
This was done as part of an effort by Yeltsin
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, owned by a state entity. Private property can be capital goods. Private property is a legal concept enforced by a country's political system. Ideas about and discussion of private property date back at least as far as Plato. Prior to the 18th century, English speakers used the word "property" in reference to land ownership. In England, "property" did not have a legal definition until the 17th century. Private property as commercial property was invented with the great European trading companies of the 17th century; the issue of the enclosure of agricultural land in England as debated in the 17th and 18th centuries, accompanied efforts in philosophy and political thought—by Thomas Hobbes, James Harrington and John Locke, for example—to address the phenomenon of property ownership. In arguing against supporters of absolute monarchy, John Locke conceptualized property as a "natural right" that God had not bestowed on the monarchy.
Influenced by the rise of mercantilism, Locke argued that private property was antecedent to and thus independent of government. Locke distinguished between "common property", his chief argument for property in land was improved land management and cultivation over common open-access land. Locke developed a normative theory of property rights based on labor, which stated that property is a natural result of labor improving upon nature. In the 18th century, during the Industrial Revolution, the moral philosopher and economist Adam Smith, in contrast to Locke, drew a distinction between the "right to property" as an acquired right and natural rights. Smith confined natural rights to "liberty and life". Smith drew attention to the relationship between employee and employer and identified that property and civil government were dependent upon each other, recognizing that "the state of property must always vary with the form of government". Smith further argued that civil government could not exist without property, as government's main function was to safeguard property ownership.
In the 19th century, the economist and philosopher Karl Marx provided an influential analysis of the development and history of property formations and their relationship to the technical productive forces of a given period. Marx's conception of private property has proven influential for many subsequent economic theories and for anarchist and socialist political movements, led to the widespread association of private property with capitalism. Although contemporary neoclassical economics—currently the dominant school of economics—rejects some of the assumptions of the early philosophers underpinning classical economics, it has been argued that neoclassical economics continues to be influenced by the legacy of natural moral theory and the concept of natural rights, which has led to the presentation of private market exchange and private property rights as "natural rights" inherent in nature. Economic liberals consider private property to be essential for the construction of a prosperous society.
They believe private ownership of land ensures the land will be put to productive use and its value protected by the landowner. If the owners must pay property taxes, this forces the owners to maintain a productive output from the land to keep taxes current. Private property attaches a monetary value to land, which can be used to trade or as collateral. Private property thus is an important part of capitalization within the economy. Socialist economists are critical of private property as socialism aims to substitute private property in the means of production for social ownership or public property. Socialists argue that private property relations limit the potential of the productive forces in the economy when productive activity becomes a collective activity, where the role of the capitalist becomes redundant. Socialists favor social ownership either to eliminate the class distinctions between owners and workers and as a component of the development of a post-capitalist economic system. In response to the socialist critique, the Austrian School economist Ludwig Von Mises argued that private property rights are a requisite for what he called "rational" economic calculation and that the prices of goods and services cannot be determined enough to make efficient economic calculation without having defined private-property rights.
Mises argued that a socialist system, which by definition would lack private property in the factors of production, would be unable to determine appropriate price valuations for the factors of production. According to Mises, this problem would make rational socialist calculation impossible. In capitalism, ownership can be viewed as a “bundle of rights" over an asset that entitles its holder to a strong form of authority over it; such bundle is composed of a set of rights that allows the owner of the asset to control it and decide on its use, claim the value generated by it, exclude others from using it and the right to transfer the ownership of it to another holder. In Marxian economics and socialist politics, there is distinction between "private property" and "person