I see this fact touted around a lot, often in the context of stagnating/eroding wages.
It 100% goes without saying that global poverty decreasing is cause for celebration, but eroding quality of life for a economic bracket of people should not be ignored.
If you look at both facts together however (global poverty is down, wealth has concentrated at the top) then it would suggest that the wealth of the non-wealthy has merely been redistributed. Indeed, this is intuitive if you consider the trend of moving your labour to a cheaper country.
Having travelled to many developing nations, it also (admittedly anecdotally) feels evident that most the wealth reaching developing nations is concentrating with the already wealthy / those in power.
So what it feels to me is like that local inequality is increasing while global inequality is decreasing - the rich are getting richer everywhere while the working and middle classes are slowly converging everywhere.
Unfortunately, as history has so far told, the notion that the erosion of the quality of life has led to improvements of life to someone very far away is a hard sell.
It 100% goes without saying that global poverty decreasing is cause for celebration, but eroding quality of life for a economic bracket of people should not be ignored.
If you look at both facts together however (global poverty is down, wealth has concentrated at the top) then it would suggest that the wealth of the non-wealthy has merely been redistributed. Indeed, this is intuitive if you consider the trend of moving your labour to a cheaper country.
Having travelled to many developing nations, it also (admittedly anecdotally) feels evident that most the wealth reaching developing nations is concentrating with the already wealthy / those in power.
So what it feels to me is like that local inequality is increasing while global inequality is decreasing - the rich are getting richer everywhere while the working and middle classes are slowly converging everywhere.
Unfortunately, as history has so far told, the notion that the erosion of the quality of life has led to improvements of life to someone very far away is a hard sell.