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Download technology rise of kingdoms7/2/2023 ![]() ![]() Indeed, income inequality has risen in most countries and regions over the past two decades, including in developed countries which were thought to have reached levels of prosperity where inequality would level off in line with the predictions of the Kuznets hypothesis. While improvements in technology, liberal market-oriented reforms, and the entry of China and countries from the former Soviet bloc into the global economy have led to an unprecedented level of integration of the world economy-surpassing the pre-World War I peak-the benefits of rising incomes and aggregate GDP growth rates associated with globalization have not been shared equally across all segments of the population. ![]() Rising inequality across most countries over the past two decades poses one of the greatest challenges to economic policymakers in both developed and developing countries. Although technology and globalization may be cornerstones of the unprecedented growth of the world economy over the last two decades, what is less clear and still fiercely debated is their distributional effects.
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