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Journal of Economic Literature - Book Review

JEL Volume. 51, Issue 1 | leftPrevious Review Next Review right

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Book(s) Reviewed

Inequality and Instability: A Study of the World Economy Just Before the Great Crisis by James K. Galbraith

Published By: Oxford and New York: Oxford University Press
ISBN: 978-0-19-985565-0
Date of Publication: 2012


Book Review Detail

Reviewed by: Branko Milanovic of World Bank
Review DOI: 10.1257/jel.51.1.190.r4
Review Pages: 195-97

Book Review Abstract

Branko Milanovic of World Bank reviews, "Inequality and Instability: A Study of the World Economy Just Before the Great Crisis" by James K. Galbraith. The Econlit abstract of this book begins: "Explores the relationship between the rise of inequality and the performance of the U.S. stock market and the rise of finance and of free-market policies elsewhere. Discusses the physics and ethics of inequality; the need for new inequality measures; pay inequality and world development; estimating the inequality of household incomes; economic inequality and political regimes; the geography of inequality in America, 1969–2007; state-level income inequality and American elections; inequality and unemployment in Europe—a question of levels; European wages and the flexibility thesis; globalization and inequality in China; finance and power in Argentina and Brazil; inequality in Cuba after the Soviet collapse; and economic inequality and the world crisis. Galbraith is Professor in the Lyndon B. Johnson School of Public Affairs and Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the University of Texas, Austin. Index."


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Book Review Authors

Branko Milanovic of World Bank


JEL Classifications

D31: Personal Income, Wealth, and Their Distributions
D63: Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D72: Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
G01: Financial Crises
J31: Wage Level and Structure; Wage Differentials
O15: Economic Development: Human Resources; Human Development; Income Distribution; Migration
P36: Socialist Institutions and Their Transitions: Consumer Economics; Health, Education and Training, Welfare, and Poverty


Journal of Economic Literature


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