Income inequality basically means that the wealth of a country, in this case, is unevenly distributed with most of it falling in the hands of a very few people or families. Think the era of, as the title alludes to, Gatsby and the 1920s before the Crash.
Broadly speaking, a middle class requires a more dilute concentration of wealth, and as this graphic from the New York Times shows, we are seeing—Great Recession aside—the growing wealth of the wealthy at the expense of the rest of the country. Look at, for example, the 1950s, 60s, and 70s when the highest income bracket had its marginal tax rate in the 70% range. The top 1% owned only about 10% of the wealth. Just before the subprime crisis hit, that number was just under 25%.
So, those of you a little bit older than me—not to date myself—probably remember the evil Reds of Soviet Russia. Some my age do as well. Younger than me, it’s probably all ancient history. And so for those of you who forget, the Union of Soviet Socialist Republics was, if I am to simplify, a Russian empire that featured a centralised, command and control economy and a dictatorial government. In 1991, the empire fell apart for a number of reasons and became 15 independent countries, Russia still being the largest. And a lot has happened in the twenty years between 1991 and 2011.
Twenty years being a long time, the BBC has remembered the event by creating a relatively simple piece that compares the fates of the various countries in the aftermath of the Soviet Union’s breakup. One takes one drop-down list and selects a country and then another country from the other list. And in the centre one can control whether the comparison is of wealth (GDP), health (life expectancy), or leadership (no. of times the presidency has changed hands).
I have an issue with some of the metrics and whether they are the best suited to describe the wealth, health, and democracy of the former Soviet republics. But, I think the strength really is not so much the charts but the brief summaries for each country that try to capture the story of the past two decades.
The United Kingdom. England. Britain. All pretty much mean the same thing, right? No. But, if you do not believe me, might I recommend going to Glasgow or Edinburgh and calling a local an Englishman. It may very well be a quick education.
Colin Grey attempts to untangle the constitutional and jurisdictional mess in both a video and an accompanying chart. The video takes about five minutes and is largely correct with most of the errors I have picked up on being rather small in nature, e.g. Ireland is not the Republic of Ireland but just Ireland…not a big deal unless one wants to be enraged by minutiae.
The chart is simple and effective in delineating the structure of the UK and expands about how the UK fits into Europe.
Credit for the piece is to Colin Grey and thanks to Kim Nguyen for the tip.