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THE MARKET AS MEANS RATHER THAN MASTER: THE CRISIS OF DEVELOPMENT AND THE NEW-OLD ROLE OF GOVERNMENT Robert Wade Leontief Lecture, Tufts University November 17, 2008 Figure 3: Income per head as percentage of North 45 Per cent of income per head of North 40 35 Latin America 30 25 20 The South 15 Asia Africa 10 China 5 0 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2001 GDP per capita as share of GDP per capita in Advanced Countries, MEPP Chart 1: World inequality (low = less equal) 12% 10% 8% 6% 4% 2% Third World excluding China Third World including China 0% 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 MEPP (Monetarily Effective Purchasing Power) = current prices at market exchange rates Source: International Monetary Fund (World Economic Outlook), World Bank (world D l t I di t ) GDP per capita as share of GDP per capita in Advanced Countries, PPP Chart 2: World inequality using PPP (low = less equal) 20% Third World excluding China Third World including China 18% 16% 14% 12% 10% 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 PPP=Purchasing Power Parity Source: International Comparison Project (ICP) STATE MOBILITY MATRIX, 1978-2000 (rounded %) Increase No change Decrease Rich -- 80 20 Contender 15 5 80 Third World 10 30 65 Fourth World 5 95 -- GDP Growth Rate 1980-90 12 10 2 8 6 4 2 3 0 -2 1 -4 5 10 15 20 25 30 35 40 45 50 Property Rights Index 1984 Low Growth Developing Countries (1) High Growth Developing Countries (2) Advanced Countries (3) 55 Share of top 0.01%, 0.1%, 1% in household income, US, 1913-2004 Dominance of right-wing media in UK • Classify UK (paid for) newspapers as right-wing and not right-wing. (Financial Times = not right-wing.) • The readership ratio is 76:24. • Similar in US?