The giant quantitative easing projects undertaken by central banks in the wake of the 2008 financial crisis may have rescued the global economy, but they also stoked asset price bubbles in several sectors. This had the unintended consequence of accelerating income equality in many countries. Because rich people tend to own more assets – homes, shares, cars – they become wealthier when the value of these assets rise.
Income disparity has been one of the defining trends of the past decade and is central to the breakdown of establishment politics – from Trump in the US to Brexit in the UK.
In Ireland, many young workers here are earning less – in real terms – than their counterparts did in the 1990s and 2000s and their situation is compounded by higher housing costs.
Maybe it’s a stretch to blame all this on the medicine administered post-2008: there are
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