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Glimpses of the Literature on International Inequality and Catch-Up

In: Issues in Indian Public Policies

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  • K. L. Krishna

    (Delhi School of Economics and Madras Institute of Development Studies)

Abstract

The objective of this chapter is to review the literature on trend in International Inequality in Per Capita Incomes in recent decades. The chapter first reviews the International Comparison Program (ICP) and Penn World Tables (PWTs) with special reference to ICP 2011 and the next-generation PWT. The evidence from the reviewed studies for the period 1960–2011 varies with the group of countries considered: convergence among OECD countries and lack of convergence worldwide. The chapter draws heavily upon Deepak Nayyar’s analysis of catch-up achieved by developing countries in the world economy during 1950–2010. Several other recent studies have also been reviewed. One major finding is that international inequality has been on the decline, although intranational inequality has been on the rise. In the New World Order, highlighted recently by Jorgenson, the ranking of the seven largest economies in terms of size of the economy is China, the USA, India, Japan, Germany, Russia and Brazil. However, India’s per capita income is the lowest among these countries.

Suggested Citation

  • K. L. Krishna, 2018. "Glimpses of the Literature on International Inequality and Catch-Up," India Studies in Business and Economics, in: Vinod B. Annigeri & R.S. Deshpande & Ravindra Dholakia (ed.), Issues in Indian Public Policies, pages 107-139, Springer.
    • Handle: RePEc:spr:isbchp:978-981-10-7950-4_5
    DOI: 10.1007/978-981-10-7950-4_5
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