Income inequalities seem to be  widening, but this may not be a uniquely British problem. Recent studies show that global economic convergence – the process by which poorer countries catch up with richer ones – is slowing.

For two decades, developing nations grew faster than advanced economies. That era has ended. Poor countries are no longer gaining ground on rich ones at the pace they were, and in some regions the gap is widening again. The World Bank assesses that nine out of 10 people now live in countries with high inequality.

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Internal wealth disparity within many nations is also widening. More than 40% of all wealth generated since the start of this century has flowed to the wealthiest 1%, while the lower half of the world’s population received barely 1%.

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For the UK and Scotland, these global trends matter because they are a symptom of a polarised economic environment. Multinational corporations are capturing a larger share of global profits, whilst smaller domestic firms struggle.

The biggest companies now account for the bulk of corporate earnings, but their gains are increasingly detached from communities around the world where thy operate. Individual nations struggle to tax global businesses for their activities in a particular jurisdiction. Although many have stock market investors, genuine accountability seems diminished.

Added to this increasing concentration in global business, the productivity benefits of artificial intelligence seem likely also to be spread unevenly. AI threatens to detach a lot of economic activity from individual labour.

Crucially,........

© Herald Scotland