roach-attacks-global-inequality

Roach attacks global inequality

Morgan StanleyÆs Stephen Roach says disproportionate profit allocation could spell the end of globalisation.
November 18, 2007
As the chairman of Morgan Stanley Asia, Stephen Roach, wrapped up his early morning talk at the Asian Private Equity and Venture Forum in Hong Kong on Friday, he put up a dramatic diagram. The slide showed two lines, one angling sharply upwards, the other angling sharply downwards. The upward sloping line was the share of corporate profits as a share of the national income of the G7 countries. The downward sloping line was the share of employee compensation as a share of national income. According to the graphs, the former accounted for just under 60% and the latter around 10%. The significance of the graph is clear the benefits of globalisation have accrued in...
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