global perspectives

Rétablir l’équilibre du capitalisme : la prochaine décennie

Rétablir l’équilibre du capitalisme : la prochaine décennie
Florian Ielpo - Head of Macro, Multi Asset

Florian Ielpo

Head of Macro, Multi Asset

Les trois ou quatre dernières décennies ont entraîné de grandes disparités de richesse dans le monde développé. En fait, l’écart entre les niveaux de salaire et de richesse n’a pas été aussi élevé depuis la Première Guerre mondiale. Ce capitalisme asymétrique est l’une des quatre grandes dérives des temps modernes qui – selon nous et d’après les enseignements de l’histoire – devraient être corrigées

 

À savoir

  • Comme nous l’expliquons ici dans la deuxième partie de notre série « La prochaine décennie », les déséquilibres sont le résultat des interventions des gouvernements et des banques centrales, en particulier ces dernières années. Ces disparités ne sont pas soutenables, et l’heure de la vérité est arrivée. 
  • Les mesures nécessaires pour rétablir une certaine symétrie sont susceptibles d’entraîner une accélération de l’inflation et une hausse des taux d’intérêt – ce qui fait partie du nouveau paradigme pour les dix prochaines années. 
  • Nous décrivons en détail quelles sont les tendances qui ont façonné le monde depuis les années 1980, ainsi que les causes et les conséquences du décalage entre les salaires et les richesses. Quels seront les catalyseurs du renversement de cette tendance et quels changements pouvons-nous anticiper dans cette évolution vers une économie plus équitable ? 

 

Le graphique suivant, qui utilise des données américaines du Pew Research Center, montre comment les écarts de revenus entre les ménages à revenus élevés et les ménages à revenus moyens et faibles se creusent, et comment la part détenue par les ménages à revenus moyens diminue.

 

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