Seminar - Unfair Shares: Inequality in Britain during the 20th century, today, and tomorrow, Professor Peter Scott

Professor Peter Scott presents an overview of the main arguments from a new monograph he is working on which explores the causes and consequences of inequality in Britain from the dawn of the 20^th century to the present and the near future. There is a very strong “inequality cycle,” which is closely related to the globalization cycle and an accompanying “political cycle,” from classic liberalism - to welfare state corporatism - and back to neoliberalism. The impacts of this cycle are pervasive, as shown in policymakers’ “business models;” social welfare transfers; public sector infrastructure investment, and even higher education. These cycles are explored both using narrow measures of inequality (wealth, income, social mobility) and seven subsidiary themes that shine light on broader inequality: the changing nature of work; the rights and economic roles of women; housing; leisure; education; policymaking and social mobility. This monograph is also an economic and social history of Britain during the 20^th and early 21^st century - using the lens of inequality to explain key trends.

By taking the long view, we can find strong parallels between the first globalization and the present one, develop strong arguments regarding the causes of the inequality cycle and the factors that create “affluent” (rather than merely “rich”) societies; and make strong predictions regarding how the middle decades of the 21^st century will see a further expansion of precarity, debt, and a society where the bottom 70-80 percent will have no substantial marketable assets. “You will own nothing and you won’t be happy.”