There is empirical evidence that financial globalization has led to an increase in income inequality owing both to a trend increase in financial assets (relative to GDP) and to a growing incidence of crises" (ILO, 2008: 39-40). In developed countries, high income inequalities have gone hand-in-hand with a greater burden of household debt.6 However, the situation differs between developing and developed countries. Furthermore, an important middle class emerged in a number of countries, particularly in the rapidly industrializing ones, although income disparities generally increased.7 Conversely, in many developed countries, the middle class shrank and the number of people being pushed into poverty increased8 (box 1). In many developing countries, absolute poverty has declined while income inequality has increased.