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The Effect of Institutional Factors on Income Inequality: Case of Several BRIC Countries
Over the past two decades, the BRIC countries have made a large economic progress, whereas social inequality has increased significantly. In this regard, it becomes relevant to study the key characteristics of inequality in these countries, which is the subject of this study. The key focus is institutional factors that affect social inequality, namely: redistribution system, the public finance system, the labor market institutions. Based on the results of the work, a number of factors are identified that prevent an equal distribution of income, the solution of which will allow the BRIC countries to enter a new stage of social and economic development.