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In the US? Worse, much worse. We'd have kings and queens at this point. The rich would make sure that their wealth always came back to them. People would probably have to test who their baby was before, probably a lot of adoptions and what have you. I could see parents suing the rich person if they didn't share their wealth, likely new laws would need to be enacted to insure the wealth isn't shared with anyone (and we know it'll pass because anything that hurts people always passes). I could even see a greater decline in birthrates. Who wants to carry a baby to term just to have it snatched away by the Walmart empire and leaving you with nothing but the scars? Or what if you happen to get a murderer who did heinous things?
Oh god, and debt would never, ever die. As soon as you're 18, they'd drop those same bills off, likely with interest. There would be no end to suffering, no peace at the end. You'll be in your 80's, still working to pay off debt that may be from two lifetimes ago. It would be harder for new artists as well. Just keep throwing Beyonce out there. Why get a new actor? Just keep putting the same guy in there, over and over.
Only thing I could see getting a little better is racism. Since you can't control who or what you come back as, kind of hard to hate brown people when you're just a flip of a coin away. They literally wouldn't be able to judge a book by its cover.
Suicides would skyrocket, too, and probably at a young age. Probably infant death would skyrocket, too. Imagine you have a kid with a birth defect or some other kind of lifelong condition. Why make them live a whole life dealing with that when you can just let them take a mulligan and reincarnate, hopefully under better conditions.
Get into an accident and lose the use of your legs or get paralyzed or something? Oh well. Better luck on your next play-through. Hit the reset button and try again.