SouthViews No. 184, 19 July 2019
Understanding global inequality in the 21st century
By Jayati Ghosh
Inequality has increased since it caught the attention of the international community. The claims that global inequality has decreased because of the faster rise in per capita incomes in populous countries like China and India must be tempered by several considerations. National policies are crucial in this worsening state of affairs and the international economic architecture and associated patterns of trade and capital flows encourage such policies. More national policy space is required for governments, especially in developing countries, to pursue policies that would move towards more sustainable and equitable development which in turn requires significant changes in the global architecture. None of this can be done without some international coordination, and there is a need to revive a progressive and acceptable form of multilateralism that supports the working people across the world, rather than the interests of large capital.
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This article was tagged: Global Architecture, Inequality, International Cooperation, International Economic Law, Multilateralism, Sustainable Development, Trade