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Disconnected societies : rich versus poor in the development debate


Document type: lecture
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Abstract: The 2007-2011 global crisis has increased income and wealth inequality in many countries and regions, even as some of the growth poles in the global South – notably China, India, and Brazil – have quickly returned to pre-crisis growth levels. This growing inequality in wealth and income takes place at every level of the global economy and has compromised development strategy: elites are now more numerous and more connected to global markets; and they are often more interested in meeting their individual consumption and saving needs than in “national development” missions. This process, combined with the ideological opposition to government action, has led to growth strategies based on zero-sum logic; and these strategies not only preclude asset/income redistribution but ultimately undercut development itself. To renew the possibility of global development, equity must be restored as an explicit goal of policy. One crucial step in this restoration is denaturalizing the growth of income-wealth polarization. The financial sector shows that unregulated markets and institutions often lead to the spread of market instruments that privilege the rich, while engaging in exploitation and asset-stripping of the poor. Discussion will encompass the US subprime crisis, the EU crisis, and the debate over financial exclusion and inclusion. , The 2007-2011 global crisis has increased income and wealth inequality in many countries and regions, even as some of the growth poles in the global South – notably China, India, and Brazil – have quickly returned to pre-crisis growth levels. This growing inequality in wealth and income takes place at every level of the global economy and has compromised development strategy: elites are now more numerous and more connected to global markets; and they are often more interested in meeting their individual consumption and saving needs than in “national development” missions. This process, combined with the ideological opposition to government action, has led to growth strategies based on zero-sum logic; and these strategies not only preclude asset/income redistribution but ultimately undercut development itself. To renew the possibility of global development, equity must be restored as an explicit goal of policy. One crucial step in this restoration is denaturalizing the growth of income-wealth polarization. The financial sector shows that unregulated markets and institutions often lead to the spread of market instruments that privilege the rich, while engaging in exploitation and asset-stripping of the poor. Discussion will encompass the US subprime crisis, the EU crisis, and the debate over financial exclusion and inclusion. , The 2007-2011 global crisis has increased income and wealth inequality in many countries and regions, even as some of the growth poles in the global South – notably China, India, and Brazil – have quickly returned to pre-crisis growth levels. This growing inequality in wealth and income takes place at every level of the global economy and has compromised development strategy: elites are now more numerous and more connected to global markets; and they are often more interested in meeting their individual consumption and saving needs than in “national development” missions. This process, combined with the ideological opposition to government action, has led to growth strategies based on zero-sum logic; and these strategies not only preclude asset/income redistribution but ultimately undercut development itself. To renew the possibility of global development, equity must be restored as an explicit goal of policy. One crucial step in this restoration is denaturalizing the growth of income-wealth polarization. The financial sector shows that unregulated markets and institutions often lead to the spread of market instruments that privilege the rich, while engaging in exploitation and asset-stripping of the poor. Discussion will encompass the US subprime crisis, the EU crisis, and the debate over financial exclusion and inclusion.
Authors: Dymski, G. , Dymski, G. , Dymski, G.
Series Title: SID-NL Lecture Series 2010-2011 : “Global values in a changing world” : synergy of state and society in a globalized world , SID-NL Lecture Series 2010-2011 : “Global values in a changing world” : synergy of state and society in a globalized world , SID-NL Lecture Series 2010-2011 : “Global values in a changing world” : synergy of state and society in a globalized world
Category: General , General , General
Serial number: 6 , 6 , 6
Keywords: economic development , globalization , markets , poverty , economic development , globalization , markets , poverty , economic development , globalization , markets , poverty
Language: eng , eng , eng
Organization: SID NL - Society for International Development Netherlands Chapter , SID NL - Society for International Development Netherlands Chapter , SID NL - Society for International Development Netherlands Chapter
PAGE: [4] , [4] , [4]
Place: [The Hague] , [The Hague] , [The Hague]
Publisher: SID NL , SID NL , SID NL
Year: 2011 , 2011 , 2011
Right: © 2011 SID NL , © 2011 SID NL , © 2011 SID NL
Subject: Economic Development and Trade , Economic Development and Trade , Economic Development and Trade
Title: Disconnected societies : rich versus poor in the development debate , Disconnected societies : rich versus poor in the development debate , Disconnected societies : rich versus poor in the development debate