Tackling Non-Inclusive Growth
— September 26, 2017
By A. Michael Spence
First, as we concluded in our final report, non-inclusive growth patterns will always ultimately fail. Such patterns cannot produce the sustained high growth that is necessary for reducing poverty and fulfilling basic human aspirations for health, security, and the chance to contribute productively and creatively to society. They underutilize and misuse valuable human resources; and they often give rise to political or social turmoil, often marked by ideological or ethnic polarization, which then leads either to wide policy swings or to policy paralysis.
Our second broad conclusion was that sustained growth requires a coherent, adaptable strategy that is based on shared values and goals, trust, and some degree of consensus. Of course, achieving that is easier said than done.
Read the full article as published in Project Syndicate.
A. Michael Spence is a William R. Berkley Professor in Economics & Business.