In the face of inequality, we need to rethink economic growth.
That suggestion, dealt with by French economist Thomas Piketty in his best-seller “Capital in the 21st Century,” has prompted a lively debate with the international aid community, but experts, policymakers and development professionals agree the message remains valid.
Piketty’s work focuses on inequality in Europe and the United States, but inequality is even more glaring in Asia’s rapidly evolving development landscape. In its 2014 outlook report for the region, the Asian Development Bank acknowledged that technology and market reform — the same forces that set Asia on the path to economic growth and extreme poverty reduction — have also exacerbated the gap between rich and poor.
About the author
Anna Patricia Valerio
Anna Patricia Valerio is a former Manila-based development analyst who focused on writing innovative, in-the-know content for senior executives in the international development community. Before joining Devex, Patricia wrote and edited business, technology and health stories for BusinessWorld, a Manila-based business newspaper.
