Income inequality and the liberal economic order: a not entirely Western perspective
This essay argues that global welfare gains should be safeguarded and built on, not undermined by a blinkered perception of liberalism.
The liberal economic order of market-based economic activity, free-as-possible trade and rules-based internationalism is under pressure. Calls for more protectionism arise in particular from a perception of the gains being concentrated in too few hands, with income inequality on the rise. But seen from a global perspective, income inequality has reduced markedly, especially because of economic reform in China and India. This essay argues that global welfare gains should be safeguarded and built on, not undermined by a blinkered perception of liberalism’s malign impact on economic inequality.
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