1887

UN Department of Economic and Social Affairs (DESA) Working Papers

The UN Department of Economic and Social Affairs (DESA) Working Papers aim to stimulate discussion and critical comment on the broad range of economic, social and environmental issues associated with the United Nations Development Agenda.

English

Growth, Poverty and Inequality

From Washington Consensus to Inclusive Growth

This paper reviews recent economic policy debates about the relationship between growth, poverty and inequality. These debates have tended to focus on whether market-led growth is sufficient to eliminate poverty and reduce inequality, or whether specific policies are necessary because untargeted growth may be insufficient or even perverse. The paper charts the degenerating outcomes of these debates, and the emergence of the inclusive growth (IG) paradigm within the World Bank. A critical examination of IG suggests that its weaknesses are best addressed through a more ambitious restatement of the pro-poor goals of economic policy.

English

Keywords: Macroeconomic policy, World Bank, pro-poor policies, Washington Consensus, inclusive growth
JEL: O23: Economic Development, Innovation, Technological Change, and Growth / Development Planning and Policy / Fiscal and Monetary Policy in Development; E60: Macroeconomics and Monetary Economics / Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook / Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General; E64: Macroeconomics and Monetary Economics / Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook / Incomes Policy; Price Policy
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