Trade and Development Report 2012

Inclusive Policies for Sustainable Growth

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In the context of the ongoing fallout from the global financial crisis, income distribution is back to the centre of economic analysis and policies. This publication explores the linkages between income distribution, growth and development. It analyzes the evolution of income inequality over the last decades in different regions and groups of countries. It also examines the explanations given for the widespread rise of inequality. The report questions the thesis that rising inequality is a necessary condition for successful development. Based on a comprehensive theory of economic policy elaborated in former reports, this book argues that only inclusive development policies create the conditions for sustainable and rapid growth.

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The world economy, which continues to suffer from the fallout of the financial crisis that began in late 2007 and the meltdown in September 2008, has not been able to revive the growth conditions of the preceding decade. Those conditions had been particularly supportive of economic and social progress in the developing world, and the resulting momentum, especially in some of the larger developing countries, helped to stoke recovery in the world economy once the worst of the crisis had been contained. However, those countries are now losing that momentum and downside risks for the world economy are growing again.

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