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Trade and Development Report 2017

Beyond Austerity - Towards a Global New Deal

image of Trade and Development Report 2017

The Trade and Development Report (TDR), launched in 1981, is issued every year for the annual session of the Trade and Development Board. The Report analyses current economic trends and major policy issues of international concern, and makes suggestions for addressing these issues at various levels. This year’s Report focuses on the challenges for achieving inclusive growth in an era of austerity, hyper globalization and financial fragility. It includes chapters on robotics, gender and employment, finance and inequality, and the growing market power of non-financial corporations. It concludes by calling for Global New Deal, and the sorts of policy components it must include in light of the analyses provided.

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Inequality and financial instability: Structural limits to inclusive growth

The illusion that unregulated financial markets could combine limitless prosperity with durable stability disappeared with the 2008-2009 global financial crisis. In addition, it is now recognized that a prolonged period of rising inequality preceded the financial crisis, and the rise was particularly marked in countries at the epicentre of that crisis. Some observers see a clear and direct association between huge inequalities in income distribution and financial crises (Milanovic, 2010), while others consider the search for a “one-note narrative” too simplistic (Galbraith, 2014).

English

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