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This tweet may have 1000s of retweets, but it's not really the case that "the few are monopolizing progress".
No, we don't really know how to measure the wealth of the global poor. And the benefits of economic growth are definitely still flowing to poor people in poor countries.
No, we don't really know how to measure the wealth of the global poor. And the benefits of economic growth are definitely still flowing to poor people in poor countries.
When we measure the economic welfare of the global poor, we should look at living standards, not wealth. It's almost impossible to measure the wealth of the global poor, because we don't know what they own (maybe a bit of land?) or the market prices of those things.
Meanwhile, when we look at growth in living standards, we see that the poorest countries in the world continue to experience robust economic growth.
un.org/development/de…
un.org/development/de…
How about inequality? Are the benefits of fast growth in poor countries flowing mainly to the rich?
Probably not. UN measures of wage inequality, for example, show inequality increasing in rich countries but falling in many poor ones.
Probably not. UN measures of wage inequality, for example, show inequality increasing in rich countries but falling in many poor ones.
Meanwhile, the Oxfam report focuses on the wealth of billionaires, which is just a function of stock and real estate prices in rich-country financial markets. If you think rising stock markets in America impoverish the global poor, you probably need to think again.
Yes, the world is a very unequal place. Yes, poverty and inequality are still huge problems in the world.
But the narrative that the global poor are getting poorer is a Big Lie.
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But the narrative that the global poor are getting poorer is a Big Lie.
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