Redistribution is the way

In his presidential address to the Royal Economic Society in 1996, the late Professor Anthony Atkinson famously called for discussion of inequality and income distribution to be brought “in from the cold”. Since then there have been many examples of inequality worldwide: the pan-banging cacerolazos demonstrators of Argentina’s financial crisis in 2001-2002, the Arab Spring, the Occupy Wall Street movement, Spain’s “los indignados”, the “gilets jaunes” protests and strikes in France, and many others besides.

It is now known that inequality lowers economic growth by reducing middle-class demand and increasing the costs of redistribution. It causes poverty traps by reducing social mobility, and creates social tensions.

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