How Inequality Undermines Economic Performance
To commemorate its founding 25 years ago, PS is republishing a selection of commentaries written since 1994. In the following commentary, Michael Spence explained why non-inclusive growth patterns are inherently unsustainable.
https://prosyn.org/bscWJQH
About a decade ago, the Commission on Growth and Development (which I chaired) published a report that attempted to distill 20 years of research and experience in a wide range of countries into lessons for developing economies. Perhaps the most important lesson was that growth patterns that lack inclusiveness and fuel inequality generally fail.