Is Capitalism Really the Cause of Global Inequality?
Reducing global poverty requires greater openness and fewer trade barriers. The global economy’s fragmentation, fueled by geopolitical tensions and populist politicians pushing for trade restrictions, poses a serious threat to the economic prospects of the world’s poorest countries, suggests Kenneth Rogoff in his article for
Project Syndicate. The risk that political instability in these regions will spill over into wealthier countries is escalating. Developed economies have three options, none of which focuses solely on domestic inequality: they can strengthen their ability to manage migration pressures and confront regimes that seek to destabilize the global order; they can increase support for low-income countries, particularly those capable of avoiding civil war; and they can send citizens to assist low-income countries. Such experiences could foster a deeper awareness of global challenges and give young people a clearer understanding of the crises that may eventually affect their own lives.
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