Foreword
by Joseph E. Stiglitz ix
Preface xiii
1. Introduction 1
Illustrating Efficiency and Equity 3
Balancing Equity and Efficiency 7
Redressing Inequality 9
A Roadmap to the Book 10
2. Inequality: Measures and Drivers 12
The Gini Coefficient 13
Top Income and Labor Income Shares 19
Drivers of Inequality 22
3. Inequality and Sustained Growth 25
Measuring Sustained Growth 27
Inequality and Sustained Growth: The Evidence 30
The Ends of Spells: Some Country Cases 33
4. Structural Policies and Inequality 37
Measuring Structural Reforms 39
Effects of Structural Reforms 42
Effects of Structural Reforms: Country Cases 46
Designing Structural Reforms 52
5. Financial Globalization and Inequality 54
Measuring Financial Globalization 56
Effects of Financial Globalization 56
Effects of Financial Globalization: Channels 62
Policy Implications for Low-income Countries 63
6. Austerity and Inequality 68
Measuring Fiscal Consolidation 70
The Effects of Austerity 71
Balancing Costs and Benefits 77
7. Central Banks and Inequality 79
Measuring Central Bank Actions 80
The Effects of Monetary Policy 81
Implications for Central Banks 85
8. Technology, Robots, and Inequality 87
Robots and the Capital Share of Income 88
Robots and Labor Income Inequality 91
Who Will Own the Robots? 92
9. Remedies for Inequality-Redistribution 95
Measuring Redistribution 98
Redistribution and Growth 101
10. Conclusions 106
A New Goal: Going for Inclusive Growth 107
Toward an Inclusive Globalization 109
Data Appendix 111
Technical Appendix 121
Glossary 149
References 153
Index 165