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A report generated by a commission of 24 distinguished economists focuses on three structural challenges for the global economy. The column sets out some of the conclusions. While the challenges of climate change, inequality and demographic change are significant, solutions – though sometimes expensive or unpalatable – exist.
There have been a lot of discussions on the urgency of climate change. But it’s universally accepted that the steps that have been agreed to stop global warming are too little too late. Why is this? We argue that inequality is part of the answer as to why there is little action.
On the one hand, inequality polarises societies and makes them less prone to act. On the other hand, inequality results in elites capturing the power of action and being less inclined to give up their privileges.