Income and Wealth Gap

Ethics Outlook Agenda: "As we extend our gaze to the rest of the world, we find a remarkable diversity of experience over the same period. My quotes from India and the Congo are instructive. In terms of poverty, Asia is the great success story. The fraction of the Asian population living on an income of under $1 per day has fallen from more than 20 percent in 1970 to virtually zero today. Economic growth in China and more recently India has not lifted all boats, but it has lifted a vast number. Inequality within those countries has increased; although this should not be downplayed, neither should it surprise us: a rise in inequality during the early phase of economic modernization is such a common historical experience that it even has a name, the Kuznets Curve, after the great 20th century economist Simon Kuznets. "