Inequality has drastically increased in many countries around the
globe over the past three decades. The widening gap between the
very rich and everyone else is often portrayed as an unexpected
outcome or as the tradeoff we must accept to achieve economic
growth. In this book, three International Monetary Fund economists
show that this increase in inequality has in fact been a political
choice-and explain what policies we should choose instead to
achieve a more inclusive economy. Jonathan D. Ostry, Prakash
Loungani, and Andrew Berg demonstrate that the extent of inequality
depends on the policies governments choose-such as whether to let
capital move unhindered across national boundaries, how much
austerity to impose, and how much to deregulate markets. While
these policies do often confer growth benefits, they have also been
responsible for much of the increase in inequality. The book also
shows that inequality leads to weaker economic performance and
proposes alternative policies capable of delivering more inclusive
growth. In addition to improving access to health care and quality
education, they call for redistribution from the rich to the poor
and present evidence showing that redistribution does not hurt
growth. Accessible to scholars across disciplines as well as to
students and policy makers, Confronting Inequality is a rigorous
and empirically rich book that is crucial for a time when many fear
a new Gilded Age.
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