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Oxfam agrees with IMF on 'Redistribution, Inequality, and Growth'
un articulo por Oxfam
The IMF has released a discussion note, authorized
for distribution by chief economist Olivier
Blanchard, on the damaging effect of income
inequality on economic growth and supporting
redistributive efforts.
click on photo to enlarge
Titled “Redistribution, Inequality and
Growth”, the paper finds extreme income
inequality harmful for the pace and sustainability
of economic growth. It also makes the case that
redistribution efforts – including progressive
taxation tax and spending on health and education
– are pro-growth.
The IMF report says: “It would still be a mistake
to focus on growth and let inequality take care of
itself, not only because inequality may be
ethically undesirable but also because the
resulting growth may be low and unsustainable.”
(page 25).
“The combined effects of redistribution are on
average pro-growth” (page 4).
A recent report by
Oxfam found that almost half the world’s
wealth is owned by one percent of the population
and that the bottom half of the world’s population
owns the same wealth as the richest 85 people in
the world.
Head of Oxfam’s Washington office Nicolas Mombrial
said: “Oxfam agrees with the IMF – extreme
inequality is damaging not only because it is
morally unacceptable, but it’s bad economics.”
"The IMF has debunked the old myth that
redistribution is bad for growth and demolished
the case for austerity. That redistribution
efforts -essential to fight inequality- are good
for growth is a welcome finding. Low tax and low
public spending are clearly not the route to
prosperity.”
“This is a green light for governments to use fair
tax systems and investments in health and education
to reduce damaging income inequality.”
“In the bad old days, the IMF asked governments to
cut public spending and taxes. We hope this
research and Christine Lagarde’s recent statements
are a sign that they are changing their tune.”
(Thank you to Janet Hudgins, the CPNN reporter for
this article.)
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