Surjit Bhalla argues that today, over 70 per cent of the world’s middle class reside in the erstwhile poor countries; world income inequality is down to levels last observed in 1870; and that there has been a large reduction in absolute poverty. What accounts for such rapid development and catch-up? Surjit offers a short answer - the spread of education.
At this event, Surjit Bhalla will be discussing from his recent book The New Wealth of Nations. Whilst acknowledging the advancements made by the developing world, The New Wealth of Nations also investigates the challenges for the explosion of education and technology, and why countries, rich and emerging, will have to explore options like basic income and negative income tax, so that a new welfare order, appropriate for the changed - and changing - 21st century can emerge.
Surjit Bhalla (@surjitbhalla) is a Senior India Analyst for the Observatory Group, a New York based macroeconomic policy advisory firm, and Chairman of Oxus Research & Investments. He has taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, World Bank, Goldman Sachs and Deutsche Bank. He is on the governing board of National Council of Applied Economic Research (NCAER), Delhi. He is a contributing Editor to The Indian Express. His first book, Between the Wickets: The Who and Why of the Best in Cricket (1987), developed a model for evaluating performance in sports.
John Hills is Co-Director of the LSE International Inequalities Institute.
Nicholas Stern (@lordstern1) is IG Patel Professor of Economics and Government and Director of the India Observatory at the London School of Economics.
The India Observatory (@LSE_IO), set up in 2006, is a Centre to develop and enhance research and programmes related to India's economy, politics and society. It is involved in public policy engagement in, and with, India and also works in collaboration with international partners for the generation and exchange of knowledge on India and its position in the world.
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