Extract from Lords debate on Inequalities - Jun 13
Friday, 14 June 2019 08:04
Lord Ravensdale (CB) (Maiden Speech):...Today, I will focus
specifically on the effects that globalisation has had on
inequality in the UK and the regions. In this, we must not lose
sight of one central fact: when viewed at a global level, income
inequality has continually reduced over the past three decades,
principally brought about by the lifting of millions—if not
billions—out of poverty in India and China. More than
anything else, this shows the immense power of capitalism...Request free trial
(CB) (Maiden
Speech):...Today, I will focus specifically on the
effects that globalisation has had on inequality in the UK and the
regions. In this, we must not lose sight of one central fact: when
viewed at a global level, income inequality has continually reduced
over the past three decades, principally brought about by the
lifting of millions—if not billions—out of poverty
in India and China. More than anything
else, this shows the immense power of capitalism and globalisation
to transform lives for the better and transform the world for the
better...
(Lab):...Pursuing that view, we must maximise growth and
therefore be more able in future to deal with the demands of both
our public services and our private aspirations. If we do that, we
will almost certainly increase inequality. That has always been the
case. There is a sound economic reason for that: growth requires
investment, which requires taking risks—some of which are very
high—but no one will take those risks unless commensurate rewards,
which can be very high, are available. So, in a period of
successful growth, people become disproportionately rich. That has
been the case throughout the economic history of the world. Of
course, it is equally true in India or China as it is here or in the
United States. We just have to live with that...
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