An intelligent and well-informed op-ed written by
President Obama in The Economist:
“Decades of
declining productivity growth and rising inequality have resulted in slower
income growth for low- and middle-income families. Globalisation and automation
have weakened the position of workers and their ability to secure a decent
wage. Too many potential physicists and engineers spend their careers shifting
money around in the financial sector, instead of applying their talents to
innovating in the real economy. … So it’s no wonder that so many are receptive
to the argument that the game is rigged. But amid this understandable
frustration, much of it fanned by politicians who would actually make the
problem worse rather than better, it is important to remember that capitalism
has been the greatest driver of prosperity and opportunity the world has ever
known.
Over the past 25
years, the proportion of people living in extreme poverty has fallen from
nearly 40% to under 10%. … This is the paradox that defines our world today.
The world is more prosperous than ever before and yet our societies are marked
by uncertainty and unease. So we have a choice—retreat into old, closed-off
economies or press forward, acknowledging the inequality that can come with
globalisation while committing ourselves to making the global economy work
better for all people, not just those at the top.”