“The Inequality Predicament”

Background

José Antonio Ocampo: José Antonio Ocampo is a Professor of Professional Pr

actice in International and Public Affairs and Director of the Program in Economic and Political Development at the School of International and Public Affairs, Columbia University.

Prior to his appointment, Professor Ocampo served in a number of positions in the United Nations and the Government of Colombia, most notably as United Nations Under-Secretary General for Economic and Social Affairs; Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC); Minister of Finance and Public Credit, Chairman of the Board of Banco del República (Central Bank of Colombia); Director, National Planning

Department (Minister of Planning); Minister of Agriculture and Rural Development, Chairman of the Board of Banco Cafetero (Coffee Bank) and Caja de Crèdito Agraria, Industrial y Minera (Agrarian Bank) and Executive Director, FEDESARROLLO. He is the author of numerous books and articles on macroeconomics policy and theory, economic development, international trade and economic history. His recent publications include Stability with Growth: Macroeconomics, Liberalization and Development, with Joseph E. Stiglitz, Shari Spiegel, Ricardo French-Davis and Deepak Nayyar, (New York: Oxford University Press, 2006).

Background of the TalkEconomic inequality comprises all disparities in the distribution of economic assets and income. The term typically refers to inequality among individuals and groups within a society, but can also refer to inequality among countries. Economic Inequality generally refers to equality of outcome, and is related to the idea of equality of opportunity. There are various causes of inequality, and these causes include market reasons, gender, race and culture differences, inflations, etc. Also enormous inequality in a society will result in lots of serious problems, such as stability, economic incentives, economic growth and even the overall development

Words and Expressions

rut

a groove or furrow (especially one in soft earth caused by wheels) ; a settled and monotonous routine that is hard to escape

e.g. 1. My bike bumped over the ruts. 2. When you feel stuck in a rut, it is time for you to upgrade your skills.

slew

(often followed by `of') a large number or amount or extent; turn sharply; change direction abruptly

e.g. 1. There are a slew of journalists waiting outside.2. The captain could not slew the ship round in time to avoid an accident.

bulge

something that bulges out or is protuberant or projects from its surroundings ; bulge out; form a bulge outward, or be so full as to appear to bulge

e.g.1. The gun he carried caused a bulge in his jacket. 2. My pockets were bulging with apples.

plutocracy

a political system governed by the wealthy people

e.g. If only millionaires can afford to run for office, we shall quickly become a plutocracy.

karma

(Hinduism and Buddhism) the effects of a person's actions that determine his destiny in his next incarnation

e.g. It' s my karma always to fall in love with brunettes. 

monopolize

have and control fully and exclusively ; have or exploit a monopoly of

e.g. On no account should our Party monopolize everything.

UNDP (United Nations Development Programme)

  It is the UN's global development network, an organization advocating for change and connecting countries to knowledge, experience and resources to help people build a better life. We are on the ground in 166 countries, working with them on their own solutions to global and national development challenges. As they develop local capacity, they draw on the people of UNDP and our wide range of partners.