Jonathan D. Ostry is deputy director of the research department at the International Monetary Fund, where his work on financial globalization and inequality has been influential in bringing about a shift in the IMF’s stance on these issues. His many books include Taming the Tide of Capital Flows (2017). His work on inequality and unsustainable growth has been cited by, among others, Barack Obama.Prakash Loungani is assistant director in the IMF’s Independent Evaluation Office. Known for his work on the difficulty of forecasting recessions, he blogs as The Unassuming Economist.Andrew Berg is deputy director of the IMF’s Institute for Capacity Development. He previously served at the U.S. Treasury, including as deputy assistant secretary for East Asia and Latin America in 2000–2001 and chief economist of the Mexican Task Force in 1995–1996.

• Foreword, by Joseph E. StiglitzPreface1. Introduction2. Inequality: Measures and Drivers3. Inequality and Sustained Growth4. Structural Policies and Inequality5. Financial Globalization and Inequality6. Austerity and Inequality7. Central Banks and Inequality8. Technology, Robots, and Inequality9. Remedies for Inequality—Redistribution10. ConclusionsData AppendixTechnical AppendixGlossaryReferencesIndex

This book shows that, far from being either necessary or good for growth, inequality leads to weaker economic performance. Moreover, increases in inequality have been a choice, not an unexpected outcome. The extent of inequality depends very much on the policies governments chose. These conclusions come from careful research conducted over several years. This book’s message is simple: societies are free to choose policies that will deliver more inclusive growth.