Let the rich flourish by sacrificing for the poor

Girish Jakhotiya ()

No 18-00007, Vanderbilt University Department of Economics Working Papers from Vanderbilt University Department of Economics

Abstract: Economic Globalization of last two decades has certainly accelerated and to some extent integrated agenda of economic growth of many countries. But it didn't benefit the poor considerably. Rather the gap between the rich and poor has widened worldwide. The reasons for this increasing gap are now well-known and have been accepted by most of us. This gap has also caused a serious upsurge in pseudo nationalism in many countries participating in the process of globalization. Populism has become the other name for political activism in many democratic countries. We all know that populism doesn't sustainably serve the purpose of uplifting the poor. It has been an established fact that the rich benefitted disproportionately higher from economic globalization, causing an undue hardship for the poor. Ironically the rich exploited the process of globalization with equal degree of ruthlessness in both, capitalist and communist economies. My paper rings the alarming bells for all the politicians and economic policymakers to take this phenomenon of the widened gap seriously. This paper presents a reasonable model of sacrifice to be practiced by the rich to help the poor and reduce the gap. This model named Generic Algorithm of Growth (GAG), presents and proves a reality of the rich sacrificing for the poor and benefiting all. In other words, GAG rightly illustrates that the rich can benefit higher in the long-run by sacrificing a part of their income for the poor in the short-run

Keywords: Economic gap; globalization; populism; pseudo nationalism; economic equality; rich; poor; sustainable growth; sacrifice; benefit; WTO; BRICS (search for similar items in EconPapers)
JEL-codes: C7 (search for similar items in EconPapers)
Date: 2018-08-24
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Citations: View citations in EconPapers (2)

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