The trinity of equity, equality and poverty in the scenario of economic globalization : which institutions matter ?

Overview & Synopsis

Equality and Equity, prime principles of justice in creation and distribution of income and assets, have plural, circular and retroactive relationships with globalization, growth and poverty. The objective of this paper is to establish a notion that which of these principles is to be followed and by which institutions in order to tackle the despicable stigma of poverty. In this aim, the first section of paper presents critical evaluation of equity vs. equality debate, specifically focusing on the processes of creation and distribution of outcomes and opportunities. The second section draws on the relative significance of institutions, principally government and IFIs, in these processes in order to spur growth, equality and wellbeing. This follows to the third section exhibiting some policy implications and recommendations. The paper concludes that no particular form of institution or principle of justice is "panacea" to social and economic objectives, including reducing wide inequalities.