The goal of the international development community is to end extreme poverty by 2030 and boost shared prosperity of the bottom 40% of the population in every country. However, as World Bank (2016) observed, we face a powerful threat to progress around the world, which as was observed a decade earlier by Paul Wolfowitz, is inequality.
Inequality matters for achieving the goal of equity, but also for other reasons. Vicious circle of inequality makes addressing it imperative. Inequality is the cause and consequence of the failure of the market system as well as the political system, and contributes to the instability of our economic and political systems, which in turn contributes to increased inequality.
Professor Ben E. Aigbokhan