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In conversation with the current recipient of the Nobel Prize in Economics, Esther Duflo, this session will look at the phenomenon of inequality and the way in which economics and finance can help meet the challenge for a better, more equal, world.[vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Esther%20Duflo%22%2C%22job_role%22%3A%22Professor%20of%20Poverty%20Alleviation%20and%20Development%20Economics%2C%20MIT%3B%20current%20winner%20Nobel%20Prize%20in%20Economics%20(United%20States)%22%2C%22content%22%3A%22Esther%20Duflo%20is%20the%20Abdul%20Latif%20Jameel%20Professor%20of%20Poverty%20Alleviation%20and%20Development%20Economics%20in%20the%20Department%20of%20Economics%20at%20the%20Massachusetts%20Institute%20of%20Technology%20and%20a%20co-founder%20and%20co-director%20of%20the%20Abdul%20Latif%20Jameel%20Poverty%20Action%20Lab%20(J-PAL).%20In%20her%20research%2C%20she%20seeks%20to%20understand%20the%20economic%20lives%20of%20the%20poor%2C%20with%20the%20aim%20to%20help%20design%20and%20evaluate%20social%20policies.%20She%20has%20worked%20on%20health%2C%20education%2C%20financial%20inclusion%2C%20environment%20and%20governance.%5CnProfessor%20Esther%20Duflo%E2%80%99s%20first%20degrees%20were%20in%20history%20and%20economics%20from%20Ecole%20Normale%20Superieure%2C%20Paris.%20She%20subsequently%20received%20a%20Ph.D.%20in%20Economics%20from%20MIT%20in%201999.%20%5CnDuflo%20has%20received%20numerous%20academic%20honours%20and%20prizes%20including%202019%20Sveriges%20Riksbank%20Prize%20in%20Economic%20Sciences%20in%20Memory%20of%20Alfred%20Nobel%20(with%20co-Laureates%20Abhijit%20Banerjee%20and%20Michael%20Kremer)%2C%20the%20Princess%20of%20Asturias%20Award%20for%20Social%20Sciences%20(2015)%2C%20the%20A.SK%20Social%20Science%20Award%20(2015)%2C%20Infosys%20Prize%20(2014)%2C%20the%20David%20N.%20Kershaw%20Award%20(2011)%2C%20a%20John%20Bates%20Clark%20Medal%20(2010)%2C%20and%20a%20MacArthur%20%E2%80%9CGenius%20Grant%E2%80%9D%20Fellowship%20(2009).%20%20With%20Abhijit%20Banerjee%2C%20she%20wrote%20Poor%20Economics%3A%20A%20Radical%20Rethinking%20of%20the%20Way%20to%20Fight%20Global%20Poverty%2C%20which%20won%20the%20Financial%20Times%20and%20Goldman%20Sachs%20Business%20Book%20of%20the%20Year%20Award%20in%202011%20and%20has%20been%20translated%20into%20more%20than%2017%20languages%2C%20and%20the%20recently%20released%20Good%20Economics%20for%20Hard%20Times.%5CnDuflo%20is%20the%20editor%20of%20the%20American%20Economic%20Review%2C%20a%20member%20of%20the%20National%20Academy%20of%20Sciences%20and%20a%20Corresponding%20Fellow%20of%20the%20British%20Academy.%5Cn%22%2C%22image%22%3A%2231867%22%2C%22linkedin%22%3A%22%22%7D%5D” title=”Speaker” el_class=””][vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Amanda%20White%22%2C%22job_role%22%3A%22Director%20of%20institutional%20content%2C%20Conexus%20Financial%20(Australia)%22%2C%22content%22%3A%22Amanda%20White%20is%20responsible%20for%20the%20content%20across%20all%20Conexus%20Financial%E2%80%99s%20institutional%20media%20and%20events.%20In%20addition%20to%20being%20the%20editor%20of%20Top1000funds.com%2C%20she%20is%20responsible%20for%20directing%20the%20global%20bi-annual%20Fiduciary%20Investors%20Symposium%20which%20challenges%20global%20investors%20on%20investment%20best%20practice%20and%20aims%20to%20place%20the%20responsibilities%20of%20investors%20in%20wider%20societal%2C%20and%20political%20contexts.%20She%20holds%20a%20Bachelor%20of%20Economics%20and%20a%20Masters%20of%20Art%20in%20Journalism%20and%20has%20been%20an%20investment%20journalist%20for%20more%20than%2025%20years.%20She%20is%20currently%20a%20fellow%20in%20the%20Finance%20Leaders%20Fellowship%20at%20the%20Aspen%20Institute.%20The%20two-year%20program%20seeks%20to%20develop%20the%20next%20generation%20of%20responsible%2C%20community-spirited%20leaders%20in%20the%20global%20finance%20industry.%22%2C%22image%22%3A%2231870%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Famanda-white-101a7515%2F%22%7D%5D” title=”Moderator” el_class=””][vc_empty_space height=”10px”]
Key takeaways
COVID-19 is not the great leveller – there are huge differences between how the virus is impacting the rich and the poor within the US for example.
Developing countries are less well equipped to weather uncertainties in these times. However, even within the US inequality has been growing for decades and is now clearly unsustainable.
We need to trust developing countries enough to help them drag themselves out of poverty.
We need to spread out global supply chains to reduce geographic concentration risk and simultaneously provide income across the world. This will require collaboration and the deprioritisation of commercial self-interest.
We need to create wealth for the poor, not just take wealth from the rich. To reduce poverty incrementally, we need to focus on the simple things that work, for example providing cash incentives for sending children to school.
Let’s not forget, we have made huge progress in alleviating poverty, but that is not full credit to the World Bank, it is credit to the people of the developing nations.
If you invest responsibly as an institutional investor, you are by default helping to alleviate poverty.
‘Impact washing’ is the new greenwashing and it’s very concerning. How do you really select the investments that truly drive social impact? We should apply the same rigour to impact assessment as investment assessment.
The Florida State Board of Administration has made some strategic moves to take advantage of opportunities in the dislocation, including in private equity, distressed debt and active listed equities.. But CIO, Ash Williams, is concerned about the underlying real economy.
How can investors work together to combat inequality? In this podcast episode Amanda White speaks to the president of CalPERS, Henry Jones, about his own experience and the fund's journey in tackling diversity and inclusion, in particular issues of racism.
This episode explores the key pillars of a sustainable recovery including the three important long term trends that need to be addressed climate change, loss of biodiversity and inequality.
It explores the key role for the finance industry which includes building new models that are not only about maximising monetary profits but also transition theory, and the value of ecological and social capital.
COVID-19 has delivered an enormous global shock, leading to steep recessions in many countries. The baseline forecast by the World Bank envisions a 5.2 per cent contraction in global GDP in 2020—the deepest global recession in decades.
Nigel Topping who was appointed by the UK Government as the High Level Climate Action Champion for United Nations climate talks, COP26 joins Fiona Reynolds, chief executive of the PRI, in conversation with Amanda White, editor of Top1000funds.com This episode focuses on climate change and how, amongst and despite, the short-term focus of this COVID-19 crisis, we can mobilise government, business and investors into action around this important issue of climate change.
The global COVID-19 pandemic has highlighted the need for better risk management tools to handle longevity and ageing. This paper by Wharton's Olivia Mitchell, offers an assessment of the status quo prior the coronavirus; evaluates how retirement systems are faring in the wake of the shock; examines insurance and financial market products that may render retirement systems more resilient for the world’s ageing population; and looks at the potential role for policymakers.
For the economic recovery from the COVID-19 crisis to be durable and resilient, a return to ‘business as usual’ and environmentally destructive investment patterns and activities must be avoided. To avoid this, economic recovery packages should be designed to “build back better”.
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