Parth Shah speaks on the solving the growing disparity between the rich and the poor that is a problem in so many countries today. According to Shah, the difference in economic wealth is related to the difference in economic freedom of individuals.
To illustrate this principle, he retells the story of reform that originated from economic crisis in India in 1991. During this reform period licensing requirements were reduced, economy was opened to international trade, tariffs became lower, and it became easier for foreigners and locals to open businesses. This lead to quality of life improvement for Indians in sectors that experienced liberalization. A paradox persisted with three groups of the population: the urban informal sector of street entrepreneurs, the agriculture sector, and the tribal and forest-dependent communities remained poor. The common denominator in these areas, was that economic restrictions and regulations remained.
For Shah, this real life example proves that the best way to meet the challenge of inclusive growth in any economy is to liberalize the sectors that have not been liberalized. Disparity of income is linked to disparity in economic freedom.
Parth Shah is founder and president of the Centre for Civil…
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Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.
Universidad Francisco Marroquín