In recent years, as public anxiety over growing inequality has intensified, policymakers and academics have started scrambling for some increasingly extreme solutions. India, for example, has launched massive programs to provide the poor with food and jobs, and the French economist Thomas Piketty has famously proposed a redistributive global wealth tax.
But there are big problems with such efforts. Huge, heavily bureaucratic programs such as India’s have proved inefficient and expensive. And the planet’s richest citizens are certain to use all their influence to block any proposals along Piketty’s lines from being implemented.
The good news is that these and other radical solutions are also unnecessary. Over the last dozen years or so, one country—Brazil—has shown that there’s a far better, less provocative, and more market-friendly way to fight inequality.
Not long ago, the idea that Brazil might have something to teach the world
Loading, please wait...