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Fair and Inclusive Markets: Why Dynamism Matters

Author

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  • Fuad Hasanov
  • Reda Cherif
  • Philippe Aghion

Abstract

We show empirical evidence that there may not be a tradeoff between market income inequality and high sustained growth, which is key for poverty alleviation. We argue that the economies that achieved high sustained growth and low market income inequality are characterized by dynamism—a drive toward sophisticated export industries, innovation, and creative destruction and a high level of competition. What a country produces and how much it competes domestically and internationally are important for achieving fair and inclusive markets. We explore policy options to steer industrial and market structures toward providing growth opportunities for both workers and firms.

Suggested Citation

  • Fuad Hasanov & Reda Cherif & Philippe Aghion, 2021. "Fair and Inclusive Markets: Why Dynamism Matters," IMF Working Papers 2021/029, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:2021/029
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    Keywords

    Inequality; creative destruction; market power; industrial policy; sophistication; innovation; manufacturing; WP; monopsony power; panel data; supply firm; laggard firm; technology company;
    All these keywords.

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