World Banker on Economic Shifts

Informative and succinct summary of how the world works and how it is changing. To be even more succinct what he is saying is that in the past the minority in the rich west had 80% of the world’s wealth but their share will reduce to 35% by 2050. Since the west has less that 20% of the world’s population that is something to celebrate as a human being but as a citizen in the west the implication is that we collectively have less because our share of the pie is smaller thus the ‘austerities’ which cannot change the situation but which acknowledge our ‘loss of means’. However there seems to be something missing from the story .. we have been given the horizontal but not the vertical. We also need to look at the distribution of wealth between the ultra rich, the middle class and the poor wherever they are and at making the shift along this axis.