FT selects new book by Diego Sánchez-Ancochea among best economics books of 2020
A new book by Professor Diego Sánchez-Ancochea, The Costs of Inequality in Latin America, has been selected as one of the best economics books of 2020 by Martin Wolf of the Financial Times.
As growing inequality across the world leads to social discontent and the emergence of populist parties, the new book looks to Latin America, one of the most unequal regions of the world, for insights.
The book, which comes out on 10 December, demonstrates how inequality in Latin America has hampered economic growth, contributed to a lack of good jobs, weakened democracy, and led to social divisions and mistrust. In turn, low growth, exclusionary politics, violence and social mistrust have reinforced inequality, generating various vicious circles.
Latin America thus provides a disturbing image of what the future may hold in other countries. It also provides useful lessons on how to fight income concentration and build more equitable societies.
'As this excellent book argues, the history of political instability and poor economic performance in Latin America provides a warning and a lesson,' Mr Wolf writes. 'High inequality entrenches economic and political power. This then causes populist reactions. The parallels with contemporary high-income democracies are disturbing.'