What could be: Reflections on ‘The Equity Imperative’
Last week, we had the incredible opportunity to host a series of conversations as companion events to the UN General Assembly. With our friends at the United Nations Development Programme and the Mastercard Center for Inclusive Growth we hosted “The Equity Imperative: Building Sustainable and Inclusive Economic Systems.”
Nearly 600 people from all around the world were as eager as we were to learn about the complex challenges humanity faces as we strive to reimagine our economy, institutions, and governments so that they work for all. Below are some highlights from The Equity Imperative:
Day 1: Reimagining an Economy Built for All
After opening comments from Kanni Wignaraja, UN Assistant Secretary-General and Director for UNDP Asia-Pacific and Michael Froman, Vice Chairman & President of Strategic Growth at Mastercard, we heard from our first keynote speaker: Kaushik Basu, Former Chief Economist of the World Bank and Professor of International Studies & Economics at Cornell University. Dr. Basu reminded us that our current economy was shaped by bold political action, implementing ideas that were considered ‘radical’ and even dangerous to end child labor, reduce pollution, and improve working conditions. We need similarly brave policies today to shape markets that share profits with labor and invest in our communities.
“Designing policies for future flourishing and future good isn’t just about who is in the room and who shares their views, but how those views are able to influence decision making.”
— Aarathi Krishnan, Strategic Advisor for UNDP Regional Bureau for Asia and the Pacific.
Our panel brought together the private and civic sectors, the global and the local perspectives. André Dua, Senior Partner at the McKinsey Global Institute Council; Moses Gates, Vice President of Housing & Neighborhood Planning at the Regional Plan Association; and Aarathi Krishnan, Strategic Advisor for UNDP Regional Bureau for Asia and the Pacific shared their visions for institutions and governments with more inclusive decision making and power structures.
The conversation examined how humans have limited our own ability to flourish by building and sustaining systems that are based on a narrow view of what humanity is capable of, the false binary between being competitive or collaborative, and the power of taking action at the local level. Dive in and watch the discussion here.
Day 2: Ensuring Equal Access to Economic Opportunity
In our second event, keynote speaker Laura Tyson, Former Chair of the U.S. President’s Council of Economic Advisers; Distinguished Professor, Haas School of Business, discussed the effects our antiquated definitions of labor on the current problems experienced by gig workers, care workers in the formal and informal economies, and women experiencing barriers to entering the labor market.
“Low-wage work has become sticky. For example, a dishwasher has a 13% chance of leaving low-wage work for a higher-paying job during year 1, by year 10 that chance has fallen to 1%. The jobs that used to lead to higher wage jobs are disappearing, leaving people feeling hopeless and stuck.”
— Marcela Escobari, Senior Fellow, Global Economy & Development, Center for Sustainable Development, The Brookings Institution
In the second panel, Dan Breznitz, Co-Director at the Innovation Policy Lab and University Professor at the Munk School; Marcela Escobari, Senior Fellow of Global Economy & Development at Center for Sustainable Development at The Brookings Institution; and Robert Lawrence, Faculty Chair & Professor at the Harvard Kennedy School, Senior Fellow at the Peterson Institute, and Research Associate at the National Bureau of Economic Research attempted to define the roles of the private and public sectors in fostering inclusive economies.
The panel confronted complex topics, such as the nature and definition of innovation, the importance of public policy to incentivizing varying types of innovation and industrial development that build inclusive economies, and how we should think about distinguishing between macroeconomic trends and how local labor markets experience displacement. Delve in and watch the debate here.
“Can we have inclusive innovation in all places? Yes, but there is no place that has been successful without targeted public policy, which can be led by regional or local government, not just federal.”
— Dan Breznitz, Co-Director, Innovation Policy Lab & Professor at the Munk School of Global Affairs & Public Policy
Day 3: Climate Justice for an Inclusive Economy
Keynote Jeffrey Sachs, University Professor and Director of the Center for Sustainable Development, Columbia University kicked off the final day by reinforcing the importance of governments of all sizes creating and sticking to a pathway to fighting the climate crisis, regardless of political trends and transitions. In the end, nature doesn’t acknowledge our national borders- we all share sun, wind, rivers, and ecosystems with our neighbors.
“COVID-19 is a dress rehearsal for addressing the upcoming climate crisis and biodiversity collapse. We’ve got to be 10 steps ahead from a global perspective, as regions, MNCs, and innovators.”
— Jemilah Mahmood, Sunway Centre for Planetary Health
The third panel highlighted the dilemma faced by many developing countries — preserve their environments or follow the Western pathway to economic development by commoditizing their national resources. Jemilah Mahmood, Executive Director at the Sunway Centre for Planetary Health; David McNair, Executive Director for Global Policy at ONE Campaign; and Arnico Panday, Senior Research Fellow at the Institute for Integrated Development Studies (IIDS), Nepal and CEO of the Ullens Education Foundation discussed the need for new paradigms.
Our panelists reflected on the imminence of the climate crisis, grounding our conversations about growth and industries in the reality that human health cannot happen without planetary health. They also discussed the role of COVID-19 in exacerbating a confluence of existing crises, many of which tie back to humanity’s failure to act as stewards of the planet we call home. Catch up and watch the conversation here.
“Adaptation to climate change will require building much more expensive infrastructure than we’ve ever seen. Investing in mitigation, weaning off of the use of fossil fuels & cutting down black carbon pollution now are essential.”
— Arnico Panday, Senior Research Fellow, Institute for Integrated Development Studies (IIDS), Nepal; CEO, Ullens Education Foundation
Personally, I was encouraged to see the aperture of the conversation has broadened from encouraging inclusive growth to examining the nature of power and the importance of human relationships in addressing the complex issues we face today. Both the speakers’ passion and the sharp reminder of reality reinforced the importance of our work at CPI to intentionally build legitimacy between people and institutions and to mobilize individuals to meaningfully participate in the creation of public policies.
I encourage you to watch the event recordings and tell me, what did you learn from these incredible conversations? What are you excited to keep learning about? I’d love to hear from you on Twitter, or send me an email!
