ABCDE 2011: Keynote address by Andrés Velasco

Andrés Velasco, former Finance Minister of Chile and Adjunct Professor of Public Policy at the Center for International Development (Harvard University) addressed the connection between employment, income distribution and inequality in his keynote speech at the ABCDE 2011 event.

Andrés Velasco, Harvard University

According to Mr. Velasco, Chile is an unequal country. The country went from being pre-industrial to post-industrial without ever being industrial. To reduce inequality in Chile,  Mr. Velasco reiterated the necessity to improve child care and urban housing, introduce flexible working hours and provide information on job availability. He also highlighted the importance of creating linkages between commodities and value added around those commodities. Mr. Velasco concluded by stating that there is no one factor that keeps poor people from regular employment, and “therefore there is no one solution”.

On the correlation between inequality and income growth in Latin America, Velasco clearly stated that Latin America has failed to grow much over the past years, part of it because of inequality which is mainly due to bad policies.

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