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Latin America: inequality and political instability have lessons for the rest of the world

By Diego Sánchez-Ancochea, Head of the Oxford Department of International Development, University of Oxford

In a landmark speech about social mobility in 2013, the then US president, Barack Obama, warned against the problem of growing inequality in the starkest possible terms:

The combined trends of increased inequality and decreasing mobility pose a fundamental threat to … our way of life.

He was talking primarily about America, where the income share of the top 1% almost…

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