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from Part I - Wealth Creation
Published online by Cambridge University Press: 11 January 2021
In contrast to a widespread view that wealth creation is only a productive process followed by the distribution of wealth, the chapter emphasizes that the generation of wealth includes a distributive dimension, which permeates all of its stages from the preconditions to the generation process, the outcome and the use for and allocation within consumption and investment. The productive and the distributive dimension are inseparably connected. The chapter highlights the importance of the distributive dimension by briefly reviewing three important books on inequality: Piketty (2014), Stiglitz (2012) and Wilkinson & Pickett (2009). The eight High-Performing Asian Economies (Japan, Hong Kong, Republic of Korea, Singapore, Taiwan, Indonesia, Malaysia and Thailand) created “The East Asian Miracle” from 1960 to 1990 and can illustrate how the productive and distributive dimensions of economic growth are closely interconnected.
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