The Opportunity Index

10The Opportunity Index

REDUCING INEQUALITY IS ONE OF humanity's greatest challenges. It has been at the center of protests, revolutions, and wars. More recently it has seen the rise of populism and social movements that have begun reshaping our social, political, and economic landscape. Developed nations have just experienced a 30-year period of economic growth and stable inflation, often referred to as the Great Moderation. This has been against a backdrop of global trade and open borders. We are now wrestling with rising temperatures, a global pandemic, war, economic instability, and rising living costs. Inequality is intertwined with all of these challenges, and the need to reduce it has never been more urgent. Racial inequality is a combination of both social and economic disadvantage. A large proportion of Black communities have never participated in the Great Moderation. The disadvantages they have experienced have persisted despite the gains made by other demographics.

To resolve this, six crucial aspects are required:

1. We must quantify the problem. Without this it's difficult to grasp the size of the issue, or even recognize it. Economic inequality is a result of income, credit, education, funding, and access inequality, often referred to as the racial wealth gap. It is the reduction of these, together, that will provide better health, employment, and opportunity outcomes.
2. Governments and public bodies need to put policies in place that establish the foundation for ...