view on globalisation’s discontent: it’s not right for poor countries to fund the rich

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Developing nations have long complained that globalisation has enthroned western currencies in such a way as to subsidise living standards in the rich world. Last year, Brazil, Russia, India, China and South Africa – the Brics – even talked of an alternative common currency to replace the dollar. Wealthy countries, perhaps, think that their ambitious goals for aid defuse arguments over their “exorbitant privilege”. As TS Eliot put it, “between the idea and the reality … falls the shadow”. A paper out last week calculates that the bottom four-fifths of humanity finance the richest fifth to the tune of $660bn...