Globalisation has done more good than bad

Inequality is part of progress, as incomes rise at different rates, but we all benefit from cheap goods and 1bn people have been freed from poverty, says Angus Deaton.

Globalisation has become a dirty word. Its critics see it as a conspiracy by elites to enrich themselves at the expense of everyone else.

They say globalisation inexorably increases income and wealth inequality: the rich get richer, and everyone else gets nothing. One bogeyman begets another.