 Over the last 30 years. Over the last 30 years? In the last 30 years. Over the last 30 years. A lot of the approach we've taken as economists and statisticians to measuring poverty has kind of missed or put little weight on what's happening to the poorest of the poor. We're seeing dramatic reduction in poverty globally in the incidence of poverty and the numbers of poor. And this is fantastic. It's accelerated since the new millennium. But what we're not seeing is a lifting of the floor. In other words, the poorest are being left behind. We're seeing fewer people living near the floor. The floor, the lowest level of living in society, but people are still living at that level. If you go back to the mid-19th century, you found poverty levels in today's rich world, including in Finland today, which was similar to say Africa today. It was just as poor as Africa is today. It's the best of our knowledge. But the process of escaping poverty in today's rich world was quite different to what we're seeing in the developing world. And this is one of the important differences. The pace of reducing numbers of poor was actually slower in the rich world that we're seeing in the developing world. The developing world is accelerating in terms of numbers of poor is falling rapidly. But a big difference is in the today's rich world that we're more successful at raising the floor through social policies in particular. The developing world has still got a big challenge going forward in developing social policies that are fully inclusive, including reaching the poorest. Poverty is not just about nicely targeted cash transfer programs. They can be an important part of the story, but there's a broad set of policies. China, for example, has made enormous progress in reducing poverty. In human history, we've not seen anything comparable. But China didn't just do it through targeted cash transfers. In fact, they've played very little role. It did it through a broad sweep of economy-wide reforms, openness in the economy, policies that encouraged investment, policies that made markets work better, including for poor people. That's crucial, giving them better access to land, credit, making the labour markets more efficient from the point of view of access to jobs for poor people. These things are crucial. Social protection and transfers are definitely part of the story. Don't ever neglect that, but there are many parts of the story. And better understanding of all of those dimensions of policy must be the highest priority. Over the next 30 years. Over the next 30 years. Over the next 80 years. Over the next 30 years, a big challenge for the developing world is going to assure that the state has the capacity to fight poverty. The ability to implement effective policies is a huge constraint on effective anti-poverty policies. One of the cruel ironies of fighting poverty is harder to do it in poor places. That's why they're poor. It's both capabilities of administrations and it's political will. But it's both of these things. Political will in the absence of state capacity is symbolic interventionism. You need that state capacity and that's the thing that's lacking the most across the developing world today.