 The purpose of our panel is to give you a nuanced and multivalent picture of world inequality. On the one hand, looking at the rise of global wealth and rise of the global middle class. On the other, looking at the country level and at some of the challenges and opportunities that is created. So this initial figure just shows you GDP per capita in 1990. You should see a lot of places going from red to orange and some to green, particularly in Asia, also in South America. Really we are in the period of the fastest growth of world incomes and decline of global poverty in world history. An important part of that has to do with China's rise, which has been fabulous for world welfare. Not only has it brought 400 million Chinese out of poverty, it's created wealth in Central and South America, throughout Asia, in Sub-Saharan Africa. Now we're going to show you a picture of the inequality. This is the Gini coefficient. When it's zero, that means everybody in a country has the same income. The wealth is equally divided per capita. If it's 100, it means one person. Now if we roll the clock forward, what you can see is the rise of inequality. So this shows you the two faces of global growth. On the one hand, rising world incomes, rising world middle class, simultaneously rise of within country inequalities throughout most, but not all the world. If women were incorporated and integrated into the labor market, for example, in equal conditions as men, then you will get almost a reduction of poverty from 1 percent to 10 percent depending on the country. Inequality is very inefficient for economy. And it's very inefficient because productivity goes down. If you give these people the opportunity, especially on education, then inequality has to go down. So trade among consenting nations raises GDP in all of them. But what's true for a nation as a whole is not likely to be true for all individuals in that country. Trade is redistributive. Lots of consumers benefited from China's rise. Many falls and prices rise in real standards of living. This is a good thing for America in aggregate. However, the adverse consequences were extremely geographically concentrated. U.S. manufacturing employment fell by 30 percent between 1999 and 2011. That's a remarkable historical fall. And a very important part of that is the rise of China as a major manufacturing competitor. For the United States, this has been very challenging and this shows you the challenging side of globalization. When manufacturing declines, we don't see the rapid reallocation of workers into other sectors. This has a number of adverse consequences. We see other signs of social decay. One of them, particularly dramatic, these are young adult deaths from drug and alcohol abuse. They give you a leading indicator of the type of despair that is likely setting in. Economists and policymakers were complicit in not recognizing these redistributional consequences. And I think that has resulted in a lot of these manifestations of despair and also, of course, political consequences. There's a lot of angry people who feel they've been left behind and understandably so.