The Asian middle class and the global 1pc have seen the biggest gains so far from globalisation, with their real incomes rising between approximately 60pc and 75pc between 1988 and 2008, according to a recent study by Christoph Lakner and Branko Milanovic published in The World Bank Economic Review. The lower and middle classes in the West have fared the worst, with their incomes rising at most by a little less than 10pc.

Published in Dawn, Business & Finance weekly, January 23rd, 2017