This is how to tackle the poverty gap

Three reports released ahead of the annual World Economic Forum held in Davos, Switzerland, last week, are the latest demonstration that the trickle-down theory conceived by the Washington consensus has failed. This is after the theory was pushed down the throats of the rest of the world.

The Bretton Woods institutions, led by the World Bank and economic experts schooled in elite American and European business schools hold that wealth generated by owners of capital eventually trickles down to owners of labour and the rest of the citizenry. But Bloomberg analysts found out that fortunes of a dozen 2009 Davos attendees have soared even as medium US household wealth has stagnated.