Technological development resulting in rich-poor gap widening: former UK Financial Service Authority chairman Lord Turner

Lord Adair Turner, former chairman of the UK Financial Service Authority, opined at an economic policy forum co-organised by SMU and the Economic Society of Singapore that although rapid technological advancements have generated continued economic growth, they have also widened the rich-poor gap. This is because technological developments lead to a “winners take all” situation, where the bulk of economic gains are enjoyed by individuals and companies at the forefront of these advancements. Developed countries should thus focus on maintaining steady