shared prosperity

Syllable breakdown

Dictionary meaning

an idiom and policy concept describing a vision of economic development in which the gains from growth are widely distributed across society rather than captured by a narrow wealthy elite, reflecting both an efficiency argument — that broad-based prosperity enables sustainable growth by maintaining consumer demand and social cohesion — and an equity argument — that the benefits of economic activity belong to all who contribute to it through their labour, knowledge, and social participation; the World Bank adopted shared prosperity as an explicit corporate goal in 2013, alongside poverty reduction, committing to track the income growth of the bottom forty percent of the population in each country as a key measure of development success; the concept connects to longstanding debates in political economy about the relationship between growth and distribution, contesting the view that inequality is a necessary price of rapid growth and arguing instead that equity and efficiency can be complementary rather than competing objectives in well-designed development strategies