Globalisation and the World Trade Organization

In its latest annual report, of which this is an extract, the Productivity Commission responds to current misconceptions about globalisation and the World Trade Organization (WTO). The Commission notes that, among other trends, there has been a five-fold increase in average per capita income over the 20th Century. And, contrary to a widespread perception about growing inequality, the ratio of the average income of people living in the richest fifth and poorest fifth of the world narrowed over the 1990s.