“When all the new wealth goes to the wealthy and the super-wealthy, resentment is inevitable.”

In a candid conversation with India House, Nobel Laureate Abhijit Banerjee reflects on the forces shaping populism and democracy in the U.S. and India.

In the U.S., he points out how real wages for the median worker did not rise from 1980 to 2020—a stunning reality that fuels anger and mistrust.

In India, he highlights a different challenge: aspirations are rising faster than economic opportunities. People long for good jobs and a better life, but when promises remain unfulfilled, politics often turns to narratives of national greatness—which can also trigger division.

Banerjee’s insights cut to the heart of today’s political landscape: people want something to hold on to—and what they are being offered is greatness.

Watch this powerful discussion on inequality, aspirations, and the politics of greatness.