It was easy to blame the 2008 global financial crisis on greedy bankers, irresponsible regulators and lackadaisical government officials. These convenient scapegoats were obvious targets and politicians could take popular measures to punish the ‘villains’. However, the true source of the crisis lay beyond these individuals, for all their faults. An important part of the story was widespread and systemic inequity.

Equity, policy space and strong institutions contribute to macroeconomic resilience, and the strengthening of these three key ingredients for economic health should be tailored to a nation’s specific political, economic and social context.