in 1961 to 0. 36 in 2008 in the uk, and from 0. 39 to 0. 46 over the same period in the us, according to data collected by atkinson and morelli ( 2014 ). those data show this to be a common pattern across many advanced economies. in emerging markets, gini coefficients remain high relative to the average for oecd countries, and rose between the 1990s and 2000s for india, china and the russian federation, though falling for brazil ( oecd, 2011a ). the share of income received by the top 1 per cent of the population has also risen since the 1980s across many industrialised countries, including australia, canada, the united kingdom and the united states ( atkinson and morelli, 2014 ). see autor, katz and krueger ( 1998 ) and autor, katz and kearney ( 2008 ). for example the last 60 years have seen us returns to education rise despite a large increase in the supply of more educated workers. and there is evidence that increases in the employment of more skilled workers between the 1970s and the 1990s were greater in more computer intensive industries. bis central bankers ’ speeches now is the time to be famous or fortunate. there is also disturbing evidence that equality of opportunity has fallen, with the potential to reinforce cultural and economic divides. for example, social mobility has declined in the us undercutting the sense of fairness at the heart of american society. 7 intergenerational equity is similarly strained across the advanced world. social welfare systems designed and enjoyed by previous generations may prove, absent reform, unaffordable for future ones. 8 and environmental degradation remains unaddressed, a tragic embarrassment now seldom mentioned in either polite society or at the g20. to maintain the balance of an inclusive social contract, it is necessary to recognise the importance of values and beliefs in economic life. economic and political philosophers from adam smith ( 1759 ) to hayek ( 1960 ) have long recognised that beliefs are part of inherited social capital, which provides the social framework for the free market. social capital refers to the links, shared values and beliefs in a society which encourage individuals not only to take responsibility for themselves and their families but also to trust each other and work collaboratively to support each other. 9 so what values and beliefs are the foundations of inclusive capitalism? 10 clearly to succeed in the global economy, dynamism is essential. to align incentives across generations, a long - term perspective is required. for markets to

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