Status of Asset Building Worldwide

Asset building has the potential to influence and reshape a wide range of social and economic policy debates around the world—but presently there is little trans-Atlantic or global dialogue on the issue. In Europe, for example, debates about social insurance, fiscal policy, pension reform, social exclusion, poverty reduction, and expanding Europe’s middle class are largely devoid of the assets perspective. In the U.S., and to some extent Europe and Australia, we could be approaching a “tipping point” around the importance of fostering “ownership societies” but that promising framework risks being co-opted by advocates of policies that would further asset ownership for those who already own a lot. In developing countries asset building strongly intersects with microfinance initiatives, the “sustainable livelihoods” framework, and with discussions related to the seminal works of Amartya Sen and Hernando DeSoto—yet there have been only a few opportunities for systematic discussion, learning, and collaboration. Pervading many policy debates in nations across the world is an unmistakable trend toward the use of individual asset accounts to achieve a broad range of domestic policy goals. This trend presents both risks and opportunities, but the trend is barely recognized in discussions of social policy.

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