PERI researcher Jayati Ghosh and C.P. Chandrasekhar argue that three decades of financial globalization has been devastating for the developing world. It has supported the massive global rise of both asset and income inequality. Still worse, it led to the creation of “emerging markets” to support investment in poor countries. This has undermined development projects and created a relationship in which poor countries supply financial resources to rich ones. Chandrashakar and Ghosh argue that this “is not a bug in the system but a result of how global financial markets have been allowed to function.”