What is common between these recent events? The Philippines’ presidential election in May, when Filipinos overwhelmingly rejected the choice of the country’s elite; the vote for Brexit in the UK in June, with London’s clear preference to stay in the EU overruled by the country as whole; and the Donald Trump phenomenon in the US, where an unlikely candidate with no political experience and with unconventional ideas is drawing a huge following.

In all three countries, as in many other countries across the world, the vast majority feels left out of the benefits of economic growth, causing resentment against the established system which is perceived to be unfairly supporting a small number of ‘insiders’.

Inequalities are growing, in countries both in the developing and the developed world. That is what economist Branko Milanovic’s famous graph depicts.

If you use your imagination, it looks like a happy elephant with a raised trunk.