This work discusses the concept of equity, which is one of the main principles in the formulation of educational policies in Brazil, particularly since the 1990s. Since the 1970s, multilateral bodies have influenced the governments of developing countries, by offering financial resources for investment in educational policies and assistance in the formulation of those policies with the aim, according to their documents, of contributing to decreasing poverty levels around the world. In the creation of these policies, the concept of equality, which is present in classical liberalism, was replaced by the category of equity, apparently expressing what neoliberals understand as being appropriate for human societies. However, the term chosen assumes multiple meanings, forming part of the discourse of the progressives as well as that of the neoliberals, therefore it could generate, if applied, opposite results. Reduced to the "equal opportunities" as the World Bank would have it, the concept of equity limits the scope of social policies, which should serve as an instrument, first and foremost, for the distribution of wealth produced by the capitalist society, and together with the educational proposals, enable more equal living conditions.