Who Really Gains in our Western-Style Economies?
We’ve been hearing for a while now that the rich are getting richer at the expense of the poor. In the USA Robert Lieberman made the following comment a couple of years ago,
“This is what the political scientists Jacob Hacker and Paul Pierson call the “winner-take-all economy.” It is not a picture of a healthy society. Such a level of economic inequality, not seen in the United States since the eve of the Great Depression, bespeaks a political economy in which the financial rewards are increasingly concentrated among a tiny elite and whose risks are borne by an increasingly exposed and unprotected middle class.” Read more: www.foreignaffairs.com/reviews/review-essay/2011-01-01/why-rich-are-getting-richer
Increasing inequality in Australia has also been highlighted recently but the latest report from Oxfam should have us all thinking…. Just 62 people in the whole world have as much wealth as poorest half of the world’s population! The richest 62 people have seen their wealth grow by a staggering 44% in just the last 5 years.
“The big winners in our global economy are those at the top. Our economic system is heavily skewed in their favour. Far from trickling down, income and wealth are instead being sucked upwards at an alarming rate,” the report stated.
Another eye-opener refers to a Credit Suisse study that revealed the richest 1 per cent now have more than the rest of the world. This occurred a year earlier than predicted.
The world really does need to do something about tax avoidance by multi-nationals and the super-rich.
Read more: http://www.smh.com.au/business/the-economy/sixtytwo-people-have-the-same-amount-of-wealth-as-half-the-world-says-oxfam-20160116-gm7h6y#ixzz3xecOHK6i
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