It seems that one of the most important topic at World Economic Forum, last week in Davos, was the trend of increasing disparity on the job front, and the need to provide a fair work environment for women and minorities. The political leaders, who gathered at World Economic Forum in Davos, also focused on jobs in danger of being displaced by technology, but they didn't mention the very big disparities in global wealth and global income.
In a report published last week, an international confederation of twenty NGO working to end the injustices that cause poverty, Oxfam International (www.oxfam.org), said that the 82% of the global wealth generated in 2017 went in the most wealthy 1% of the population. Although the World Economic Forum participants announced a target of one million workers over the next three years, we have no choice but to raise tax on richest people in the aim to finance job transition opportunities, new tech-reskilling, education, healthcare, transport services, and so on. What we need to be done, first of all, is to ensure that the richest 1% of world population stop using the global political establishment to further advance its own economic agenda.
A few years ago a French economist, Thomas Piketty, said in his book that as long as the return on capital is bigger than the economy's growth, we will continue to claim that wealth disparity is on the rise. In this prerspective, an apparently small gap between the return on capital and rate of growth can on the long run have powerful and destabilizing effects on the structure and dynamics of social inequality.
A few years ago a French economist, Thomas Piketty, said in his book that as long as the return on capital is bigger than the economy's growth, we will continue to claim that wealth disparity is on the rise. In this prerspective, an apparently small gap between the return on capital and rate of growth can on the long run have powerful and destabilizing effects on the structure and dynamics of social inequality.
So, if global political leaders shared the need to reform the financial system, the new wealth wouldn't continue to go to the pockets of the richest 1% of world population. Actually, a progressive tax on capital and income would be a good response to the problem of private capital and its return. A progressive levy on individual wealth would reassert control over capitalism in the name of the general interest while relying on the forces of private property and competition.
Unfortunately, with election of President Trump we have heard very clearly that the US will go backwards on all regulations, all rules, and all tax policies: if richest people become richer, the middle class will disappear. And When super-riches grow unchecked, no one wins, not even the super-rich themselves, in the long run.
P.S.: according to global inequality report, Jeff Besoz is the world's richest man with a fortune of $ 100 Billion, and only one out of ten of the world's billionaires are women.
Unfortunately, with election of President Trump we have heard very clearly that the US will go backwards on all regulations, all rules, and all tax policies: if richest people become richer, the middle class will disappear. And When super-riches grow unchecked, no one wins, not even the super-rich themselves, in the long run.
P.S.: according to global inequality report, Jeff Besoz is the world's richest man with a fortune of $ 100 Billion, and only one out of ten of the world's billionaires are women.
No comments:
Post a Comment