Richest 1% will own more than all the rest by 2016! – Oxfam report states.
The West has had about 300 years to create a more fair world – as it thought of itself as a civilising factor and as the First World, as a model. But it has only made things worse. It has accumulated wealth to itself and elites in allied countries. This articles states that “the explosion in inequality is holding back the fight against global poverty at a time when 1 in 9 people do not have enough to eat and more than a billion people still live on less than $1.25-a-day.”
It is not that long ago, the World Bank told the world that China, in a couple of decades, had uplifted 400 million citizens out of poverty. One must wonder how they could do that in such a short time but world capitalism that has dominated for centuries has not been able – or willing – to do anything similar where it could have done so.
Inequality is a major reason for resources and productivity lost, for wars and for social disintegration. Capitalism as we have known it must come to an end and the traditional science of economy should be scrapped.
