Inequality: a growing global threat

23 January 2014

Oxfam published a report on Monday, 20 January 2014, that revealed shocking statistics regarding the ever-growing problem of income inequality.

The report revealed that the wealth of half the world’s population is in the hands of a minority of people: a minority so small that they could comfortably fit on a double-decker bus.

Oxfam are claiming that the inequality is due to groups of wealthy elitists who have “rigged the rules of the economic game” and undermined the concept of democracy, leaving us in a world where wealth is unevenly spread and leaving many in poverty.

However it is not just Oxfam who are worried. In a poll conducted by Research Now on behalf of Oxfam, it was found that a majority of people in various countries are convinced that laws in their country were set out to benefit the minority wealthy elite. The list of countries include UK, Brazil, India, South Africa, Spain and the United States.

Indeed, it seems there is reason for concern, as statistics show that we now live in a world where 85 individuals own half of the world’s wealth. In a bid to find a solution to this growing inequality in developed and developing countries, Oxfam has urged governments to take measures in order to put a stop to this growing trend.

Additionally, they have asked delegates who will be attending the World Economic Forum in Davos to make a six-part personal pledge to tackle this problem.

Winnie Byanyima, Oxfam Executive Director who will attend the Davos meetings, said:

“It is staggering that in the 21st Century, half of the world’s population – that’s three and a half billion people – own no more than a tiny elite whose numbers could all fit comfortably on a double-decker bus.

“We cannot hope to win the fight against poverty without tackling inequality. Widening inequality is creating a vicious circle where wealth and power are increasingly concentrated in the hands of a few, leaving the rest of us to fight over crumbs from the top table.

“In developed and developing countries alike we are increasingly living in a world where the lowest tax rates, the best health and education and the opportunity to influence are being given not just to the rich but also to their children.

“Without a concerted effort to tackle inequality, the cascade of privilege and of disadvantage will continue down the generations. We will soon live in a world where equality of opportunity is just a dream. In too many countries economic growth already amounts to little more than a ‘winner takes all’ windfall for the richest.”

The IER believes that a way to solve the solution of wealth being unevenly spread throughout countries would be through collective bargaining, This would mean that worker’s’ salaries would be increased and would result in them feeling more comfortable spending money on the products and services of local companies and businesses, increasing demand and employment rates. For more information on our Collective Bargaining Manifesto click here
. Additionally the IER are planning a regional tour to promote our collective bargaining proposal so watch this space for more information and dates.