30 January 2017
The new Oxfam Briefing
Paper (
An Economy for the 99%) is out. The briefing
paper was launched during the World Economic Forum last week. Some of you might
remember last year's paper that spoke about growing inequality in the world,
with half the the increase of wealth since the year 2000 going to the top 1% of
the population, and only 1% of that growth going to the bottom half. At that
time, 62 billionaires owned more wealth than the bottom half of humanity (3.6
billion people).
This year's paper has estimated that number to be down to just 8
billionaires. This new estimate is due to new methodology and data showing that
poverty in India and China is worse than was thought last year. There is some
debate on the methodology used to calculate the estimates. However, it is
important to note that the gist of the report is very valid. Growing inequality
threatens to pull societies apart, increase social tension, paranoia, crime and
violence. We can already see signs of this all over the world. In addition, the
global citizenry cannot accept an economy that serves a dangerous minority
while at the same time ruining the conditions that we need to survive (we have
crossed planetary boundary thresholds vital to survival of life on our planet).
According to the report, in a country like Vietnam, the country's richest man
earns more in a day than the poorest person earns in 10 years. In Namibia
we are no different; our inequality gap is increasing, putting us on the map as
one of the most unequal societies in the world.
The report states that 'from Brexit to the success of Donald Trump's
presidential campaign, a worrying rise in racism and the widespread disillusionment
with mainstream politics, there are increasing signs that more and more people
in rich countries are no longer willing to tolerate the status quo. Why would
they, when experience suggests that what it delivers is wage stagnation,
insecure jobs and widening gap between the haves and the have-nots? The
challenge is to build a positive alternative - not one that increases
divisions.'
The report claims that the current economy, that has been set up for the 1%, is
built on six key false assumptions which keep driving us further into
inequality. One of the solutions that they propose (which forms part of a
system of inter-connected solutions) is to 'humanize the economy'. What
improves life quality for all? What would an equal society look like? What kind
of technology would we demand, and what energy would we use? The report
makes a few suggestions towards this transition, but each of us have a role to
play in joining hands to make it work. Please follow the link to the
report to find out more.
(Image Credit: Le Roux van Schalkwyk, Namibia)