The latest report of Oxfam is a testimony to the argument that capitalism in its present form –neoliberal capitalism– has created havoc in lives of billions of people. The report reveals that the wealthiest 1 % raked in 82 % of the total wealth generated in the year 2017. The half of the global population which is 3.7 billion people and who make up the poorest of the world gained nothing, the report suggests.
Though it is true that compared to the past the living standard of a majority of people has improved as far as access to public services, protection against diseases, two times meal a day are concerned. However, the inequality has increased disproportionately.
The significant chunk of annual global wealth goes to the pocket of the 1% because most states have adopted policies of deregulating the market. The countries have stopped the practice of protecting their populations against corporate greed. To accelerate the market growth tax cuts were introduced in the market – most recently by the US Congress – which ultimately doesn’t benefit ordinary people but the corporations and super-rich.
Moreover, the rhetoric that globalisation will bring in better life opportunities for everyone is yet to materialise. Rather, the process of globalisation has contributed to the global inequality. The inequality is not only on display in third world countries, but it is also manifesting itself with full might in highly developed countries like America.
The economies of the states nowadays are not benefitting all. Instead, a handful people enjoy all the benefits of the globalisation. Nothing other than the ongoing famine in the Democratic Republic of Congo explains the global inequality more bluntly where according to the United Nations’ agency World Food Program more than 3 million people are suffering from starvation.
The report holds nothing new by the way. Critics of the present form of economic policies that the governments are pursuing have already mentioned many a time how the system is tweaked in favor of the corporations and billionaires at the expanse of the majority of the people. No regard for human rights is shown when it comes to profit making. It’s hard to refute what the Executive Director of Oxfam, Winnie Byanyima, said, “The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system.”