Wealth and income extremes hurt us all.
By Robert Fox, Oxfam Canada executive director
In a briefing note published ahead of the World Economic Forum in Davos this week, Oxfam says it’s time for a commitment to reduce poverty and to curb income extremes when the $240 billion net income in 2012 of the richest 100 billionaires would be enough to make extreme poverty history four times over.
Too often we focus on the symptoms of extreme poverty without looking at the causes. We look at the poor as if they are a problem rather than the consequence of a problem: growing inequality and injustice.
Elites in the north and the south are amassing greater wealth at an astonishing rate while the yawning gap between their privilege and the bleak reality of someone earning $400 a year – which is how low you need to go before you officially qualify as “poor” on this planet – grows wider by the moment.
The political corrosion, ecological damage, economic inefficiency and social injustice of the accelerating concentration of wealth and power are toxic. Action can and must be taken to tackle extreme wealth and its devastating impact. We know what we need to do to reverse this trend. And the first step is to name the problem and begin to rally opposition to this injustice. Only then will governments find the political will to act.
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