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Thread: Why income/wealth equality is getting worse

  1. #191
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    Default Re: Why income/wealth equality is getting worse

    8 men on earth own as much as half the world's population?

    Is that true?

    Which 8 men and how is that calculated?
    Sunlight is the best disinfectant.

  2. #192
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    Default Re: Why income/wealth equality is getting worse

    Quote pipbarber said View Post
    8 men on earth own as much as half the world's population?

    Is that true?

    Which 8 men and how is that calculated?
    https://www.oxfam.org/en/pressroom/p...lth-half-world

    “It is obscene for so much wealth to be held in the hands of so few when 1 in 10 people survive on less than $2 a day. Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.

    “Across the world, people are being left behind. Their wages are stagnating yet corporate bosses take home million dollar bonuses; their health and education services are cut while corporations and the super-rich dodge their taxes; their voices are ignored as governments sing to the tune of big business and a wealthy elite.”

    Oxfam’s report shows how our broken economies are funnelling wealth to a rich elite at the expense of the poorest in society, the majority of whom are women. The richest are accumulating wealth at such an astonishing rate that the world could see its first trillionaire in just 25 years. To put this figure in perspective – you would need to spend $1 million every day for 2738 years to spend $1 trillion.

    Public anger with inequality is already creating political shockwaves across the globe. Inequality has been cited as a significant factor in the election of Donald Trump in the US, the election of President Duterte in the Philippines, and Brexit in the UK.

    Seven out of 10 people live in a country that has seen a rise in inequality in the last 30 years. Between 1988 and 2011 the incomes of the poorest 10 percent increased by just $65 per person, while the incomes of the richest 1 percent grew by $11,800 per person – 182 times as much.

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  4. #193
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    Default Re: Why income/wealth equality is getting worse

    Not sure if I mentioned it and apologies if I did. Recommend you (this is to say those who have Netflix) watch Saving Capitalism.
    The less people know, the more stubbornly they know it. (Osho)

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  6. #194
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    Default Re: Why income/wealth equality is getting worse

    We imagine and are taught that we live in and are supported by nations and economies. The reality is that we live in an ecological biological system. The economy and the nation states simply set up and establish the pecking order. It is something like a bird colony where the members fight over prime nesting sites, with the losers having to make do with none at all or substandard sites where the risk of death for them or the chick is higher. But human society goes further and establishes a rule of law that a single bird family may take over half of the colony and all the prime nest sites, and have the rest of the birds take time off their own family and hunting duties, to tidy up the "yard" of the new "owner". This is called "employment", or in the language of modern politics, "jobs jobs jobs". The new owner can then "pay" some of the favoured birds whom he chooses to employ to dig holes and fill them in, or to preen him, and reward them with finances to buy a better nest site, slightly higher up on the pecking order.
    But there is also an element of the elephant seal colony as well. The males squibble for economic dominance and express that dominance through access to extra females through access to females who have to sell sexual services in order to gain access to the necessary resources for day to day survival.
    "I'm an ape, I'm an African ape and I'm proud of it, and you should be too". Richard Dawkins

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  8. #195
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    Default Re: Why income/wealth equality is getting worse

    UBI: Meanwhile, in bonnie Scotland...

    Universal basic income is, according to its many and various supporters, an idea whose time has come. The deceptively simple notion of offering every citizen a regular payment without means testing or requiring them to work for it has backers as disparate as Mark Zuckerberg, Stephen Hawking, Caroline Lucas and Richard Branson. Ed Miliband chose the concept to launch his ideas podcast Reasons to be Cheerful in the autumn.

    But it is in Scotland that four councils face the task of turning basic income from a utopian fantasy to contemporary reality as they build the first pilot schemes in the UK, with the support of a £250,000 grant announced by the Scottish government last month and the explicit support of Nicola Sturgeon.
    * * *
    In Scotland, a country wearily familiar with divisions of a constitutional nature, the concept of a basic income is almost unique in enjoying multi-party favour. Across the four areas currently designing basic income pilots – Glasgow, Edinburgh, Fife and North Ayrshire – the projects have variously been championed by Labour, SNP, Green and, in one case, Conservative councillors.

    Matt Kerr, who has tirelessly lobbied for the idea through Glasgow city council, said: “Reactions to basic income have not split along the usual left/right party lines. Some people to the left of the Labour party think that it undermines the role of trade unions and others take the opposite view. But there should be room for scepticism; you need that to get the right policy.”

    Advocates are aware such unity of purpose is precious and worth preserving. “The danger is that this falls into party blocks,” said Kerr. “If people can unite around having a curiosity about [it] then I’m happy with that. But having the first minister on board has done us no harm at all.”
    Whole Story @ Source
    EJB

    I’m not one of the dead ones yet. - Ms Fishie.


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  10. 26th December 2017, 10:53 PM

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  11. #196
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    Default Re: Why income/wealth equality is getting worse

    This pic is worth a thousand word, or a few billion dollars.

    ARTICLE
    Attached Images Attached Images
    EJB

    I’m not one of the dead ones yet. - Ms Fishie.


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  13. #197
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    Default Re: Why income/wealth equality is getting worse

    Quote The Irreverent Mr Black said View Post
    This pic is worth a thousand word, or a few billion dollars.

    ARTICLE
    I hope I am reading this wrong, or making the wrong interpretation. Does this graph tell us that Oz is the third most corrupt nation on Earth? Somehow that does not surprise me.
    Just stick to the idea that science tests falsifiable hypotheses to destruction.

  14. #198
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    Default Re: Why income/wealth equality is getting worse

    Quote Darwinsbulldog said View Post
    I hope I am reading this wrong, or making the wrong interpretation. Does this graph tell us that Oz is the third most corrupt nation on Earth? Somehow that does not surprise me.

    No, I think it tells us that one of the few ways to amass billions in Australia is through politics, whereas in other large economies there are other ways. Industry, which we have precious little of, no car makers, no ship makers to speak of, no heavy industry really. Technology, the computer designers and makers, silicon valley, chip fabs, we have nothing effectively. Renewable power, we have the material, we have the resources, we don't have the support to make solar panels of our own.


    Basically as an economy that generates money we suck big time, ours doesn't, only in the dig it up and ship it overseas sector do we get anywhere, and that's all controlled by a couple of companies. So politics contributes an inordinate amount to our ability to generate billionaires compared to other economies.


    Other countries may have way more corrupt systems than us but appear lower on the graph because the number of billionaires generated by other aspects of their economy are comparatively much higher than ours.


    In other word that graph only gives us a comparative value, not an absolute value.
    Last edited by stevebrooks; 15th January 2018 at 01:45 PM.
    From the mouth of a seven year old: "When you're you're dead, you don't go anywhere!"

  15. #199
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    Default Re: Why income/wealth equality is getting worse

    I have now read the first 144 pages, new Introduction and the 4 new chapters of Globalisation and its Discontents Revisited, Joseph E Stiglitz, 2018, 2002. There is an Afterword.

    Stiglitz won the Nobel Prize for Economics. This latest book has sold well over a million copies. He teaches at Columbia.

    Economics requires Kahneman's fictitious System 2 thinking modus operandi. I need a dictionary of economic terms. I really ought to reread Stiglitz. It is good to read this after Kahneman. I'm just a plodder myself.

    He explains why America now has the Trumpocracy and Britain Brexit. I have no need or desire to read Fire and Fury. That Trump would turn the White House and the US Republican Government into Babel was only to be expected. Trump is the catalyst for chaos though he changes the reaction and its product hugely. The Wrecker.

    Stiglitz talks about nukes, those tax havens with the trillions secreted away and much besides, a giant of a book.

    He explains economics. Deglobalisation isn't realistic, nor would it be the solution. Trump's America First doctrine is utterly wrongheaded. He's clueless, not even wrong. That will seriously hurt America, especially the Trump base and the world, particularly developing countries even worse once again. The US gave us the agony of the GFC though Australia escaped by mining and exporting our resources and expedient fiscal policy.

    China won't buy this protectionism jive anyway. It now has the largest economy.

    Stiglitz argues for how globalisation and corporate restructuring, regulation, proper taxation can redound to addressing the obscene inequality in income distribution within the US and between developed and developing countries, apart from Scandinavia, the preserve of sanity.

    The middle of the book is the full original title 2002 focussed on the consequences of globalisation as it has been mismanaged, the tool of corporate greed, for developing countries implicated in 'free trade' deals utterly biased in corporate America's favour.

    Stiglitz shows how Adam Smith's 'trickle-down' economics doesn't happen, as Marx observed, actually. Democrats still believe in this happy myth. Bernie Sanders doesn't.

    Stiglitz believes in GDP growth and full employment.

    I think the 'P' word in developing countries is sort of undiscussable. Africa's population is exploding. Stiglitz advocates for free universal higher education.

    The situation certainly looks bleak but he outlines the real remedy for a flourishing future for the world, with independent international oversight of corporate behaviour and government policy in advancing their interests. It's really a manifesto. He's the expert on globalisation economics and ethics.

    The Book Depository, UK. Not Amazon.
    https://www.google.com.au/search?q=g...isited&ie=&oe=
    Last edited by Strato; 17th January 2018 at 01:43 AM.
    Wars begin in the minds of men.
    The UNESCO motto, in Enlightenment Now, the Case for Reason, Science, Humanism and Progress, Steven Pinker, 2018.

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  17. #200
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    Default Re: Why income/wealth equality is getting worse

    Thanks for a fine review, Strato.

    One quibble: Amazon bought Book Depository in 2011.
    EJB

    I’m not one of the dead ones yet. - Ms Fishie.


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