"When Swiss tycoons handed Donald Trump a gold bar and a Rolex watch gifts that were followed by a cut in US tariffs it was no diplomatic nicety. It was a reminder of how concentrated wealth seems to buy access and bend policy. It may, alarmingly, become the norm if the global inequality emergency continues. That's the message of the most recent work by the Nobel laureate Joseph Stiglitz."
"His blueprint for change is contained within the G20's first-ever inequality report, endorsed by key European, African and middle-income nations. It warns that the richest 1% captured 41% of all new wealth since 2000, while the bottom half gained just 1%. On average, someone in the global top 1% became $1.3m richer; a person in the poorest half gained $585."
"Wealth concentration far outstrips income concentration, with billionaires' assets worth one-sixth of global GDP. Shockingly, billionaire wealth is rising almost in lockstep with global food insecurity. The report argues that extreme inequality is a policy choice produced by specific economic, political and legal decisions rather than by globalisation or technology. Financial deregulation, weakening labour protections and privatisation all aid rising inequality, as does cutting corporate and top income tax rates."
Concentrated wealth buys access and bends policy, with elite gifts followed by tariff reductions. Global inequality has become a human-made crisis harming politics, society and the planet; 90% of people live under the World Bank's high-inequality threshold. An international analysis finds the richest 1% captured 41% of new wealth since 2000 while the bottom half gained 1%. On average the top 1% became $1.3m richer compared with $585 for the poorest half. Billionaires' assets equal one-sixth of global GDP and are rising alongside mounting food insecurity affecting 2.3 billion people.
Read at www.theguardian.com
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