Random Thoughts: gross inequality


Hanl Brown

Staff reporter Aden McClune shares his perspective on various issues in his weekly column, Random Thoughts.

Aden McClune, Staff Reporter

You may have heard recently of the World Inequality Report, which publishes its findings on the economic state of the world every year, usually in December. For 2021, it has been proven that the 3000 richest people in the world have increased their wealth by over $3.6 trillion, and the number of people that have been reduced to abject poverty has increased by over 160 million. The Middle East and North Africa is the most unequal region in the world, while Europe is seemingly the least unequal.

Oxfam have reported that the top 1% of people in the world have accumulated 38% of all additional wealth created since 1990, with “acceleration since 2020.” The bottom 50% have accumulated only 2% of this wealth. The pandemic that has killed 17 million, a global death toll not seen since World War Two, has been very profitable for the capitalist class. Oxfam writes in an MSM article  that “A billionaire has been created every 26 hours since the pandemic began. The world’s 10 richest men have doubled their fortunes, while over 160 million people are projected to have been pushed into poverty.” 

How have so few in the world hoarded so much wealth? According to Oxfam, the answer is clear. “Central banks pumped trillions of dollars to save the economy,” executive director of Oxfam Gabriela Bucher, said in a speech, “yet much of that has ended up lining the pockets of billionaires riding a stock market boom.” That enough is clear. Even CNBC has admitted in October that the top 10% of Americans own 89% of all stocks in the U.S stock market. When countries talk about “relief” to other nations, or even their own, this wealth overwhelmingly flows into the pockets of the ruling class.

It is clear that the world economic system that we currently find ourselves in needs to change if the vast majority of humanity is to survive. This inequality is growing, not shrinking, and you’re foolish if you think it won’t get worse for you in your lifetime, even if you’re currently lucky enough to reside in a “wealthy nation” in the imperial core.