Wealth Inequality

“Today’s high levels of wealth inequality are not inevitable, they are a political choice”  – The Independent 

In 2017 more than 70 percent of the world’s adults own under $10,000 in wealth. This 70.1 percent of the world holds only 3 percent of global wealth. The world’s wealthiest individuals, those owning over $100,000 in assets, total only 8.6 percent of the global population but own 85.6 percent of global wealth.

Inequality.Org

This disparity creates a clear ethical dilemma summarised by Thomas Pogge in the clip below.

 

 

Thomas Pogge “Ending Poverty”  – 18th December 2012– MIT Technology Review: 21st October 2017

One prominent figure seeking a solution to this dilemma is French philosopher Thomas Piketty. In this next video he describes the thesis of his book Capital in the 21st century and details his belief in the need for a progressive global tax on wealth assets.

 

“we can make progress if we have a more pragmatic approach to this question”

Thomas Piketty “New Thoughts on Capital in the Twenty-First Century” – June 2014

 “Is the creativity and productivity of places like Silicon Valley threatened by a future that favours the fortunes of the very rich over the ambitions of the many?”

 – The Independent: 18th February 2018 

Whether you believe in Piketty’s proposed solution or not, wealth inequality is current concern and an impending disaster. As the gap between rich and poor widens due to the advent of productive automated technologies, pressure is sure to build on those whom refuse to adapt to the realities of wealth inequality.

Image Courtesy of Inequality.Org

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