SoylentNews

Only 1% of World's Population Grabbed 82% of all 2017 Wealth

posted by martyb on Saturday January 27 2018, @12:43PM   
from the I-got-mine!-And-Yours.-And-Yours.-Annnnnd-yours,-too. dept.

canopic jug writes:

The 1% grabbed 82% of all wealth created in 2017

More than $8 of every $10 of wealth created last year went to the richest 1%.

That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth.

Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work.

"The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system," said Winnie Byanyima, executive director of Oxfam International.

---

Original Submission

• ''failures being paid as if they weren't'' (Score: 0) by Anonymous Coward on Saturday January 27 2018, @11:38PM

  by Anonymous Coward on Saturday January 27 2018, @11:38PM (#629211)

  If The Workers were the ones deciding how the company's money should be used, I'm quite certain that that wouldn't happen.
  OTOH, as sjames notes, Capitalist boards of directors are circle-jerks of other CEOs.

  Germany gets this closer to right WRT their corporations over a certain size:
  Half of the board is selected by The Workers.
  If USA is going to remain Capitalist, it could do a lot worse[1] than taking cues from Germany.

  Even smarter is Italy's Marcora Law. [google.com]
  That empowers workers who have been idled by boom-and-bust Capitalists to form worker-owned cooperatives.
  At last count, the region of Emilia-Romagna in northern Italy had 8300 of those co-ops, accounting for about a third of the economy there.

  [1] With stock buy-backs and an ever-increasing gulf between exec compensation and worker compensation, with no/little actual investment in production capability, it's hard to imagine how USAian corporations could be doing worse.

  -- OriginalOwner_ [soylentnews.org]

  Parent