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

posted by martyb on Saturday January 27 2018, @12:43PM   Printer-friendly
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.

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  • (Score: 1) by khallow on Sunday January 28 2018, @04:00AM (1 child)

    by khallow (3766) Subscriber Badge on Sunday January 28 2018, @04:00AM (#629318) Journal

    Trying buying a can of beans with just beans inside.

    I count six successful cases in my post alone.

    Now, when 1% has all the chips, who do you think shapes the market?

    They don't. They don't have my labor for starters.

    Yes, capitalists need those barriers to makes those billions, along with a huge military to protect their exclusive property claims. So, how well will capitalism function without those protections?

    Quite well, of course.

    The consumers have every right to use that same government to protect their interests. It's the only way for that other 99% to be heard.

    Or they can just not buy products they don't like.

  • (Score: 1) by fustakrakich on Sunday January 28 2018, @05:57AM

    by fustakrakich (6150) on Sunday January 28 2018, @05:57AM (#629347) Journal

    Or they can just not buy products they don't like.

    You got it backwards. It's about being able to acquire the product a person needs at a reasonable price when there is insufficient market demand. Capitalism does not serve the individual, especially one with little capital. It is driven by a collective called the "market". There is no other word for it. Such as it is, more consumer activism is needed to create a balance or power. The best an individual can hope for is that everybody else goes along. And if they use it, the power of their vote can easily make up for their lack of capital.

    --
    La politica e i criminali sono la stessa cosa..