Income Inequality – A Global Concern
The Elites Have Failed
Martin Wolf writes in The Irish Times that “complex societies rely on their elites to get things, if not right, at least not grotesquely wrong” and today is no different.
He contends the elites failed to adequately handle the financial crisis, as well as the economic and social changes arising from globalization.
“None of these failures matches in any way the follies of 1914. But they are big enough to cause doubts about our elites. The result is the birth of angry populism throughout the West, mostly the xenophobic populism of the right. If elites continue to fail, we will go on watching the rise of angry populists. The elites need to do better. If they do not, rage may overwhelm us all,” he notes.
The inability to deal with a lack of economic and social equality has consequences too, as a new report by the World Economic Forum demonstrates.
The WEF lists income inequality as one of the top risks facing the global community. A lack of access to clean water and an increase in the number of catastrophic weather events also top the WEF’s list.
The rising inequality will be one of the issues up for discussion at the upcoming summit in Davos, which gathers the world’s financial leaders together to address key social and financial issues.