Ignorer la navigation
It’s Time to Demolish the Myth of Trickle-Down Economics
Article

It’s Time to Demolish the Myth of Trickle-Down Economics


résumé audio créé automatiquement
résumé audio créé automatiquement

Editorial Rating

8

Qualities

  • Scientific
  • Eye Opening
  • Background

Recommendation

The richest 1% of the world’s population now possesses more wealth than the remaining 99%. This milestone underscores the yawning chasm between the rich and the poor. Income inequality is destined to continue unless government policies and tax laws change, according to Oxfam’s Max Lawson. The evidence he presents will strengthen the arguments of those who rail against the wealth gap, and his thesis is powerful enough to win a few converts from among those who believe the issue is overblown. getAbstract recommends Lawson’s enlightening article to executives, economists and anyone interested in the worldwide impacts of the extreme wealth disparity.

Take-Aways

  • Since 2000, the poorest 50% of the world’s population has captured just 1% of the increase in global wealth, while the top 1% of the population has captured 50%.
  • Though the number of people living in extreme poverty fell by half between 1990 and 2010, the reduction would have been more significant if inequality had not grown.
  • The migration of wealth toward capital rather than labor is one critical reason for the expanding income gap. Workers are receiving a diminishing share of national income as the wealthy squirrel away capital and watch it grow.

About the Author

Max Lawson is head of advocacy and public policy at Oxfam Great Britain.