Oxfam report says India’s richest 1% own more than 40% of the total wealth of nation. The top 1% holds more wealth than the whole world combined. This seems to be only a number for common people but it has sound effects on people life on the ground.
If you look at the world now, super riches are getting more richer day by day, and poor people facing poverty, joblessness, health issues around the world. Worldwide call for new taxing for super rich is rising.
Oxfam
Oxfam is confederation of 21 independent charitable organisation for global poverty alleviation founded in 1942 led by oxfam international.
One Time Tax On Super Rich
Last year, when world was facing pandemic, wealth of 10 super rich doubled. Oxfam was calling for one time tax on super rich to fund number of causes including vaccine production. Oxfam says one time 99% tax on these 10 super rich could bring 800 bn dollars which can be used for vaccine production and other social programmes.
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World Riches Threaten Democracy
A report says that half of the world’s wealth is owned by 85 people. Oxfam estimates that these people possess $1.7 trillion, that is equal to 3 and half billion poorest people combined.
They aid and fund the nation’s elections, thats how they have good relations with lawmakers. They have good influence on infrastructure development projects and social schemes. This is quite opposite to what we have taught about democracy.
Crony Capitalism
We have heard about crony capitalism in parlimentary debate, that govt officials are favouring some buiness leaders in the country, but no govt is able to solve this problems. In fact the business groups are so powerfull that no one in the govt want to dissociate himself from them.
What Does The Term “Crony Capitalism” Mean?
Crony capitalism refers to a form of capitalism where the rule of law and the free market are subordinated to the relationship between the political and economic classes. A company’s prosperity is reliant on the government’s partiality, which takes the shape of subsidies, tax cuts, the distribution of legal permissions, prefixed bids, pro-businessmen laws, and other advantageous incentives.
Crony capitalism will lead to more economic inequality in the country. Social and economic inequality will widen the gap between rich and poor. Hunger, joblessness and health issues of the poors will be worsen year after years. Hope there will be less economic disparity, hunger problem around the world in coming days.
