ON the eve of the annual meeting of the world’s political, financial, and business elites in Davos, Switzerland, this week, an international anti-poverty organization Oxfam warned against the growing gap between the very rich and the poor of the world.
The world’s eight richest men, it said, now own as much wealth as the 3.6 billion people who make up half of the world’s population. “It is obscene for so much wealth to be held in the hands of so few men,” Oxfam said. “Inequality is trapping hundreds of millions in poverty; it is fracturing our societies and undermining democracy.”
The result, Oxfam said, has been a worldwide shift to anti-establishment views, highlighted by the British people’s decision to leave the European Union and the election victory of United States President Donald Trump.
The Davos conference – officially the annual meeting of the World Economic Forum – has gathered many of the world’s leaders, including British Prime Minister Theresa May, US Vice President Joe Biden, and Chinese President Xi Jinping, along with some 3,000 international business, government, and other leaders from over 100 countries.
There will be debates and other discussions on such issues as reform of capitalism, globalization, the refugee crisis in the Middle East and Europe, and the continuing threat of global terrorism. Tomorrow, January 20, all eyes are expected to turn to Washington, DC, on the other side of the globe when President Trump takes his oath of office and announces his plans for the nation, many of which will be impacting on the rest of the world.
The growing sense of inequality in the world has also been felt in our own country, which elected a president who stood for change and is now moving mightily to carry out that pledge. We are part of the global wave of disaffection that led to Brexit and President Trump.
The Davos conference will not come up with any official decision. But its participants are leaders in their own countries and may become agents for change on their return from the conference. Our own officials would do well to follow the proceedings and possibly adopt some measures that have been proposed, such as greater investments in public services and jobs, more decent pay for workers, and more equitable taxes.