An Oxfam report, timed for the elites’ WEF meeting at the Alpine ski resort, is calling on the obscenely rich at the forum to get serious about inequality. The confederation of charitable organisations working on the alleviation of global poverty says extreme poverty is out of control. And it has evidence aplenty.
Is a fairer world possible? Yes, but first something has got to be done to capitalism, the elephant in the room. It is time for the economists, especially the liberal variety, to come to their senses. There is more than one way to do economics. As Michael Jacobs and Mariana Mazzucato put it in, the financial crash of 2008, and the long recession and slow recovery which followed, have provided the most obvious evidence that Western capitalism is no longer working.
Now we are into the third decade of the 21st century, and the verdict hasn’t changed much. In a poll conducted by United States communications company Edelman, 56 per cent of people around the world say capitalism, as it exists today, does more harm than good. Capitalism is under fire: sensing injustice in the economic model, 73 per cent of those surveyed by the company for the 2020 Edelman Trust Barometer Global Report want to see capitalism changed.
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