Height of Global Inequality!
A very shocking report is published by Oxfam which reports that: a tiny group of 85 richest people own as much as 3.5 billion poor! wtf.Some points of the study can be used in essays, answers regarding global inequality, poverty or to point out failure of democracy, taxation policies.
Important Points for essays
a) Wealthy groups have co-opted political power, thus undermining democracy in a country including India. This group then create rules which is in favor of those having high income.
b) Since the late 1970s tax rates for rich have fallen. In last 25 yrs wealth have concentrated even more in the hands of few families. Around 1% of rich families own around 50% of wealth.
c) In India since last decade no. of billionaires have increased tenfold thanks to 'highly regressive tax structure' & 'political connections'.
All this bends the rules of economic game in favor of fittest group. In the end rich are getting richer & poor are becoming even more poor. Govt spending on poor is low.
Some of the policies in favor of rich are: Tax havens & secrecy, financial deregulation, anti-competitive business practices & cuts in public spending.