Wealth distribution around the globe has continued to grow and worsen over the past few decades. With the United States is leading the way in wealth inequality, it appears that inequality is actually worse than Americans want or believe it to be.
Many believe that if the poor work hard they will to attain a wealthier, more comfortable status in life. However, they do not realize that the middle class continues to diminish as does the ability to climb out of poverty leaving most forlorn.
How bad is it really?
This video breaks wealth inequality down into more comprehensible numbers showing the wealthiest 300 people earning more wealth than the poorest three billion. In reality the richest 200 people obtain $2.7 trillion which is more than the poorest 3.5 billion who hold $2.2 trillion combined, which is even worse.
Unfair policies and corporate greed:
Neoliberal economic policies have impeded progress in developing countries. These policies created by institutions such as the World Bank, the IMF, and the WTO have given multinational companies free reign and access to cheap land, and labor. Poor countries have lost $500 billion in GDP due to this exploitation according to economist Robert Pollin.
Institutions belie effectiveness of international aid:
Often rich countries praise their generosity professing how much aid they provide to poorer countries. However, most are reluctant to show how much they are draining from these states, excluding methods such as taxes avoidance that cost developing nations $900 billion to corporations.
Change is something we must focus on sooner rather than later. The democratic institution we worked so hard to protect and maintain is no longer effective. It is system plagued with loop holes, corporate greed and venality, not created for the global economy we live in today. New global democratic institutions must begin to take hold to restrict uncontrollable greed, create minimum corporate taxes, and put forth democratic institutions that adhere to and enforce transparency in international trade laws.