Rising Inequality: A Cause of Concern

The whole world needs to be worried about the wealth concentration in a few hands. Every measure of inequality across the world is indicating towards it and it has turn to be almost universal truth today by every institution Oxfam or others. 

Rising inequality is cause of concern but such concentration and accumulation of wealth in few hands at the end day would undermine the democracy and democracy over time will turn into oligocracy in which only a few will remain important. Rest would not matter. 

If we look at India, it is advancing in that direction whether its politics or business. Political opportunities for common man are so limited. So is the case with the businesses. Whole society is finding a new order decided by the wealth which is recreating new classes and perhaps new castes in very long term. It paints a scaring picture. 

Governments across world have very limited choices considering the political system in operations. So the political class is in tendency of ignoring this than addressing to. If this continues for long time, it will distort the whole social, economic and political system. And conditions would again reach to the situations prior to French Revolution in Europe. 

Though for many it looks to be pessimistic but it offers an opportunity to re-look the development models and economic policies and come up with customized development models which are local in nature but accept the new realities of global connectedness.

These days I see that being anti-globalist is a new fave but for WTO this is a challenge as well as opportunity. But for that we need to have a holistic view.

No comments:

Post a Comment