The immorality of the survival of the richest

The latest report, Survival of the Richest by Oxfam (a British-founded confederation of 21 independent charitable organisations), highlights the perilous issue of the explosion of inequality around the world. The world has been divided into two segments, haves and have-nots. The prevailing tax structure and neoliberal economic policies are just in favour of the tiny elite and cause a polycrisis of hunger, inflation, poverty, inequality, etc for the majority. This results in the elite capture of the political economy, hindering the majority’s social mobility. As the majority is fronting multiple crises, the winners are the tiny elite class in all countries. The impact of Covid-19 is also protuberant after 2020 when the richest one per cent captured almost two-thirds of all new wealth. The billionaires generated $2.7 billion a day, whereas the majority suffered due to increased inflation, poverty, and joblessness during the period. This is an age of crisis for the majority, which shows that global progress in reducing extreme poverty has come to a cessation. The International Monetary Fund forecasts that a third of the global economy will be in recession in 2023, whereas UNDP finds that human development has gone down in nine out of 10 countries.