The power of people against poverty
A world where more new billionaires have been created in a year than ever before shows signs of economic sickness rather than health.
New estimates show that just eight men own the same wealth as the poorest half of the world. As growth benefits the richest, the rest of society – especially the poorest – suffers. Our economy must stop excessively rewarding those at the top and start working for all people.
The annual Forbes rich list released today highlighted a slight downturn in fortunes of the rich elite but huge global inequalities remain.
Extreme wealth evokes images of both deserving entrepreneurs and fat cats. This paper explores whether the meritocracy argument stands up as a defence of extreme wealth.