Critical thinking exercise 5: The gap between the rich and poor widens?
Oxfam have recently claimed that the gap between the super-rich and the rest of the world widened in 2017. Some 82% of money generated in 2017 went to the richest 1% of the population while the poorest half saw no increase. Tax evasion, firms’ influence on pay policy, erosion of workers’ rights and cost cutting are blamed for widening the gap. The world’s eight richest people have as much wealth as the poorest half. Others such as Anthony Reuben at the BBC and Mark Littlewood at the Institute for Economic Affairs disagree with Oxfam.
What do you think? Do your own research and work out what you would believe to be true.
Does it matter that there is a growing gap?
Source: Hope, K. (2018) World’s richest 1% get 82% of the wealth says Oxfam, BBC, available at http://www.bbc.co.uk/news/business-42745853