Economic Inequality

Fairness in the World of Economic Inequality

We often gasp at the amount of wealth various entrepreneurs have amassed. News about economic inequality (sometimes known as income inequality) is quite common lately, and so it should be. Slowly but surely, society’s patience is reaching the breaking point and when that happens, chaos ensues.

It is hard not to be shocked when confronted with the knowledge that the accumulated wealth of 42 individuals (no typo, it really is a two-digit number) is greater than that of the poorest half of the world’s population put together. And then there’s that already outdated statistic about the world’s top 1% owning more than the bottom X% (82% as of 2017 and growing).

Is there a reason to rage when these statistics show up? To many, the answer is an obvious “yes”. Indeed, the disparity is staggering, but fury isn’t usually the right attitude to address a problem. There are many factors that contribute to the present state of affairs and we are directly responsible for some of them. Owning up to this is the first step towards improving things.

As I’ll soon show, there are different kinds of “rich and powerful”. Some of these people are highly beneficial for the progress of our species, while others are destroying lives and wrecking our ecosystem, dragging down society by setting the wrong examples.

Printing Money Is Sexy

Printing Money Is Sexy

I love the Internet at times like this. Here’s a beautiful answer to a series of pictures that the elite has shamelessly published online. I never really expect empathy from the likes of those that control financial systems, but this way of launching a “money product” is particularly disgusting. Financial honchos have staged a nonchalant photoshoot as if they were fundraising for orphanages. The online response has been hilarious (while in the same time highlighting the sadness of the situation we’re in).

Social Contribution Inequality

Social Contribution Inequality

There has been a lot of talk in the past decades about income inequality and for good reason. Various factors contribute to income inequality, such as the political orientation of a country or its economic status. But at the root of unfair reward systems lies a way of thinking that associates people with the immediate economic benefit that they bring to a group. In other words: no long-term strategy.

Such reasoning made more sense in a past when a famine could threaten the survival of an entire culture. Even though we live in quite different times (many countries are approaching post-scarcity economy), our instinct hasn’t quite caught up yet. This is not entirely surprising given how fast we’ve evolved in the past centuries. Our “firmware” hasn’t had enough time to adapt. So, we’re still prone to terribly pragmatic and survivalist decision-making. Social contribution inequality is the result of this style of thinking. It is the poor rewarding of some members of society because others do not immediately see them as being profitable.

Panama Papers

Why the Panama Papers Are a Big Deal

Last week, the first results of a masterpiece in investigative journalism, civic attitude and international collaboration started to show up. Lots of people owning great fortunes ran into the misfortune of having not only their hidden wealth, but also their tax-avoiding ways exposed to the world at large, thanks to a massive document leak.

The Panama Papers consist of 11.5 million confidential documents that provide detailed information about more than 214,000 offshore companies listed by the Panamanian corporate service provider Mossack Fonseca, including the identities of shareholders and directors of the companies.