Daily US Times, London: Biased economic system caused the global inequality is “out of control”, says Oxfam International.
According to the charity, the biased economic system or inequality excludes many women while allowing billionaires to amass huge fortunes that do little for society.
Oxfam called on governments to implement policies that ease the burden on women who provide care for children and the elderly, often for little or no pay.
They suggested higher tax rates on the rich persons and encourages more spending by national governments on child and health care.
Oxfam published its global inequality report ahead of the World Economic Forum in Davos, Switzerland. Every year world’s wealthiest and most influential people gathered in the summit.
Their report finds that the world’s 2,153 billionaires have more wealth than 4.6 billion people. The richest 1% of people hold more than twice as much wealth as 6.9 billion people. The 22 richest men have more wealth than all the women in Africa (326 million aged 20 and over).
The unpaid work done by women is over $10.8 trillion annually.
The 63-page report argues that economic inequality is built on gender inequality, and the world leaders are not doing enough to address the income gap.
The report states: “Women are supporting the market economy with cheap and free labour and they are also supporting the state by providing care that should be provided by the public sector.”
“This unpaid work is fueling a sexist economic system that takes from the many and puts money in the pockets of the few”, it added.
Oxfam warned that ageing populations and cuts to public services threaten to increase the burden on care workers which could lead further inequality.
“Both the dramatic level of economic inequality and the looming care crisis can be tackled, but it will require concerted efforts and bold policy decisions to mend the damage done and to build economic systems that care for all citizens,” says the report.
Focus keyphrase: biased economic systemMeta des: the biased economic system or inequality excludes many women while allowing billionaires to amass huge fortunes that do little for society.