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Oxfam: Wealth of 8 = that of 3.6 billion

January 18, 2017

According to a recent well publicized report by Oxfam, the combined net worth of just eight men is equal to the collective total of the bottom 50 percent of mankind, 3.6 billion people.

Bill Gates (software), Amanci Ortega (fashion chain), Warren Buffett (stock investor), Carlos Slim Helu (diversified business owner), Jeff Bezos (on-line book seller), Mark Zuckerberg (social media programmer), Larry Ellison (computers), and Michael Bloomberg (financial news) possess, along with half the human species, a collective net worth of $426,000,000,000.

This is so outlandish it’s borderline funny! On one side of a finely-tuned scale we have eight proud men possessing an average wealth of $53.2 billion and on the other is crammed 3.6 billion people having an average portfolio of $118.38.

The well-heeled defenders of the status-quo, of course, aren’t laughing for to them inequality flows innocently and naturally from the workings of ‘liberal democracy’ / ‘market capitalism’. The professions of the eight, they argue, are harmless and certainly not the cause of the misery of others. Besides, even if we were to expropriate their wealth and distribute it to the bottom half, their wealth would rise to a mere $236.76.

Many will sadly accept this kind of argument but just a bit of reflection shows it completely misses the essential point. The real issue isn’t what these men do for a living or by what process they happened to have accumulated their wealth; it’s that they, along with their fellow tycoons, own the socioeconomic structure. A tiny minority controls the system; they are structurally empowered to decide what and how much to produce and do so according to a financial logic they and their forefathers have designed. They control the key levers of the state as well and, through their power, have an immense influence on our principal ideologies. 

The structure of minority power guarantees freedom for the owners, a freedom that can only come at the direct expense of a majority that must always be subservient and unfree. Poverty is its foundational logic.

Because we have a monetized system, we tend to measure inequality in terms of monetary wealth differentials. Money, though, is not in itself important—it’s a mere token having no value at all except to the degree it accurately measures power. That these eight men are enormously wealthy means that they have immense power over us. But they as individuals are irrelevant. Nothing of import changes if the eight become 16 or 32 or a few percent of the global population.

There’s only one fundamental problem on our planet and it’s this: a small minority rules over us and we therefore are not free.


From → Wealth & Poverty

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