Economic inequality exists in most countries around then world
Date: April 29, 2018
CEO pay has been rising since the 1980s, with a sharp climb during the 1990s among large companies driven by hikes in incentives and restricted stock. By the turn of the millennium CEOs were making 120 times the pay of the average worker, whereas in the 1970s they were making about 30 times more, according to research by finance professor Carola Frydman and associate finance professor Dimitris Papanikolaou, both of Northwestern University’s Kellogg School of Management.
According to Oxfam International, the world now has 2,043 billionaires, after a new one emerged every two days in the past year that resulted in the widening of inequality. The group of mostly men saw its wealth surge by $762 billion, which is enough money to end extreme poverty seven times over.
We tend to think that the billionaire boom is a sign of a thriving economy. It is not. It is a sign of a major failure in our global economic system. Failure of our current world order. The current economic system exploit people who assemble our phones, grow and serve our food and make our clothes.
Just imagine, forty-two of the richest people in the world now hold as much wealth as 3.7 billion of the poorest people in the world, according to a recent report published by Oxfam International. The report also showed that about 82 percent of wealth created across the globe went to the top 1 percent.
In one of it’s earlier reports on World Social Situation, the United Nations highlighted the widening gap between skilled and unskilled workers, and the growing disparities in health, education as well as in opportunities for social, economic and political participation. And that the growing inequality has lead the global community increasingly unstable and insecure.
A satisfactory solution to narrow the gap between rich and poor and to eradicate poverty lies in a profound change of heart and mind of the people in general. The human and material resources at our disposal must be used for the long-term good of all, not for the short-term advantage of a few. This can be done only if cooperation becomes the basis of organized economic activity among business leaders and among nations.
Bahá'u'lláh, founder of the Bahá'í Faith, revealed passages, equivalent to more than 100 volumes. They include social and ethical teachings, prayers, laws and ordinances, mystical writings, and a fearless proclamation of His message to the most powerful rulers of His time. One of the Baha’i principles – the elimination of the extremes of poverty and wealth – flows throughout the economic and spiritual teachings of the Faith.
Bahá'u'lláh, quoted:
“They who are possessed of riches, however, must have the utmost regard for the poor, for great is the honor destined by God for those poor who are steadfast in patience. By My Life! There is no honor, except what God may please to bestow, that can compare to this honor. Great is the blessedness awaiting the poor that endure patiently and conceal their sufferings, and well is it with the rich who bestow their riches on the needy and prefer them before themselves. – (Gleanings from the Writings of Baha’u’llah, p. 202)
Economic inequality exists in most countries around then world. Some people are incredibly wealthy and control a high percentage of the country’s economy. At the same time, nearly a billion people in the world live in extreme poverty. These two facts are inter-connected. There must be special laws made, dealing with these extremes of riches and of want. The members of the Government should consider the laws of God when they are framing plans for the ruling of the people. The general rights of mankind must be guarded and preserved.
Comments