This is the definition of inequality according the Cambridge Dictionary:
Inequality is a global issue, but is particularly prevalent in the UK. The top 1% of the wealthy own more wealth than ever before.
There’s some data to suggest that even during COVID their wealth increased four fold. When I’m writing about wealthy people, I’m talking about people with assets or income worth multiple millions or billions of pounds.
As the wealthy become even more so, driven by greed, the poor and middle income earns get poorer. I mean how many more mansions, private jets and luxury yachts do wealthy people need?
The only way to reduce the gap between the rich and the poor in a capitalist society is to:
- Make it impossible for wealthy people to hide their assets globally.
- Tax the wealthy based on their assets and income.
- Make sure there are no legislative loop holes that allows wealthy people to avoid their taxes.
The problem with reducing inequality, is that it can only be done by Governments. Governments both in the UK and internationally are run by the wealthy, seemingly for the wealthy.
Unchecked inequality inevitably leads to wealthy people owning everything and the poor owning nothing. Think of it as being like a game of Monopoly, eventually a few wealthy people horde all the money, at great cost to the everyone else who become poor.
So what can we do about it? Not much, unless we are in a position of power.
Blog soon,
Antony
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