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It’s Time to Demolish the Myth of Trickle-Down Economics

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It’s Time to Demolish the Myth of Trickle-Down Economics

World Economic Forum,

5 min read
5 take-aways
Audio & text

What's inside?

The rich are getting richer, and historical evidence suggests that trickle-down economics doesn’t work.

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Editorial Rating

8

Qualities

  • Scientific
  • Eye Opening
  • Background

Recommendation

The richest 1% of the world’s population now possesses more wealth than the remaining 99%. This milestone underscores the yawning chasm between the rich and the poor. Income inequality is destined to continue unless government policies and tax laws change, according to Oxfam’s Max Lawson. The evidence he presents will strengthen the arguments of those who rail against the wealth gap, and his thesis is powerful enough to win a few converts from among those who believe the issue is overblown. getAbstract recommends Lawson’s enlightening article to executives, economists and anyone interested in the worldwide impacts of the extreme wealth disparity.

Summary

According to a recent study, since 2000, the poorest 50% of the world’s population has captured just 1% of the “total increase in global wealth,” while the top 1% of the population has captured 50%. Since 2011, the combined wealth of the bottom 50% has dropped by $1 trillion. But not everyone is concerned about such vast levels of inequality. Some observers believe that globalization has made a positive impact on world poverty rates. Indeed, the number of people living in extreme poverty fell by half from 1990 to 2010, but another 200 million people would not be impoverished today if wealth inequality had not widened...

About the Author

Max Lawson is head of advocacy and public policy at Oxfam Great Britain.

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