Democracy in Crisis: Rising Inequality Could Cause Globalization Rollback
SputnikNews.com
12.01.2017
Rising income inequality poses a severe risk to the global economy and could result in the reversal of globalization, according to the World Economic Forum (WEF).
The organization’s annual Global Risks report ranked rising income and wealth disparity first among the underlying trends that will determine the shape of the world in the next decade. It states that since the 1980s, the share of income going to the top 1% of wealthiest citizens has increased in much of the Western world, including the UK, the US, Canada, Ireland and Australia — although the same was not true in France, Germany, Japan or Sweden.
The latter group have, the report notes, shielded themselves from austerity and the worst excesses of the post-financial crash recession — although both sets have invested heavily in new technology, placed a premium on workers with higher education and better skills and outsourced jobs to the third world. While this has raised the living standards of poorer workers, many of the first-world poor now languish in low paid jobs or outright employment.
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