The Growing Wealth Gap Marks the Return of Oligarchy
By C.J. Polychroniou ~ Truthout
One of the most striking features of our era is the widening gap between rich and poor. In fact, wealth inequality may be higher today than any other era, although we lack the data to draw meaningful comparisons with the distant past. Moreover, the gap between the haves and the have-nots seems to be growing, as the annual reports from the development charity Oxfam clearly indicate. What are the key reasons for the growing divide between rich and poor, especially when governments claim that there is a recovery underway since the 2008 global financial crisis? And what can be done to reorganize society so wealth is no longer concentrated into so few hands while millions of people live in extreme poverty or are barely subsisting? In the interview below, Thomas Weisskopf, emeritus professor of economics at the University of Michigan and a long-time member of the Democratic Socialists of America, offers his insights on the state of economic injustice.
C.J. Polychroniou: Professor Weisskopf, according to the 2019 Oxfam report, a handful of billionaires own as much wealth as the poorest half of the world’s population. In fact, 2018 was a year in which the rich got richer again and the poor, poorer.