Winnie Byanyima, head of anti-poverty campaigners Oxfam, discusses the crisis in global capitalism and the need for more equitable systems. The podcast explores the failures of capitalism, the widening wealth gap, the impact of globalization on society, and the call for public engagement to address economic instability and inequality.
Global jobs statistics mask lack of dignified work and decent wages.
Corporate focus on shareholder value leads to wealth gap and crisis of free market ideology.
Deep dives
Capitalism and Wealth Inequality
Many prominent figures, including billionaire Ray Dalio, acknowledge that capitalism is failing to benefit the majority of people. The widening wealth gap and economic disenfranchisement have led to political upheavals like the election of leaders such as Donald Trump. While capitalism has led to significant poverty reduction globally, concerns exist over its negative impact on income distribution and societal well-being.
Challenges in Job Quality and Economic Measurements
The focus on employment statistics often fails to reflect the reality of job quality and living wages. Many workers face multiple jobs with strenuous conditions to make ends meet, highlighting the inadequacies of current economic measurements. Calls for comprehensive indicators beyond traditional employment rates aim to capture the true essence of well-being and work conditions for individuals.
Reforming Capitalism and Shared Prosperity
Economist Paul Collier emphasizes the need for reevaluating capitalism to address societal rifts and prioritize community well-being. Proposals include taxing the wealthy more to invest in underprivileged regions and creating policies that promote shared prosperity. Critiques of philanthropic efforts by billionaires underscore the importance of systemic changes over individual charity for a more equitable society.
Is the era of globalisation, unfettered markets and billionaire philanthropists drawing to a close? Is the answer to rising populism for the state to tax the wealthy and invest more in the public good?
Manuela Saragosa speaks to three people who say the populist revolts, from Brazil to the US, are symptomatic of an economic system in crisis. Winnie Byanyima, head of anti-poverty campaigners Oxfam, explains why she thinks global jobs statistics mask the reality that many people do not receive dignified work or a decent wage.
Development economist Paul Collier of Oxford University says he thinks corporations and billionaires have lost their way in an era of shareholder value and a growing wealth gap, while journalist Anand Giridharadas claims we are witnessing the death throes of the free market ideology that has dominated global politics since the 1980s.
(Picture: Anti-capitalist protestors demonstrate in Paris; Credit: Kiran Ridley/Getty Images)
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