OXFAM recently noted:
Since 2015, the richest 1% has owned more wealth than the rest of the planet … Eight men now own the same amount of wealth as the poorest half of the world
False assumption #1: The market is always right, and the role of governments should be minimized. In reality, the market has failed to prove itself the best way of organizing and valuing much of our common life or designing our common future. We have seen how corruption and cronyism distort markets at the expense of ordinary people and how the excessive growth of the financial sector exacerbates inequality. Privatization of public services such as health, education or water has been shown to exclude the poor, and especially women. 2.
False assumption #2: Corporations need to maximize profits and returns to shareholders at all costs. Maximizing profits disproportionately boosts the incomes of the already rich while putting unnecessary pressure on workers, farmers, consumers, suppliers, communities and the environment. Instead, there are many more constructive ways to organize businesses that contribute to greater prosperity for all, and plenty of existing examples of how to do this. 3.
False assumption #3: Extreme individual wealth is benign and a sign of success, and inequality is not relevant. Instead, the emergence of a new gilded age, with vast amounts of wealth concentrated in too few hands – the majority male – is economically inefficient, politically corrosive, and undermines our collective progress. A more equal distribution of wealth is necessary. 4.
False assumption #4: GDP growth should be the primary goal of policy making. Yet as Robert Kennedy said in 1968: „GDP measures everything except that which makes life worthwhile.‟ GDP fails to count the huge amount of unpaid work done by women across the world. It fails to take into account inequality, meaning that a country like Zambia can have high GDP growth at a time when the number of poor people actually increased. 5.
False assumption #5: Our economic model is gender-neutral. In fact, cuts in public services, job security and labour rights hurt women most. Women are disproportionately in the least secure and lowest-paid jobs and they also do most of the unpaid care work – which is not counted in GDP, but without which our economies would not function. 6.
False assumption #6: Our planet’s resources are limitless. This is not only a false assumption, but one which could lead to catastrophic consequences for our planet. Our economic model is based on exploiting our environment and ignoring the limits of what our planet can bear. It is an economic system that is a major driver of runaway climate change.