Who is global economy working for? - ABDULLAH MURADOĞLU

Who is global economy working for?

Without a doubt, “global economy” is working for the “62 filthy rich individuals” whose assets are more than total the assets of 2.5 billion people combined, or the “1 percent” whose wealth is equivalent to the total assets of 99 percent of the world population combined. Economists are working their intelligence mostly to keep the global system alive. According to such economists, the economy is already running “the way it should!”

According to the report prepared by U.K. aid organization Oxfam and mentioned at the “World Economic Forum” in Davos, the gap between rich and poor is increasingly growing. The share of the “1 percent” from the global wealth in 2016 is going to be equivalent to the share of the world's remaining 99 percent.

The wealth of the world's richest 62 people is apparently more than the total wealth of 2.5 million people combined. The size of world economy has reached $78 trillion. Yes, world economy is growing, but this growth does nothing other than multiply the wealth of the “globally filthy rich individuals.” The wealth of the world's 62 richest people increased in the last 15 years from $500 billion to $1.76 trillion. The concentration of wealth is continuing, the money is somehow increasingly collected by less people. According to Oxfam's report, nine out of every 10 countries that are partners with Davos, deviate from their country's tax system. These countries apparently have separate accounts in countries described as “tax heavens.” They not only take advantage of the gaps of the global system as well as their crises, they also multiply their dirty riches by evading tax. Can you comprehend the point selfishness, personal opportunism, avarice and unscrupulousness has reached?

Oxfam's report lays bare the very little progress made in the “struggle against poverty,” which is widely mentioned at the G20 summits. The Oxfam report states that 20 percent of the world population is trying to sustain its life with a daily income of $1.90. While this figure remained almost the same since the end of the 1980s, the income level of the 10 percent at the top of the pyramid increased 46 percent in this time period.

One of the striking evaluations of the report was that one of every five billionaires in the world earns money in the finance sector. Oxfam revealed last year that the world's richest earn $5 billion daily from interest alone. It is not like the situation is much different in our country. Are the banks not among the top companies making the most profit?

The financialization of the economy weakens economy and imposes a serious “employment problem.” This is a serious issue worldwide. We have a university in every province, but the number of our qualified jobless is increasingly rising. The public sector is limited while the demand is high. The private sector is either inadequate or unsatisfactory. What will happen when youth reach the conclusion that a university degree serves no purpose other than to console them or occupy them for a few years?

This issue is going to become bigger in the future. It is going to become more and more difficult to control the accumulating reactions of youth accompanied by pessimism and hopelessness. When heroic discourses and the art of handling the situation with empty talk are atrophied, we may face social overturning. If we fail to make “real economy” more efficient than the “financial markets,” we will be ruined. Even the thought of “what may happen” while the region is a complete mess, is frightening enough. We have no choice but to realize recruitment befitting the honor of humanity. Is there any need to remind that big disorders are economy-based?

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