Increasing inequality

This refers to the article, ‘Increasing inequality’ (February 21, The News on Sunday) by Dr Naazir Mahmood. The writer has successfully portrayed the gloomy picture of inequality in the world. According to the writer, Oxfam in its latest report about the increasing inequality the world over says “that the richest 62 people in the world have now accumulated wealth that is equivalent to the wealth of 3.5 billion people in around 195 countries on the globe”. This is an alarming situation. One wonders how these people have managed to accumulate so much wealth in this globalised economy. If economies are handled by a limited number of people, then what will happen to the rest of society? Will there be food security, equal employment opportunities and liquidity stability?

The writer also pointed out that “in the near future the richest one percent of the world would be commanding more wealth than the remaining 99 percent”. Who will exercise control over the actions of these few super-rich persons? Will the remaining 99 percent become dependent on them? Will societies remain peaceful? Will this concentration of wealth not destabilise the world? There is a need to find the causes of this inequality by global financial institutions, economists and human rights organisations under the supervision of the United Nations.

Prof Engr Mushtaq Mirani

Hyderabad