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Davos Elite Fret About Inequality Over Vintage Wine and Canaps
Key Excerpts from Article on Website of New York Times
Posted: January 23rd, 2017
https://www.nytimes.com/2017/01/18/business/dealbook/world-e...
History-altering numbers of people have grown enraged at the economic elite and their tendency to hog the spoils of globalization. The people gathered ... in the Swiss Alps for the annual World Economic Forum have noticed this. They are the elite, [and] they are eager to talk about how to set things right, soothing the populist fury by making globalization a more lucrative proposition for the masses. Myriad panel discussions are focused on finding the best way to reform capitalism, make globalization work and revive the middle class. What is striking is what generally is not discussed: bolstering the power of workers to bargain for better wages and redistributing wealth from the top to the bottom. That agenda is anathema to a lot of Davos men and women, said Joseph E. Stiglitz, a Nobel laureate economist. The stark reality is that globalization has reduced the bargaining power of workers, and corporations have taken advantage of it. The Davos elites have enjoyed outsize influence over economic policies in recent decades as a growing share of wealth has, perhaps not coincidentally, landed in the coffers of people with a need for bank accounts in the British Virgin Islands, while poor and middle-class households have seen their earnings stagnate and decline. Yet the solutions that have currency seem calculated to spare corporations and the wealthiest people from having to make any sacrifices at all, as if there is a way to be found to tilt the balance of inequality while those at the top hang on to everything they have.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
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