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Women on their way to work in the rice fields in River Gee county, Liberia (2012). Photo: Ruby Wright/Oxfam 3 TIME TO ACT And end extreme inequality
SECTION 1 2 3 TIME TO ACT Today’s extremes of inequality are bad for everyone. For the poorest people in society though – whether living in sub-Saharan Africa or the richest country in the world – the chance to emerge from extreme poverty and live a dignified life is fundamentally blocked by extreme inequality. Oxfam is calling for concerted action to build a fairer economic and political system. A system that values the many by changing the rules and systems created by the few that have led to today’s crisis of inequality; a system which levels the playing field through policies that redistribute money and power. As outlined in Section 2, there are many concrete steps that governments and institutions can take to start closing the gap between the haves and havenots. This is not an exhaustive agenda, but, if committed to, these steps could start to reduce economic inequality. Governments, institutions, multinational corporations (MNCs) and civil society organizations must come together to support the following changes, before we are tipped irrevocably into a world that caters only to the privileged few, and consigns millions of people to extreme poverty. 1) MAKE GOVERNMENTS WORK FOR CITIZENS AND TACKLE EXTREME INEQUALITY Working in the public interest and tackling extreme inequality should be the guiding principle behind all global agreements and national policies and strategies. Effective and inclusive governance is crucial to ensuring that governments and institutions represent citizens rather than organized business interests. This means curbing the easy access that corporate power, commercial interests and wealthy individuals have to political decision making processes. Governments and international institutions should agree to: • A standalone post-2015 development goal to eradicate extreme economic inequality by 2030 that commits to reducing income inequality in all countries, such that the post-tax income of the top 10 percent is no more than the post-transfer income of the bottom 40 percent. • Assess the impact of policy interventions on inequality: • Governments should establish national public commissions on inequality to make annual assessments of policy choices – regulation, tax and public spending, and privatization – and their impact on improving the income, wealth and freedoms of the bottom 40 percent; • Institutions should include measures of economic inequality in all policy assessments, such as the IMF in their article IV consultations; • Publish pre- and post-tax Gini data (on income, wealth and consumption) and income, wealth and consumption data for all deciles and each of the top 10 percentiles, so that citizens and governments can identify where economic inequality is unacceptably high and take action to correct it; 113
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Even it up TIME TO END EXTREME INEQ
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JEFFREY SACHS Director of the Earth
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ACKNOWLEDGEMENTS The paper was writ
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