1FW2e8F

Recommendations

Info

SECTION 1 2 3 WHAT CAN BE DONE Despite the knee-jerk claims of some employers, increases in the minimum wage have had little or no negative macro-level effect on the employment of minimum-wage workers. 356 Goldman Sachs economists found that increases in the minimum wage are unlikely to result in significant job losses because of the resulting increase in consumer demand. 357 Wage increases offer benefits to business as well; for instance, they often lead to lower worker turnover, which can constitute a significant cost. 358 Ending excessive pay at the top If a key cause of the widening wealth gap is labour’s declining share of national income, an obvious solution is a more equitable sharing of wealth within companies. The idea of restricting income at the top is not a new one. Plato recommended that the incomes of the wealthiest Athenians should be limited to five times those of its poorest residents. And since the 2008 financial crisis, MNCs have faced increasing public pressure to forgo executive bonuses and cap top incomes. Some forward-looking companies, cooperatives and governance bodies are taking action. Brazil’s SEMCO SA, for instance, employs more than 3,000 workers across a range of industries and adheres to a wage ratio of 10 to 1. 359 Germany’s Corporate Governance Commission proposed capping executive pay for all German publicly traded companies, admitting that public outrage against excessive executive pay ‘has not been without influence’. Two US states – California and Rhode Island – have suggested linking state corporate tax rates to the CEO-worker pay ratio – the higher the pay gap, the higher the tax rate. 360 Shared interest: Giving workers a stake A growing body of evidence shows that companies owned at least in part by employees tend to survive longer and perform better. In the UK, they consistently outperform the FTSE All-Share index. 361 When employees are given a say in governance, as well as share ownership, the benefits appear to be even greater. 362 Employee-owned firms have been found to have higher levels of productivity; they demonstrate greater economic resilience during turbulent times, are more innovative, enhance employee wellbeing, have lower rates of absenteeism, create jobs at a faster rate, improve employee retention, and also demonstrate high levels of communication and employee engagement. 363 And ‘unlike changes in tax policy (which can be reversed), employee ownership is long-term and sustainable.’ 364 It is a powerful and practical idea for a more inclusive capitalism. Productive work will only be part of the solution to out-of-control inequality if decent jobs pay living wages and workers’ rights are upheld and enforced by governments. Voluntary action by employers alone is not enough. 80
SECTION 1 2 3 WHAT CAN BE DONE 2.3 Hamida Cyimana, 6 years old, does sums on a blackboard, Kigali, Rwanda (2012). Photo: Simon Rawles/Oxfam TAXING AND INVESTING TO LEVEL THE PLAYING FIELD The tax system is one of the most important tools a government has at its disposal to address inequality. 81
Page 1 and 2:
Even it up TIME TO END EXTREME INEQ
Page 3 and 4:
JEFFREY SACHS Director of the Earth
Page 5 and 6:
ACKNOWLEDGEMENTS The paper was writ
Page 7 and 8:
SECTION 1 2 3 FOREWORD FOREWORD The
Page 9 and 10:
SECTION 1 2 3 FOREWORD Persistent i
Page 11 and 12:
SECTION 1 2 3 EXECUTIVE SUMMARY Nth
Page 13 and 14:
SECTION 1 2 3 EXECUTIVE SUMMARY Bil
Page 15 and 16:
SECTION 1 2 3 EXECUTIVE SUMMARY The
Page 17 and 18:
SECTION 1 2 3 EXECUTIVE SUMMARY pow
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
SECTION 1 2 3 EXECUTIVE SUMMARY Des
Page 25 and 26:
SECTION 1 2 3 EXECUTIVE SUMMARY and
Page 27 and 28:
SECTION 1 2 3 EXECUTIVE SUMMARY gov
Page 29 and 30:
SECTION 1 2 3 INTRODUCTION Nthabise
Page 31 and 32:
A view across Santa Marta favela an
Page 33 and 34: SECTION 1 2 3 EXTREME INEQUALITY ME
Page 35 and 36: SECTION 1 2 3 EXTREME INEQUALITY FI
Page 37 and 38: SECTION 1 2 3 EXTREME INEQUALITY TA
Page 39 and 40: SECTION 1 2 3 EXTREME INEQUALITY 1.
Page 41 and 42: SECTION 1 2 3 EXTREME INEQUALITY FI
Page 43 and 44: SECTION 1 2 3 EXTREME INEQUALITY Th
Page 45 and 46: SECTION 1 2 3 EXTREME INEQUALITY EX
Page 47 and 48: SECTION 1 2 3 EXTREME INEQUALITY 20
Page 49 and 50: SECTION 1 2 3 EXTREME INEQUALITY in
Page 51 and 52: SECTION 1 2 3 EXTREME INEQUALITY Ca
Page 53 and 54: SECTION 1 2 3 EXTREME INEQUALITY ed
Page 55 and 56: SECTION 1 2 3 EXTREME INEQUALITY (C
Page 57 and 58: SECTION 1 2 3 EXTREME INEQUALITY Si
Page 59 and 60: SECTION 1 2 3 EXTREME INEQUALITY Th
Page 61 and 62: SECTION 1 2 3 EXTREME INEQUALITY CA
Page 63 and 64: SECTION 1 2 3 EXTREME INEQUALITY Id
Page 65 and 66: SECTION 1 2 3 EXTREME INEQUALITY CA
Page 67 and 68: SECTION 1 2 3 EXTREME INEQUALITY On
Page 69 and 70: SECTION 1 2 3 EXTREME INEQUALITY MY
Page 71 and 72: SECTION 1 2 3 EXTREME INEQUALITY ma
Page 73 and 74: SECTION 1 2 3 WHAT CAN BE DONE THE
Page 75 and 76: SECTION 1 2 3 WHAT CAN BE DONE BURK
Page 77 and 78: SECTION 1 2 3 WHAT CAN BE DONE In S
Page 79 and 80: SECTION 1 2 3 WHAT CAN BE DONE wage
Page 81 and 82: SECTION 1 2 3 WHAT CAN BE DONE (CAS
Page 83: SECTION 1 2 3 WHAT CAN BE DONE Some
Page 87 and 88: SECTION 1 2 3 WHAT CAN BE DONE Inte
Page 89 and 90: SECTION 1 2 3 WHAT CAN BE DONE appr
Page 91 and 92: SECTION 1 2 3 WHAT CAN BE DONE fisc
Page 93 and 94: SECTION 1 2 3 WHAT CAN BE DONE 2.4
Page 97 and 98: SECTION 1 2 3 WHAT CAN BE DONE CASE
Page 99 and 100: SECTION 1 2 3 WHAT CAN BE DONE Stro
Page 103 and 104: SECTION 1 2 3 WHAT CAN BE DONE to 5
Page 105 and 106: SECTION 1 2 3 WHAT CAN BE DONE 2.5
Page 107 and 108: SECTION 1 2 3 WHAT CAN BE DONE hous
Page 111 and 112: SECTION 1 2 3 WHAT CAN BE DONE CASE
Page 113 and 114: SECTION 1 2 3 WHAT CAN BE DONE The
Page 115 and 116: SECTION 1 2 3 WHAT CAN BE DONE (CAS
Page 117 and 118: SECTION 1 2 3 TIME TO ACT Today’s
Page 119 and 120: SECTION 1 2 3 TIME TO ACT • Imple
Page 121 and 122: SECTION 1 2 3 TIME TO ACT • Commi
Page 123 and 124: SECTION 1 2 3 TIME TO ACT • Ensur
Page 125 and 126: SECTION 1 2 3 NOTES NOTES 1. Based
Page 127 and 128: SECTION 1 2 3 NOTES 51. M. Carney (
Page 129 and 130: SECTION 1 2 3 NOTES 106. S. Limwatt
Page 131 and 132: SECTION 1 2 3 NOTES 168. The Transn
Page 133 and 134: SECTION 1 2 3 NOTES 245. P. Engel,
Page 135 and 136:
SECTION 1 2 3 NOTES 324. Oxfam and
Page 137 and 138:
SECTION 1 2 3 NOTES 390. In C. Godf
Page 139 and 140:
SECTION 1 2 3 NOTES 449. P. Stevens
Page 142:
The widening gap between rich and p
show all

1FW2e8F

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?