“We may have
democracy, or we may have wealth concentrated in the hands of the few, but we
cannot have both.” -Louis Brandeis, US Supreme Court Justice
In the majority of countries economic inequality is
increasing with a rapid pace. The total wealth of the world is divided in two,
almost half going to the richest one percent; the other half to the remaining
99 percent. The bottom half of the world’s population owns the same as the
richest 85 people in the world. If it is left unchecked, our political institutions
will become undermined and government will end up serving the interests of the
elites only.
The World Economic Forum in Nov. 2013, ranked widening
income disparities as the second greatest worldwide risk. Inequality is
impacting social stability. It is important to make commitments needed to
counter the growing tide of inequality.
Some economic inequality is essential and healthy for the
growth and success of the economy. Those who innovate, entrepreneurs who take
risks, those with hard earned skills and talents must be rewarded. However, the
extreme levels of wealth concentration occurring today, threaten to exclude
hundreds of millions of people from realizing the benefits of their talents,
hard work and entrepreneurial skills.
Wealth concentrations can impact equal political
representation. When wealth captures government policymaking, the rules bend to
favor the rich. The consequences include the erosion of democracy and equal
opportunities for all. Unless bold political solutions are instituted to curb
the influence of wealth on politics, governments will work for the interests of
the rich, while economic and political inequalities continue to rise.
There is some good news. The US, Europe and lately Latin
America had reduced inequality while growing prosperous by popular politics
that represent the majority, not the tiny minority. And the result has been
good for their entire population, rich included.
It is appropriate to mention the contributions of some of
the good charitable and social enterprises working for the poorest of the poor.
They have done a commendable job by working with the donor's community and
provided sustainable solutions for overall poverty reduction, rather than
providing short term and superficial solutions to their immediate problems.
Charitable organizations world over need to practice a strategy where they
should work for the poor with the support of the donor community along with the
government to tackle this global menace of poverty and to bring some kind of
justice and social stability.
Let me know your thoughts.
Regards,
Khalid A. Khan
