Mad Economy: Why Poverty Grows Despite Rising Global Wealth
In his book Economics of The Madhouse, Chris Harman wrote that few among those who support
the current global system ever expected things to improve for the poor through
full employment, greater spending on social welfare, or redistributing wealth
from the rich to the poor. Yet today, they say such ideas have become outdated
trends.
The Paradox of Wealth and Misery
Poverty, disease, hunger, pain, despair, and frustration are not new to human
society; they have existed throughout most of recorded history. However, the
misery in our modern world is different — it coexists with a level of wealth
sufficient to eradicate poverty forever.
Sadly, hunger exists side by side with
enormous stockpiles of food — a fact evident in the mountains of surplus goods
and wasted produce around the world.
A Widening Gap Between Rich and Poor
Fifty years ago, the richest fifth (20%) of the world’s population owned 30% of
global income. Today, they possess 60% of it. Meanwhile, the poorest fifth
share only 4% of the world’s total output.
The United Nations Human Development Report
has warned that the main reason behind the rise of internal conflicts across
the globe is the ongoing threat of hunger, violence, and disease. It also notes
that both large and small nations prefer spending billions on advanced weaponry
rather than addressing their people’s basic needs.
Consequences of the Global System: Diseases, Crimes, and
Wars
Amid such misery and corruption, hundreds of evils have flourished. Deadly
diseases have reappeared, and drug addiction has spread — seen by some as the
only way to temporarily escape their suffering. Suicide rates have risen, and
crime has increased, as a small number of the poor view it as their only route
to obtaining the wealth that allows them to imitate the luxurious lifestyles
flaunted before them by the media. On top of all this, the devastating impact
of war has worsened the situation.
The Puzzle of Progress and Decline
A great paradox confronts humanity — one we have yet to solve. While more
wealth is being produced than ever before, and inventions have increased the
production of many goods, including basic foods once denied to past
generations, and while humans have reached outer space, explored the depths of
the oceans, and harnessed machines to perform enormous tasks — even sending
information across the world in a fraction of a second —
Nevertheless, instead of alleviating
humanity’s burdens, they have grown heavier. Instead of people looking forward
to lives of greater ease and comfort, they often live in fear that things will
only get worse. Instead of misery disappearing, it continues to spread.
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