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Income Inequality and the Oxfam Scam

posted 19 Jan 2017, 09:04 by harp guy   [ updated 20 Jan 2017, 22:23 ]

Oxfam, an international NGO, publishes a titillating report every year that plays the rich versus poor card to solicit funds for the organization.  This year they claimed that the eight richest people in the world have as much wealth as the bottom 50% of the world. Of course, no one quite understands their methodology or the accuracy of their statistics, but it does encourage politicians, especially those with no deep economic convictions, to put on their " caring for the poor' hat. 

In reaction to this report India’s Commerce Minister, Ms. Nirmala Sitharaman, made a preposterous statement. She indicated that the world needs to do a “reality check” and that in countries where capitalism and democracy co-existed, it was the time to pause and recalibrate. 

So what exactly, according to Ms. Sitharaman, needs recalibration in India--the political philosophy of democracy or the economic doctrine of capitalism. Given the recent actions of the leader of her party, it is not hard to imagine that perhaps both democracy and capitalism may be at risk in India. 

harp guy,
20 Jan 2017, 22:23