What Oxfam won’t tell you about capitalism and poverty

Your average milkman has more wealth than the world’s poorest 100 million people. Doesn’t that show how unfair the world is? Or given that the poorest 100 million will have negative assets, doesn’t it just show how easily statistics can be manipulated for Oxfam press releases? They’re at it again today: the same story, every January. “Almost half of the world’s wealth is owned by just 1% of the world’s population” it said in 2014. It has done variants on that theme ever year, each time selling it as a new “big” story. All peddling the impression that inequality is getting worse, that the rich are engorging themselves at the expense of the poorest.

h/t Marvin

  • Xavier

    No one is harmed by wealth that has been earned.

  • Tom Forsythe

    Absolute poverty has gone from 40% of the worlds population in 1980 to about 10% today. Rather than complain about extreme wealth, why have the remaining 10% emulate the choices that led billions out of squalor? Hint: it wasn’t through charity or wealth redistribution schemes.

    • David Murrell

      Even using relative income measures, it is well known to economists that there was been, since WWII, a long run improvement in the distribution of income across nations. Oxfam and the media cartel do not want people to know this.

  • David Murrell

    Caught the CBC News Morning when this non-story broke, yesterday, and the dreadful news network had on host Andrew Nichols, John Northcott and some news flunky — all chiming in as to how profound this non-story was. Speaking as an economist here, all I can say is that the CBC three just spoke econo-babble, not comprehending any of the terms needed to speak coherently on inome distribution issues. The three just babbled in agreement with Oxfam’s boilerplate propaganda.

  • tom_billesley

    Three years ago, 30 chiefs of UK charities were paid annual salaries of more than £100k. Last year, 32 chiefs were paid more than £200k.
    Donations are falling, so the salaries of chiefs must rise. It’s obvious.