Jan 16, 2014
According to the '2014 Global Risks' report released by the World Economic Forum on Thursday, the vast, growing and "chronic" income divide between the rich and the poor across the world is currently the greatest threat to global stability.
Though the WEF is broadly seen as the collective voice of the people and institutions who have most benefited from the coercive nature of global capitalism, the findings of the report are in some ways most striking exactly because of the source.
"The chronic gap between the incomes of the richest and poorest citizens is seen as the risk that is most likely to cause serious damage globally in the coming decade," the WEF report states.
Joining the group's list of conditions that are "most likely" to cause global instability across the world in the coming decade are extreme weather events, unemployment, fiscal crises, and cyber attacks.
Having surveyed over 700 experts from industry, government, academia and civil society, the authors of the report state:
Recent examples illustrate the reality of [key economic] interconnections - the failure of financial institutions brought about a financial crisis that resulted in liquidity crises affecting multiple national economies. This in turn led to higher levels of unemployment, widened income disparity and associated political and social tensions and protests, notably in some European countries and large emerging markets.
Income gaps are coming in at all-time highs around the globe. According to a recent study, the U.S. income disparity between the wealthiest 1% (families with incomes above $394,000 in 2012) and everyone else is the widest it's been since 1927, and the top 10% of earners took in "a level higher than any other year since 1917 and even surpasses 1928, the peak of stock market bubble in the 'roaring' 1920s."
Between 2009 and 2012, the incomes of the top 1% of earners grew by more than 31%, while the incomes of the bottom 99% grew by just 0.4%.
"The message from the Arab spring, and from countries such as Brazil and South Africa is that people are not going to stand for it any more," said Jennifer Blanke, the WEF's chief economist.
That call has grown ever louder over the past year. In the U.S., for example, protests over wages and working conditions proliferated across the country including workers from large corporate retail giants such as Walmart and fast food chains, including McDonald's, Burger King, Wendy's, and others.
The movement has garnered national attention, even among some policy makers in Washington.
Philip Jennings, General Secretary of UNI Global Union, told the Guardian upon release of the report:
The report should act as a wake-up call to the influencers and leaders at Davos next week. These are global issues we can do something about: we can twist the global economy back into shape - this includes a new commitment to create jobs, address income inequality and falling living standards. Since the global financial crisis it's been a race to the bottom in jobs, wages and living standards.
Well known as a gathering for some of the world's wealthiest and powerful individuals--including corporate, media, and political elites--the World Economic Forum's official gathering in Davos, Switzerland begins next Wednesday, January 22.
_______________________
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
According to the '2014 Global Risks' report released by the World Economic Forum on Thursday, the vast, growing and "chronic" income divide between the rich and the poor across the world is currently the greatest threat to global stability.
Though the WEF is broadly seen as the collective voice of the people and institutions who have most benefited from the coercive nature of global capitalism, the findings of the report are in some ways most striking exactly because of the source.
"The chronic gap between the incomes of the richest and poorest citizens is seen as the risk that is most likely to cause serious damage globally in the coming decade," the WEF report states.
Joining the group's list of conditions that are "most likely" to cause global instability across the world in the coming decade are extreme weather events, unemployment, fiscal crises, and cyber attacks.
Having surveyed over 700 experts from industry, government, academia and civil society, the authors of the report state:
Recent examples illustrate the reality of [key economic] interconnections - the failure of financial institutions brought about a financial crisis that resulted in liquidity crises affecting multiple national economies. This in turn led to higher levels of unemployment, widened income disparity and associated political and social tensions and protests, notably in some European countries and large emerging markets.
Income gaps are coming in at all-time highs around the globe. According to a recent study, the U.S. income disparity between the wealthiest 1% (families with incomes above $394,000 in 2012) and everyone else is the widest it's been since 1927, and the top 10% of earners took in "a level higher than any other year since 1917 and even surpasses 1928, the peak of stock market bubble in the 'roaring' 1920s."
Between 2009 and 2012, the incomes of the top 1% of earners grew by more than 31%, while the incomes of the bottom 99% grew by just 0.4%.
"The message from the Arab spring, and from countries such as Brazil and South Africa is that people are not going to stand for it any more," said Jennifer Blanke, the WEF's chief economist.
That call has grown ever louder over the past year. In the U.S., for example, protests over wages and working conditions proliferated across the country including workers from large corporate retail giants such as Walmart and fast food chains, including McDonald's, Burger King, Wendy's, and others.
The movement has garnered national attention, even among some policy makers in Washington.
Philip Jennings, General Secretary of UNI Global Union, told the Guardian upon release of the report:
The report should act as a wake-up call to the influencers and leaders at Davos next week. These are global issues we can do something about: we can twist the global economy back into shape - this includes a new commitment to create jobs, address income inequality and falling living standards. Since the global financial crisis it's been a race to the bottom in jobs, wages and living standards.
Well known as a gathering for some of the world's wealthiest and powerful individuals--including corporate, media, and political elites--the World Economic Forum's official gathering in Davos, Switzerland begins next Wednesday, January 22.
_______________________
According to the '2014 Global Risks' report released by the World Economic Forum on Thursday, the vast, growing and "chronic" income divide between the rich and the poor across the world is currently the greatest threat to global stability.
Though the WEF is broadly seen as the collective voice of the people and institutions who have most benefited from the coercive nature of global capitalism, the findings of the report are in some ways most striking exactly because of the source.
"The chronic gap between the incomes of the richest and poorest citizens is seen as the risk that is most likely to cause serious damage globally in the coming decade," the WEF report states.
Joining the group's list of conditions that are "most likely" to cause global instability across the world in the coming decade are extreme weather events, unemployment, fiscal crises, and cyber attacks.
Having surveyed over 700 experts from industry, government, academia and civil society, the authors of the report state:
Recent examples illustrate the reality of [key economic] interconnections - the failure of financial institutions brought about a financial crisis that resulted in liquidity crises affecting multiple national economies. This in turn led to higher levels of unemployment, widened income disparity and associated political and social tensions and protests, notably in some European countries and large emerging markets.
Income gaps are coming in at all-time highs around the globe. According to a recent study, the U.S. income disparity between the wealthiest 1% (families with incomes above $394,000 in 2012) and everyone else is the widest it's been since 1927, and the top 10% of earners took in "a level higher than any other year since 1917 and even surpasses 1928, the peak of stock market bubble in the 'roaring' 1920s."
Between 2009 and 2012, the incomes of the top 1% of earners grew by more than 31%, while the incomes of the bottom 99% grew by just 0.4%.
"The message from the Arab spring, and from countries such as Brazil and South Africa is that people are not going to stand for it any more," said Jennifer Blanke, the WEF's chief economist.
That call has grown ever louder over the past year. In the U.S., for example, protests over wages and working conditions proliferated across the country including workers from large corporate retail giants such as Walmart and fast food chains, including McDonald's, Burger King, Wendy's, and others.
The movement has garnered national attention, even among some policy makers in Washington.
Philip Jennings, General Secretary of UNI Global Union, told the Guardian upon release of the report:
The report should act as a wake-up call to the influencers and leaders at Davos next week. These are global issues we can do something about: we can twist the global economy back into shape - this includes a new commitment to create jobs, address income inequality and falling living standards. Since the global financial crisis it's been a race to the bottom in jobs, wages and living standards.
Well known as a gathering for some of the world's wealthiest and powerful individuals--including corporate, media, and political elites--the World Economic Forum's official gathering in Davos, Switzerland begins next Wednesday, January 22.
_______________________
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.