The G20 task force will be led by Nobel laureate Joseph Stiglitz. The initiative, a first for the G20, will present its findings to G20 leaders in Johannesburg, South Africa this November.
The gap between the ultra-rich and everyone else is getting wider. A World Inequality Report found that in 2021:
– The poorest 50% of the global population held just 2% of total wealth.
– The richest 10% controlled a staggering 76%.
A practical path forward in addressing the growing gap and “new oligarchy” undermining global progress is offered by the initiative, the South African President Cyril Ramaphosa said in a statement.
He cited the pandemic’s unfair vaccine distribution and the impacts of rising prices, debt, and trade wars as evidence.
The task force aims to translate public concern about inequality into actionable policy recommendations for G20 leaders, Stiglitz stated, emphasizing the power of G20 nations to choose a different path.
Ecomists have decided feelings about the whole matter, is it’s something to be adopted by the member states.
