A ‘human economy’ will tackle problems associated with inequality crisis: report

A solution to the growing disparities between the rich and the poor is to have a “human economy”‚ says Oxfam SA.

In its report launched on Monday titled ‘An economy for the 99%’‚ Oxfam SA says a human economy would have “ingredients” that will tackle the “problems that have contributed to today’s inequality crisis”.

According to the report‚ Oxfam’s expectations of a human economy include:

1. Governments will work for the 99%: “We need a reinvigoration of civic space‚ especially the voices of women and marginalised groups.”

2. Governments will cooperate and not compete: “Countries must cooperate on an equal basis to build a new global consensus and a virtuous cycle to ensure corporations and rich people pay fair taxes‚ the environment is protected and workers are paid well.”

3. Companies will work for the benefit of everyone: “The proceeds of business activity should go to those who enabled and created them…”.

4. A human economy will work equally for men and women: “Gender equality will be at the heart of the human economy‚ ensuring that both halves of humanity have an equal chance in life and are able to live fulfilled lives.”

• ‘Income‚ wealth being sucked upwards at alarming rate’: OxfamThe gap between rich and poor has widened and‚ if left unchecked‚ it will pull societies apart‚ a new report says.

Oxfam’s report comes at a key moment‚ just ahead of the 47th World Economic Forum annual meeting which takes place in Davos from Tuesday to Friday.