‘Reduce economic inequality, curb political power to the rich’
Oxfam study raises concern over 'rule of the rich'; lauds India's SC/ST quota system in building political power for the many
An Oxfam study, released recently, has raised concerns about growing inequality worldwide and how the “rule of the rich” saying that it is “thwarting political freedom and human rights for the majority”. It has suggested ways to reverse the way the world is being run today.
According to the study, there is a need for radically reducing economic inequality and curbing the political power of the super-rich to build the political power of the many.
“All countries should put in place realistic and timebound National Inequality Reduction Plans (NIRPs), with regular monitoring of progress. Every country should work towards an income Gini coefficient of less than 0.3 and/or a Palma ratio359 of no more than 1. NIRPs should contain the policies that are proven to significantly reduce economic and wealth inequality,” the study said.
Among the ways suggested in the study to reduce the economic gap are redistribution of wealth through taxing the superrich, breaking up monopolies, raising wages and defending labour rights and providing high-quality public services and social protection for all.
The study also upheld the need for reducing political interference in making rules on finance, media and elections. It also called for making quality information on administrative and budget processes public and promoting government transparency.
This comes at a time when the Election Commission of India has been facing heat from the opposition in the country for its Special Intensive Revision process. The opposition has been alleging the role of the BJP in the deletion of names from electoral lists.
The study has also lauded India’s reservation, or quota system, for the SCs and STs in building the political power for the many.
“There are compelling examples of progress on this crucial issue. In India, for example, political reservations (quotas) for Scheduled Castes, Scheduled Tribes and other marginalized groups create opportunities for economically disadvantaged and socially excluded communities to gain legislative representation and push redistributive policies,” the study said.
