Economic Equality: A Humane Goal for Globalization

Abstract

In this article I will consider some of the dangers for social upheaval that come from extreme economicinequality and a few of the policies that have proven effective in reducing it. As my headings suggest,today’s economic order in fact originated from humane impulses, visions that a vibrant economic-life notonly increased prosperity and ethical behavior but also ingenuity and creativity. As the Great Depression(1929) threatened the very foundations of laissez-faire-capitalism, even Western civilization itself,government-initiated programs had proven remarkably effective in ensuring everyone had a job with adecent standard of living. Yet, reactions against government regulations and safety-nets, especially afterthe worldwide oil embargo of 1973 that halted growth and increased inflation, derailed many of the socialadvances of the post-war-period. This fervor for deregulation that has dominated macroeconomics for thepast fifty-years, created a world where twenty-six individuals have a combined wealth that equals those ofthe bottom four-billion people. Yet, many recognize the harm that comes when so many are left behind,especially in developed countries that once enjoyed a higher standard of living. Humanitarian effortsworldwide are slowly but surely changing the paradigm — toward more humane goals for the well-beingof everyone. I will consider some of these remarkable public-profit organizations and the extraordinarypeople who started them

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