Inequality Emergency: A Global Call to Action
A South African G20 taskforce calls for an international panel to address global inequality, highlighting wealth disparities' negative effects on democracy and economies. It proposes a model similar to the IPCC, urging governments to understand inequality's causes and impacts as a critical emergency, akin to climate change.
A G20 taskforce established by South African President Cyril Ramaphosa has issued a call for the creation of an international panel on inequality, citing the need for urgent action to tackle disparities that threaten democracy and economic stability.
The panel, proposed to function like the Intergovernmental Panel on Climate Change (IPCC), would focus on monitoring and providing insights into the causes of inequality, according to Nobel laureate Joseph Stiglitz, who chairs the Extraordinary Committee of Independent Experts on Global Inequality.
The taskforce's report highlights that the richest 1% of the global population has captured 41% of new wealth since 2000 while the poorest 50% has only seen a 1% increase. The report warns that countries with high inequality are prone to democratic decline and underscores the exacerbation by global shocks, including COVID-19 and the Ukraine war.
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