An Economy for the 99%

Author: Oxfam International, Published on: 16 January 2017

New estimates show that just eight men own the same wealth as the poorest half of the world. As growth benefits the richest, the rest of society – especially the poorest – suffers...An Economy for the 99% looks at how large corporations and the super-rich are driving the inequality crisis and what can be done to change this...[W]hen corporations increasingly work for the rich, the benefits of economic growth are denied to those who need them most...[C]orporations are driven to squeeze their workers and producers ever harder – and to avoid paying taxes which would benefit everyone, and the poorest people in particular...While many chief executives...have seen their incomes skyrocket, wages for ordinary workers and producers have barely increased, and in some cases have got worse...In extreme cases, forced labour or slavery can be used to keep corporate costs down...Across the world, corporations are relentlessly squeezing down the costs of labour – and ensuring that workers and producers in their supply chains get less...Corporations maximize profit in part by paying as little tax as possible....Developing countries lose $100bn every year to tax dodging...It is the poorest people who lose out the most, as they are most reliant on the public services that these forgone billions could have provided...[Refers to Alphabet, Apple, Burger King, Facebook, Microsoft, Shell & Walmart]

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