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| The parallel universe of Davos’s high priests | The parallel universe of Davos’s high priests |
| (about 4 hours later) | |
| Letters | Letters |
| Tue 23 Jan 2018 18.16 GMT | Tue 23 Jan 2018 18.16 GMT |
| Last modified on Tue 23 Jan 2018 22.00 GMT | |
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| As Larry Elliott’s piece pointed out, world elites are meeting at Davos to make global decisions about humanity’s future (All might look rosy, but world’s billionaires are entering avalanche country, 22 January). Their rallying call, “Creating a Shared Future in a Fractured World”, and the content of this 48th World Economic Forum present as a parallel universe for billions of ordinary people. | As Larry Elliott’s piece pointed out, world elites are meeting at Davos to make global decisions about humanity’s future (All might look rosy, but world’s billionaires are entering avalanche country, 22 January). Their rallying call, “Creating a Shared Future in a Fractured World”, and the content of this 48th World Economic Forum present as a parallel universe for billions of ordinary people. |
| As the WEF takes place, the world faces an inequality crisis that is spiralling out of control. Across it we are seeing the gap between the richest and the rest of us reach unprecedented extremes. Our current economic system works for the elites rather than the people, affecting both our health and wellbeing, as billions live in poverty. Such inequality is also failing and threatening our planet. | As the WEF takes place, the world faces an inequality crisis that is spiralling out of control. Across it we are seeing the gap between the richest and the rest of us reach unprecedented extremes. Our current economic system works for the elites rather than the people, affecting both our health and wellbeing, as billions live in poverty. Such inequality is also failing and threatening our planet. |
| The idea that we need high earners to create wealth for others – the so-called ‘trickle-down’ theory – is deeply flawed | The idea that we need high earners to create wealth for others – the so-called ‘trickle-down’ theory – is deeply flawed |
| The Fight Inequality Alliance (FIA) is a growing movement of leading international non-profit organisations, human rights campaigners, equality campaigners, environmental groups, faith-based organisations, trade unions, social movements and civil society organisations that have come together to fight the growing crisis of inequality. We make up a new UK chapter of the FIA. During the our global week of action as the WEF takes place, we are united in asking the government to take action to tackle income inequality, tax transparency, the housing crisis and health inequalities. | The Fight Inequality Alliance (FIA) is a growing movement of leading international non-profit organisations, human rights campaigners, equality campaigners, environmental groups, faith-based organisations, trade unions, social movements and civil society organisations that have come together to fight the growing crisis of inequality. We make up a new UK chapter of the FIA. During the our global week of action as the WEF takes place, we are united in asking the government to take action to tackle income inequality, tax transparency, the housing crisis and health inequalities. |
| We believe that not taking decisive action presents a clear and present danger, one that we ignore at our peril. Inequality is not inevitable.Dr Wanda Wyporska Executive director, The Equality TrustJamie Burton Chair, Just FairZarin Hainsworth Chair, National Alliance of Women’s OrganisationsProfessor Bev Skeggs Director of the Atlantic Fellows programme, International Inequalities Institute, LSEMiatta Farnbulleh CEO, New Economics FoundationHelen Goulden CEO, The Young FoundationWill Snell Director, Tax Justice UKNiall Cooper Director, Church Action on PovertyZoe Matthews Co-director, Friends, Families and TravellersTom Burgess Executive director, Progressive Policy UnitTracey Lazard CEO, Inclusion LondonYvonne MacNamara CEO, The Traveller MovementFran Boait Executive director, Positive MoneyNeal Lawson Chair, CompassJackie Longworth Chair, Fair Play South WestRachel O’Brien Disabled students’ officer, NUSRev Paul Nicolson Taxpayers Against Poverty | We believe that not taking decisive action presents a clear and present danger, one that we ignore at our peril. Inequality is not inevitable.Dr Wanda Wyporska Executive director, The Equality TrustJamie Burton Chair, Just FairZarin Hainsworth Chair, National Alliance of Women’s OrganisationsProfessor Bev Skeggs Director of the Atlantic Fellows programme, International Inequalities Institute, LSEMiatta Farnbulleh CEO, New Economics FoundationHelen Goulden CEO, The Young FoundationWill Snell Director, Tax Justice UKNiall Cooper Director, Church Action on PovertyZoe Matthews Co-director, Friends, Families and TravellersTom Burgess Executive director, Progressive Policy UnitTracey Lazard CEO, Inclusion LondonYvonne MacNamara CEO, The Traveller MovementFran Boait Executive director, Positive MoneyNeal Lawson Chair, CompassJackie Longworth Chair, Fair Play South WestRachel O’Brien Disabled students’ officer, NUSRev Paul Nicolson Taxpayers Against Poverty |
| • The “capisceptics” (Even at Davos, capitalism’s critics are centre stage, 23 January) are not naive and foolish in their objections to the free market system; they have a respected progenitor in JM Keynes. He said that capitalism needed protecting from itself, as its excesses – as demonstrated by the 1929 financial crash – were self-destructive. Those protections included managing aggregate demand – that is, increasing public spending in times of recession and cutting it when the economy overheated. Since the 1970s we have had decades of the neoliberal free markets and the return of the problems that characterised prewar Britain – large-scale unemployment, low wages and job insecurity. The “capisceptics” can have their cake and eat it, as all we want is a return to social democracy – a mixed economy that works to benefit all, not just a tiny elite. Social democracy has its failings but those failings are small compared to those of contemporary neoliberalism.Derrick JoadLeeds | • The “capisceptics” (Even at Davos, capitalism’s critics are centre stage, 23 January) are not naive and foolish in their objections to the free market system; they have a respected progenitor in JM Keynes. He said that capitalism needed protecting from itself, as its excesses – as demonstrated by the 1929 financial crash – were self-destructive. Those protections included managing aggregate demand – that is, increasing public spending in times of recession and cutting it when the economy overheated. Since the 1970s we have had decades of the neoliberal free markets and the return of the problems that characterised prewar Britain – large-scale unemployment, low wages and job insecurity. The “capisceptics” can have their cake and eat it, as all we want is a return to social democracy – a mixed economy that works to benefit all, not just a tiny elite. Social democracy has its failings but those failings are small compared to those of contemporary neoliberalism.Derrick JoadLeeds |
| • Mark Littlewood of the Institute of Economic Affairs is missing the point by claiming that Oxfam is promoting a race to the bottom by their highlighting of global wealth inequalities (Richest 42 people ‘have as much as poorest 3.7bn’, 22 January). We are very close to the bottom already. The idea that we need high earners to create wealth for others – the so-called “trickle-down” theory – is deeply flawed. Many of the world’s richest people have created wealth not through new ideas or innovations but by buying and selling existing businesses, or – like hedge funds – by gambling on failure. | • Mark Littlewood of the Institute of Economic Affairs is missing the point by claiming that Oxfam is promoting a race to the bottom by their highlighting of global wealth inequalities (Richest 42 people ‘have as much as poorest 3.7bn’, 22 January). We are very close to the bottom already. The idea that we need high earners to create wealth for others – the so-called “trickle-down” theory – is deeply flawed. Many of the world’s richest people have created wealth not through new ideas or innovations but by buying and selling existing businesses, or – like hedge funds – by gambling on failure. |
| The world economy cannot survive indefinitely with such imbalances. Where will all the future demand for goods and services come from? The already wealthy will just accumulate more wealth while the rest of us survive on the crumbs from their tables. Not only morally indefensible but economically unsustainable. John WhitleyMilford on Sea, Hampshire | The world economy cannot survive indefinitely with such imbalances. Where will all the future demand for goods and services come from? The already wealthy will just accumulate more wealth while the rest of us survive on the crumbs from their tables. Not only morally indefensible but economically unsustainable. John WhitleyMilford on Sea, Hampshire |
| • When we all shout “Lock them in!” could Ed Collard (Build a beautiful wall – around Davos, 22 January) be ready with a chain and padlock to go round his wall? Belt and braces!Lucy CraigLondon | • When we all shout “Lock them in!” could Ed Collard (Build a beautiful wall – around Davos, 22 January) be ready with a chain and padlock to go round his wall? Belt and braces!Lucy CraigLondon |
| • Join the debate – email guardian.letters@theguardian.com | • Join the debate – email guardian.letters@theguardian.com |
| • Read more Guardian letters – click here to visit gu.com/letters | • Read more Guardian letters – click here to visit gu.com/letters |
| Davos 2018 | Davos 2018 |
| Inequality | Inequality |
| John Maynard Keynes | John Maynard Keynes |
| Oxfam | Oxfam |
| Poverty | Poverty |
| Social exclusion | Social exclusion |
| letters | letters |
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