ECONOMIC WRONGS
One of the most terrible and dangerous wrongs in our world today is the existence of vast amounts of extreme poverty--at times side by side with instances of extreme wealth. Since the end of World War II, mankind has witnessed a greater and greater disparity between the wealthy nations and the poor ones--as well as between the rich and poor within them. This disparity is not only attributable to the poor nations becoming poorer, but also to the fact that many of our wealthier nations, and certain people within them, have become ever richer.
The gap between the wealthier nations and the poor nations--or, if you will, between some parts of the world as compared to other parts--began widening in the nineteenth century, and continues to this day. But the particular shame lies in the fact that, between 1820 and 1960, said gap grew at the rate of approximately 1.6 percent each year; while since then, it is said to have been growing at an annual rate of three percent. Furthermore, this continuing expansion of inequality between nations has, ironically, taken place during a period when the world has experienced the great deal of growth in world trade which we call "globalization." Thus, the rich continue getting richer, while the poor become more and more destitute. This has sadly resulted in the fact that, in1999, twenty percent of the world's people accounted for eighty six percent of the world's gross domestic product, and eighty two percent of its export markets; while the poorest twenty percent of humanity could claim ownership of only about one percentof each of the above. And in fact as well that the income ratio between the richest and poorest regions was thirty to one in 1960; had risen to sixty one to one by 1991; and has continued to grow similarly ever since. Further, in most poor or developing countries, there is often a great deal of unemployment, and little or no insurance benefits for the jobless.
Here are a few more concrete examples of this enormous disparity that has been heaped upon mankind:
a. In 1960, the twenty percent of the people who lived in the world's richest countries had thirty times the income of the twenty percent who lived in the world's poorest countries. By 1995, that wealthy twenty percent were enjoying eighty two times as much income.
b. In 1989, the group of Americans earning One Million Dollars or more numbered about fifty seven thousand. At the same time, almost thirty two million Americans were living at or below the poverty level.
c. In 2003, the richest one percent of the world's population owned as much as the poorest fifty seven percent.
Another form of "disparity" lies in the colossal incomes earned by, and riches possessed by, some of our super-rich. A few examples of this disgrace follows as well:
a. During the 1990s, a certain U.S. basketball organization offered a certain star player a salary of $98 Million spread out over over seven years. This hefty sum would have been sufficient to pay the then-average salary of an elementary school teacher for 3,267 years (or 109 teachers during their entire thirty year long careers).
b. Bill Gates, of Microsoft fame, was not long ago said to possess a fortune equal to the net worth of the 106 million poorest Americans.
c. And the assets of the world's three richest people were at about the same time tallied to exceed the gross national product of a group of the world's least developed countries, whose populations totaled 600 million human beings.
In addition, it is sad to note that the lower end of this scale of disparity is composed of many other pitiful pictures as well. Consider, for example, that while the average incomes of people in developing nations have almost doubled between 1975 and 1999, that of the inhabitants of sub-Saharan Africa has actually decreased. In fact, during the year 2000, the residents of forty nine countries in Africa had an average annual income of only $670.; and for those living in that continent's least developed countries, it was a mere $270. Calculated another way, these meager wages average out to an income of less that $300. per year (or $6. per week) for one fifth of the world's people; and for the twelve least developed countries, an annual income of around $160. (or $3.20 per week). Yet another set of statistics warns us that one half of the world's population are living on less than two dollars per day; that an increasing number of these poor souls are forced to get by on less than a single dollar each day; and that one half of this latter wretched group actually receive less than 65 cents per day. These sad numbers have not changed to any great extent of late.
During recent years, we have further noted rapid industrialization taking place within a few nation-states, particularly in Asia and South America. It is hoped that such swift growth will not be pursued with consequent excessive disregard for the welfare of the people who comprise the workforce required for said expansion, nor for the environment in such places. All too frequently, vastly increased economic expansion is accompanied by air pollution, urban crowding, poor living and working conditions for the laboring class, heedless cut-and-burn land clearing, and various other insensitive and hazardous practices having only increased profit as a goal.
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