The economic inequality fallout of the pandemic

While doing a course on, ‘Welcome to our post-pandemic future’, the aspect of economic inequality trend jumped out at me. A trend that seems to have accelerated since the onset of the pandemic.

Statistics show that the eight wealthiest people in the world now have as much wealth as the bottom 3.5 billion people combined! Incredible as it seems, that is correct. The combined wealth of this league of extraordinary gentlemen out weighs that of three and a half billion people! It set me thinking. What is that differentiating proposition that creates such a disparity? Is it the intelligence quotient, is it the emotional quotient, a combination of the two or something else?

As I reviewed the behaviour patterns and articulations of these extraordinarily wealthy gentlemen. I could discern a pattern. A common underlying theme behind such incredible wealth creation seemed to be a knack of envisaging a future that seemed impossible, in fact laughable to most folks around. However, these individuals held the belief to hunker down and live into that future, having the doggedness to hang on till they could make it true.

 I discovered something else. As the world shifted in terms of technology and mindset, there came a moment when the window of opportunity aligned with the envisaged future and competence set of the individual. Because of the ability to hunker down and hang on, the individual could recognize that ‘clunk’ of the future as it arrived and take appropriate action. This seemed to be true for Bill Gates, Jeff Bezos and Mark Zuckerberg as well as the others on the list.

In the next three to five years, how could we expect to see the growing economic inequality pan out and its impact on the world? One might envisage depressed ‘across the board’ consumer demand and a drag on the global economy. Most of us can recognize the negative potential of a severe long-term drag.

In one of my earlier posts some years back (https://esgeemusings.com/2017/01/22/a-brave-new-world/), I had mused:

“…….Our Brave New World too seems to be a story of the blue and red pills allowing us a choice of the path we could take.

One road leads us to a virtual utopia. Inhabited by people fully able to realise their creative and innovative potentials. A world where people are uniquely free to follow their passions and creative urges. Where innovations are exploding every other day and unimaginable wealth is getting created. Where products and services are plentiful and available to all. Where being wealthy or not no longer matters. A world that has finally come to realise the socialistic dreams of Karl Marx and Lenin, but in a warped way.

The other way is to the land of dystopia. Of people lacking meaningful work and condemned to exist on the lower rungs of Maslow’s hierarchy. With not a hope in hell of achieving the higher rungs of potential. Of folks condemned to live on a Universal basic income provided by the Governments of the day. Of large sections of society feeling increasingly dispossessed and spiralling down into drugs, gambling, terrorism and similar madness……….”

 As I think of the growing inequality of today, I do spot some of the above-mentioned patterns of change. But I remain unsure of a pre-determined outcome. Would the economic disparity continue to grow? If so, what could each one of us do to support folks to more effectively handle the situation?

I sense that over the next few years, the world would need to go through a period of healing, not only emotional healing from the damage and trauma of the pandemic but a movement to restore overall consensus and a more equitable share for all towards livelihood. All of us would need to get involved and ensure that groups who have been disproportionately affected are at the table for coming up with plans and solutions, including young people, and that they have a chance to really have a say in what happens next to ensure a better and safer future in the coming years.

In Learning…………..                                                                                                      Shakti Ghosal