Why do the richest 10% own 85% of the worlds wealth?

"A study by the World Institute for Development Economics Research at United Nations University reports that the richest 1% of adults alone owned 40% of global assets in the year 2000, and that the richest 10% of adults accounted for 85% of the world total. The bottom half of the world adult population owned 1% of global wealth." http://en.wikipedia.org/wiki/Distribution_of_wealth

Is this a flaw of the system we live in, a Capitalistic society? By the way I'm not saying Communism/Marxism is better - infact they're almost as bad. I'm just saying there are flaws in the system we live in, thats all and this image pretty much summaries it :tongue:

Discuss.

(edited 13 years ago)

Reply 1

und

16

It's not a flaw of capitalism; it is capitalism.

Reply 2

Democracy

20

Because that's capitalism for you. Unrepresentative, unequal and undemocratic.

Reply 3

xXxiKillxXx

14

Because unfortunately thats the way humans are..

Truly disgusting.

because thats how the rich stay rich if the richest 10% owned 10% of the worlds wealth then the 100% would own 100% of the worlds wealth equally. The rich stay rich by owning the most land and taxing people to live on it

Reply 6

PonchoKid

20

isnt it 80% to 20%
im sure i remember those figures from last years world development.

so im sure we had a book called 80:20

i may be wrong though.

Reply 7

Billydodger

10

Yeah but we wouldn't like the idea of having massive taxes put on us and restrictions on our consumption so that people in Africa can have more. And that's the thing. We are all happy to criticise capitalism whilst let's face it...we're the winners. But when it comes down to giving to the less fortunate and forfeiting our positions, nobody wants to. On comic relief...say even the 'generous' lot gave what, £30 each? How much is that of their yearly income, almost nothing.

Economics is the study of allocation of scarce resouces. Everything on this earth in global terms is 'scarce'. So if we want other to have more, we have to consume less. You all up for that? No. People bitch and whine when they don't get a real terms pay rise every year but they can still afford that semi-detached 3 bed for 2 people is more difficult. Or bottled water everyday at lunch. Maybe some £90 shoes to go out and binge drink in.

Reply 8

chrislpp

15

Welcome to capitalism, you vote for it every 5 years.

Reply 9

morris743

Original post by Billydodger

Yeah but we wouldn't like the idea of having massive taxes put on us and restrictions on our consumption so that people in Africa can have more. And that's the thing. We are all happy to criticise capitalism whilst let's face it...we're the winners. But when it comes down to giving to the less fortunate and forfeiting our positions, nobody wants to. On comic relief...say even the 'generous' lot gave what, £30 each? How much is that of their yearly income, almost nothing.

Economics is the study of allocation of scarce resouces. Everything on this earth in global terms is 'scarce'. So if we want other to have more, we have to consume less. You all up for that? No. People bitch and whine when they don't get a real terms pay rise every year but they can still afford that semi-detached 3 bed for 2 people is more difficult. Or bottled water everyday at lunch. Maybe some £90 shoes to go out and binge drink in.

This post rules. Denial is the key word in our 'society'.

Reply 10

ChazSingh

"When deep space exploration ramps up, it'll be the corporations that name everything, the IBM Stellar Sphere, the Microsoft Galaxy, Planet Starbucks."

Reply 11

danny111

3

Original post by Democracy

Because that's capitalism for you. Unrepresentative, unequal and undemocratic.

How so?

Reply 12

darknessbehold

OP

Original post by ChazSingh

"When deep space exploration ramps up, it'll be the corporations that name everything, the IBM Stellar Sphere, the Microsoft Galaxy, Planet Starbucks."

I'd join the Trade Federation instead of "Microsoft Galaxy" any day

Reply 13

darknessbehold

OP

Original post by danny111

How so?

Because 49% have to put up with the person 51% voted in. Basically means a big F*** you to the 49% who didn't vote for the winner.

Reply 14

peacefrog16

We live in a capitalist society unfortunately...

Reply 15

Hopple

18

The richest people rule the world, of course they'll want to further their interests.

Reply 16

fwed1

11

Usually because they have managed to invent/discover something that a lot of people need, therefore a lot of people buy it and they get a lot of money.
People complain about this all the time but I would bet a lot that most of them shop at the big brand supermarkets, own cars, take medicines, take trains or planes around the world at own computers. Doing all of these things makes the rich get richer because you want what service they are offering.

This is why african countries are so poor, for whatever reason they pretty much didnt develop for thousands of years and therefore had nothing to offer anyone else apart from basic crops and therefore dont get much money.

Reply 17

Phillipsherman

14

life is tournament - winner takes all, you lose - you lose.

Reply 18

Democracy

20

Original post by danny111

How so?

Because capitalism as an economic system relies on private ownership and running of business solely for profit, without any concern for worker's rights.

This is in contrast to socialist or socialist libertarian systems e.g. cooperatives and workers councils where decisions are made democratically and any profit is shared between the workforce, as opposed to being concentrated within a top elite.

Any institution which is privatised (i.e. being run by the minority for the benefit of the minority) is automatically undemocratic compared to an enterprise controlled by the majority i.e. its workers.

Reply 19

wactm

14

This is the beauty of capitalism. Hard working, self motivated, creative, intelligent and ambitious people can always get into the top 1% if they want to!

(edited 13 years ago)

Why do the richest 10% own 85% of the worlds wealth?

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