25 Jan. Study: Corona exacerbates social inequality worldwide at the same time
Call for an economy for the common good as a solution for a long-term sustainable and fair economic system
The coronavirus pandemic threatens to increase social injustice worldwide for the first time ever: According to a study by the development organization Oxfam, there is a risk that the world's already precarious social imbalance will continue to worsen dramatically.
"Like a burning glass, the pandemic shows that our economic system is tearing the social divide in our society ever further apart. In Germany, in the EU and worldwide," says Manuela Ripa, MEP for the Ecological Democratic Party (ÖDP).
According to Oxfam data, for which almost 300 experts from 79 countries were surveyed, the world's 1,000 richest people were able to recoup any losses within nine months of the outbreak of the coronavirus crisis. People at the lower end of the global income scale will need more than a decade to do so.
"The crisis is hitting the economically weak disproportionately hard. The situation is absurd: in Germany, the ten richest people have been able to increase their wealth by an average of 35% - at the same time, around 40% of those in employment have lost income," the EU politician continued. "But corona is not the cause of this devastating inequality - it is made clear. The root lies in an economic system that is blindly and unbridledly geared towards profit. Without regard for social losses. This is neither sustainable nor in any way fair or healthy. And corona shows us how serious the situation is."
We must now seize the opportunity to switch to an economic system in which contribution to the common good, rather than financial profit, is the measure of all things
Manuela Ripa is calling for the coronavirus pandemic to be seen as a wake-up call: "Power and influence must not lie solely in the hands of large corporations. We must now seize the opportunity to switch to an economic system in which not financial profit, but the contribution to the common good is the measure of all things: the more socially, ecologically, democratically and solidarily companies act and organize themselves, the better balance sheet results they achieve. This is the only way to become truly sustainable and the only way to create a fair society that not only serves the wallets of the super-rich, but also prioritizes the well-being of people, the environment and the planet," concludes Manuela Ripa.