Islamabad, December 21, 2020 (PPI-OT): Former President ICCI Shahid Rasheed Butt on Saturday said coronavirus is digging the grave of the capitalist economic system as the poor are witnessing a steep fall in their income while the rich are getting wealthier with an unprecedented pace.
The income of labour has been falling since the 1970s while the assets of the rich are increasing but recently the divide between rich and poor is widening at the fastest pace resulting in widespread restiveness, he said. Shahid Rasheed Butt said that the global economy was jolted by the 2008 recession resulting in losses to the tune of trillions of dollars that added to the miseries of the masses but the rich were shielded and rewarded.
The total worth of the founder of Amazon was 6.8 billion dollars in 2009 which jumped to $184 billion in 2020 while the assets of founder of Facebook were $2 billion which are now $184 billion. A report suggests the money held by 400 richest Americans has increased from $1.27 trillion to 3.2 trillion dollars while the quality of life of common American is declining rapidly which is exploitation.
According to a study, the assets of the rich have increased by 27 percent during this pandemic while hundreds of millions of commoners have plunged into extreme poverty. The developments show that the burden of the crisis is being shifted on the poor while the rich are shielded but this policy will not work in the long run as it will fan conflicts. The existing economic system will remain acceptable if it ensures just distribution of wealth and stops transferring the money of poor countries to the developed world, he said.
For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571
The post Coronavirus digging grave of capitalism appeared first on Business News Pakistan.