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18th January 2024 (11 Topics)

Reassessing Distributive Justice Amidst Soaring Global Inequality

Context

As the annual World Economic Forum commenced in Davos, Switzerland, Oxfam's latest report laid bare the escalating global wealth gap.

Key Points

  • Significant disparity between the fortunes of the top five billionaires and the increasing impoverishment of 5 billion people worldwide.
  • In the Indian context, while there's a noteworthy reduction in multidimensional poverty, the persistent income inequality prompts a reevaluation of distributive justice for comprehensive human development.

Global Wealth Disparities:

  • Oxfam's report underscores a disconcerting reality: the wealth of the world's five richest individuals, including Bernard Arnault, Jeff Bezos, Warren Buffet, Larry Ellison, and Elon Musk, has more than doubled since 2020, reaching a staggering $869 billion.
  • Simultaneously, the report projects that the world will witness its first trillionaire within the next decade, yet global poverty eradication remains a distant goal—estimated to take 229 more years.

Positive Trends in India:

  • In India, the Niti Aayog offers a glimmer of positive news, reporting a reduction in multidimensional poverty to 11.3% in 2022-23, a significant drop from over 29% a decade ago.
  • Approximately 24.8 crore people are estimated to have escaped multidimensional poverty in the past nine years.
  • However, discrepancies arise due to varied definitions of poverty, with Niti Aayog's approach considering a spectrum of 12 indicators, including nutrition, child mortality, education, and access to essential services.

Need for Distributive Justice:

  • While progress is evident in addressing basic needs, the paradox emerges as income inequality escalates.
  • The Asia-Pacific Development Report 2024 highlights India's remarkable per capita income growth from $440 to $2,400 between 2000 and 2022, but it also signals a surge in wealth disparity.
  • With the top tenth of the population claiming 57% of the national income and the bottom half receiving a mere 13%, India stands out as one of the most unequal income distributors.

Call for Comprehensive Human Development:

  • The evolving landscape demands a shift from merely satisfying basic needs to ensuring all-round human development.
  • 'Capitalism with a human face' necessitates reevaluating wealth distribution mechanisms.
  • This could involve revisiting 'soft' taxation policies favoring the wealthy and curbing corporate power by dismantling monopolies.

What is Distributive Justice:

  • Distributive justice, refers to the fair allocation of resources and opportunities within a society.
  • It involves addressing inequalities in income and wealth distribution, ensuring that benefits and burdens are distributed equitably.
  • In the face of rising global and national inequality, reexamining distributive justice becomes imperative for fostering inclusive and sustainable human development.
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