Global Risks Report 2012 Finds Income Inequality To Be A Threat To Economies Worldwide
Growing income disparity threatens political backlash
* WEF sees risk of globalisation unravelling
* Report says fiscal crises at centre of economic woes
LONDON, Jan 11 (Reuters) - A backlash against rising inequality -- evident from the Occupy movement to the Arab Spring -- risks derailing the advance of globalisation and represents a key threat to economies worldwide, according to the World Economic Forum.
Severe income disparity and precarious government finances rank as the biggest economic threats facing the world, according to the group's 2012 Global Risks report released on Wednesday...
Rising youth unemployment, a crisis of retirement among pensioners dependent on debt-burdened states and a widening wealth gap have sown the "seeds of dystopia", according to the report, based on a survey of 469 experts and industry leaders.
For the first time in generations, people no longer believe their children will grow up to have a better standard of living.
"It needs immediate political attention, otherwise the political rhetoric that responds to this social unease will involve nationalism, protectionism and rolling back the globalisation process," said WEF managing director Lee Howell.
Read more here...
And here is an example of that income inequality...
300 Chinese Foxconn Workers 'Threaten Mass Suicide' At XBox Plant.According to the reports the employees had asked bosses for a raise but in response were told to either quit with compensation or keep their jobs at their usual salary.
Most workers apparently decided to leave, but the company did not hand over the money as promised.
According to the China Jasmine Revolution website, the workers were only dissuaded a day later when the mayor of Wuhan talked them out of committing suicide.
Foxconn factories in China have been the scene of several suicides by workers in the past, including 14 in 2010 alone at its Shenzhen plant, after complaints of low pay and poor conditions.
Read More here...
Lastly, this is an excellent documentary about the influence of Wal Mart and how it destroyed America's economy...very well done PBS.
Is Wal Mart Good For America?
Watch full documentary here...