By: Kourosh Behnam
March 1, 2012
Contrary to what people think, extreme concentrations of wealth are bad for society, the economy, and the planet. Concentrations of wealth are unjust, it allows certain individuals to have oligarchic power over others. These individuals use their wealth primarily to influence the democratic process and to accumulate more wealth at the expense of the majority and the planet.
There is no economic or moral justification for oligarchs.
Globalization has concentrated financial wealth and political power in the hands of increasingly fewer individuals at the top, who in turn exert undue influence over policy-making processes that are meant to protect people and the planet.
In this video Victor Menotti, Executive Director of IFG, explains wealth and power today in less than 2 minutes and 45 seconds: