The only solution is to combat wealth inequality globally
Now that we know the situation, how can we change it? How can we make the future better for those who are less wealthy than the superpowers who swallow up every dollar going to spare? Thomas Piketty puts forth that the only situation is to come together as one and tax wealth.
Of course, there have been echoes of this from country to country, but it has never actually come to fruition. Many hurdles are standing in the way. Countries need to come together to implement one policy, which is likely to take a considerable amount of time, not to mention a certain amount of luck.
⚡️Solving an ingrained and long-standing problem like wealth inequality won’t happen overnight. The seeds of change need to be sown now.
The truth is wealth taxation is unlikely to ever get off the ground because those who need to implement the policy will probably be victims of it. Thomas Piketty suggests that this taxation doesn’t need to be drastic; it can be modest but enough to make a substantial difference.
The super economies need to make the first step, such as the USA, UK, and the EU. When these economies make changes, others are likely to follow. This type of policy is necessary to stop the wealthy from simply increasing their cash sitting in their various bank accounts. It’s also a step that needs to be taken to prevent wealth from being shifted away from countries, e.g., transferred to offshore accounts and properties. However, none of this will be possible unless large economies come together to prevent wealth inequality from becoming even worse than it is now.
⚡️With money comes power. There needs to be taxation on wealth to balance things and ensure each country’s cash isn’t simply flowing into one wealthy family’s pocket.