Abstract
There has been considerable said about the lack of conscience in the world of finance. ‘The rapid growth of the few at the expense of the many’ sounds like a hackneyed phrase stemming from the perceived excesses on Wall Street. Leaving Main Street behind. The danger in sweeping generalizations is that they lack a sense of objectivity and pose a lost perspective. These views gather moss either via conspiracy theories - so rampant, thanks to social media - or by way of unfounded polemics.
To gain credibility, a deep-rooted and granular drill-down is necessary. One that looks at both sides of the argument and disproves a hypothesis, even if it does not fit the narrative or proves it to make a point and let the case rest.
There are indications that point towards greater inequality, with lower upward mobility chances in a legacy-oriented world. There are also, concerning, data points on climate change that seem to go unheeded by the powers that be, and the perpetrators, for the sole benefit of the present at the expense of the future. The increasing globalization initiative as a policy of the last few decades, while a good trend for the world, might not have delved deeper into negatively reinforcing Slave Labor, unfair subsidies, anti-dumping, and displaced employment of the hardworking workers at home, giving rise to socio-economic disparity. On the corporate side, lending to, and fostering unwarranted growth in, areas of the energy domain that exacerbate climate challenge is not only unhelpful but defies the very principle of the institution that engages in it. The role of fiscal policy cannot be overstated in the equalizing process and the progressivity of the tax structure needs a relook, especially in the rich world.
The preceding encapsulates some of the current tests the world is confronted with viz a viz the sustainability goals identified on a universal basis. The purpose of the paper is to determine the extent of the issue before suggesting the appropriate solutions, be they by way of public policy, financial literacy, microfinance facility, or any other suitable tool. In addition, it also shows that economic growth need not be exclusive.
We intend to conduct a desk-research study, reviewing the various global publications dedicated to this vast world problem, and take a deep dive into the current policies that might impact results.