Uncontrolled capitalism is bringing the world to ruin, and nobody is fixing it

The owners and rulers of the world duly arrived for their expensive annual winter powwow in Davos last week, and departed clearly none the wiser about how to handle a looming plethora of problems facing the world.

Little said or done at Davos, or since, indicates that they understand the crises – variously called “capitalism run amok” or “capitalism’s last stand”.

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They – and we – have plenty of reasons to be afraid. On the eve of Davos, Oxfam, basing its arguments on data from Credit Suisse, a highly respected member of the global financial elite, issued an updated report on the disturbingly skewed state of global wealth, noting that the richest 1 per cent now own more than half of the world’s wealth, a year earlier than the charity had originally expected.

This is not just a passing phase, but a dangerous, chronic condition that threatens the economic, political and social structure of the world.

What exacerbates the problem is the growing political and economic clout of the mega rich, who spend millions of dollars a year lobbying to protect and enhance their vested interests, notably seen in the Republican Party in the US.

The mega rich also use devious schemes to protect their income from tax. Multibillionaire Warren Buffett admitted that he pays less tax than his cleaner. Some think tanks that should know better have published reports saying that if rich individuals gave more away, the problem could be solved; one multibillionaire could rescue a couple of poor African countries.