JOHANNESBURG – One of the criticisms that are often directed at the economics of free markets is that benefits accrued from the economy do not cascade to an ordinary person in the street. And that it has a huge bias towards the richest few individuals.
Subsequently, a number of studies have been conducted in the past to prove this rather very obvious point. Although everybody appears to concur that this is not supposed to be the case, the problem persists in all countries. The income gap between executives and low-level workers continues to grow. The wealth disparities within and between countries are too visible to ignore and are also on a steep rise.
Without any understandable logic, economic literature and political speak have been adapted accordingly to bring sweet music to the ears of those who care to listen. Moving away from the old language of becoming rich at all cost, the new catchphrase is “inclusive growth”.
My simple interpretation is that the idea of “inclusive growth”, which has become a household name in political arena worldwide, is still based on the old half-truths by neoliberal economists that capitalism results in a trickle down to empower the poor. So, the new language seeks to dress up a dangerous criminal without forcing him to change his ways.