G20 Leaders’ Summit: Creation of inequality panel will create global momentum – Economist

World renowned economist Joseph Stiglitz believes if an independent international panel on inequality is established under South Africa’s G20 presidency, it will spare the subject from being dropped from the global agenda when it hands over the presidency to the United States (US).

Visiting Cape Town on Tuesday, Stiglitz said the world is facing an inequality emergency and much of the world’s wealth is being acquired through monopoly power and exploitation.

Stiglitz, who led an independent G20 panel to deliver a report on inequality to President Cyril Ramaphosa, said inequality is a choice that can be rectified.

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The Nobel laureate said inequality is not a matter limited to the G20.

He’s hoping other countries who are not part of the bloc, some of whom will be attending the leaders’ summit in Johannesburg later in November, will add to the lobby for an independent international panel to assess the causes of inequality and advise governments on possible solutions operating in a similar manner as the United Nations (UN) panel on climate change.

“By creating this international panel on inequality, there can be a permanent legacy no matter how the vagaries of politics go in one country or another.”

Stiglitz believes South Africa and Namibia, recognised as being among the most unequal societies in the world, have done fairly well to address the inequalities created by colonialism and apartheid.

“One of the things I think South Africa is beginning to try and come to terms with is healthy inequality and efforts to recognise the importance of access to medicine for health for all.”

Stiglitz said if governments direct their economic policies to address poverty, it can be eliminated.

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