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Too much power and trade are controlled by too few
By David Hill |
March 2, 2010, Tuesday
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Print Edition
Print Edition
DEAR editor,
Just 500 mega-corporations around the world control over 70 percent of all global trade (Fortune Magazine and UNCTAD).
It is therefore now time to change global economics before our very planet fails. For this is the only conclusion that one can arrive at once the Earth's finite natural resources are consumed to the level where they cannot support everyone.
Nearly every sector of industry has now seen control become concentrated in the grip of a minority group of transnational corporations (according to Fortune 500).
In this respect, the largest 200 companies on earth now have around twice the wealth of the poorest 80 percent of humanity, yet their collective global employment is less than 20 million - that is, fewer than 0.29 percent of the world's total population. Similar questions arise about the concentration of finance, which undermines popular involvement in social and economic planning.
Control over food raises even more serious questions, in this case about survival. We have therefore to change our ways of development and governments have to see the folly of so much power in the hands of so few.
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