During pandemic one of the significant factors for
rising inequity as elaborated by Thomas Piketty was in display for keen
observers. As people suffered untold misery, hundreds and thousands of lives were
being lost millions of livelihoods became untenable, the richest were getting
richer. There is obviously flaw in the system (apart from ofcourse other major
flaws that is pushing us to catastrophe) that seems to be favoring money over wellbeing.
Even in India (rampant institutional inequity, rent seeking society) there was
35% increase in net worth of billionaires during pandemic while the economic growth
was in negative! Piketty -French economist, has been explaining inequality for
many years now and is indeed quite popular among wide range of audience across
the world. Inequality is sharply rising and Piketty warns that it will become unsustainable when return of investment on capital is higher than rate of economic growth. Meaning a
section is well placed while majority are in misery, and more the misery better
for this richest section. And this not because of any divine providence or blessing
just that the system is flawed or skewed to the richest. Piketty’s insights
were proved correct during pandemic. This is akin to solar eclipse moment (worked
by Arthur Eddington) for Einstein in 1919. Pandemic has been an eye opener in
more than many ways, and with climate crisis looming it will be foolhardy to
carry on with flawed systems. How IPCC meet at Glasgow -arguably the most
significant meet ever for human race as also for the sake of other species, is
going to point these out will be keenly observed.
