By Irit Tamir, Director of Oxfam America’s Private Sector Department
COVID-19 has laid bare the deep inequalities our economic model has fostered and thus is a major threat in achieving the UN Sustainable Development Goals, particularly SDG 10 (reducing inequalities). Business has a role to play in achieving SDG 10—but a recent Oxfam report highlights how big corporations are exacerbating rather than reducing inequality.
While the global pandemic saw devastating jobs losses of 400 million, nearly have a billion people are expected to be further pushed into poverty. But not everyone is losing out – billionaires have seen their incomes rise as shares in big corporations saw their profits jump. Power, Profits and the Pandemic: From corporate extraction for the few to an economy that works for all found five ways in which corporations are exacerbating inequality.
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