By Nesrine Malik, Illustration: Matt Kenyon, The Guardian, January 23, 2023
ou may have forgotten by now, but there was a brief moment during the pandemic when hopes were raised for a new “roaring 20s”. The Yale sociology professor Nicholas Christakis predicted that as in the 1920s, after the 1918 Spanish flu, society would embrace indulgence, with a rise in “sexual licentiousness” as well as a “reverse of religiosity”. We were poised to emerge from lockdown randy and flush. We certainly weren’t supposed to plunge, as we have in Britain, right into political crises and strikes, have three prime ministers in as many months, and sit at home too skint to turn on the heating or socialise.
But a roaring 20s is actually happening, just not for most of us. According to Oxfam’s annual inequality report, released to coincide with the World Economic Forum meetings in Davos, the richest 1% of people have captured nearly twice as much new wealth as the rest of the world combined since the pandemic. Their fortune soared by $26tn, increasing their share of new wealth from 50% to two-thirds.
The breakdown of these figures exposes how on a global basis, extreme wealth is accumulated not by innovating or increasing production, but by taking advantage of rising prices and exploiting labour. In this effort, wealthy people are enabled by lack of regulation and taxation. The result is a bonanza of plunder with no sheriff in town.
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