World Day of Social Justice, commemorated every year on 20th February, is a UN international day recognising the need to promote social justice. Commonly, when we talk about social justice, we envision a fair and equal society where everyone has the same social, political, and economic rights, which are respected and protected as well as equal opportunities and access to their basic needs. By definition then, social justice cannot be achieved without tackling inequality in all its forms. Increasing equality and wellbeing for everyone is at the core of Social Value International’s mission to change the way society accounts for value, thus making social justice inextricably linked to the social value movement.

For decades now, income inequality within most countries has been on the rise, affecting more than 70 per cent of the global population. And while inequality between countries has declined in that same period of time, the gap between countries remains significant and is now expected to widen for the first time in a generation as a result of the Covid-19 pandemic.  

The findings of soaring inequality in Oxfam’s most recent annual global inequality report were therefore hardly a surprise yet the figures presented still managed to shock – the report serves as a stark reminder of just how unequal the distribution of wealth and power is within our societies today as well as how drastically the pandemic has exacerbated these inequalities.  

While billionaires are multiplying their fortunes, taking joyrides into space, and having historic landmarks dismantled to make way for their superyachts, the incomes of 99 per cent of humanity are worse off because of Covid-19 and over 160 million people are projected to have been pushed into poverty. It is estimated that 711 million people currently live in extreme poverty, unable to meet their most basic needs, including shelter, food, sanitation, and healthcare. 

Income inequality, both within and between countries, is also a stronger indicator of whether a person will die from Covid-19 than age. In some countries, the poorest people have been nearly four times more likely to die from the virus than the richest and people living in low- and middle-income countries are around twice as likely to die as people who live in high-income countries. 

Income disparities and poverty are of course not the only existing inequalities determining the severity of the effects of the pandemic on a person’s life. Women and racialised groups have also been hit disproportionately hard by Covid-19 with the former suffering the harshest economic impacts and the latter being more likely to die from the virus. 

It is not only that Covid-19 is deepening all these inequalities, but inequalities are also exacerbating the effects of the pandemic and further prolonging it. The global vaccine inequity allows the conditions for new mutations of the virus to emerge that may be more transmissible and more dangerous and render pre-existing vaccines ineffective, thus putting us all at risk. 

Although we should certainly not ignore all the significant progress we have made in terms of equality, human rights, and peace throughout history, it is clear that there is still a lot of work to be done in advancing social justice, especially now that the pandemic has not only hindered progress but is set to even reverse decades of it in some areas.  

It is a common misconception to think that inequality only affects you if you have been unlucky enough in life to get the short end of the stick. Although it certainly harms the poorest people, women and girls, and racialized groups the most, the effects of inequality are not confined to the most disadvantaged in our societies. Research shows that inequality damages the social fabric of the whole society. As well as health and violence, almost all the problems that are more common at the bottom of the social ladder are also more common in more unequal societies – including mental health conditions, drug addiction, obesity, loss of community life, imprisonment, unequal opportunities, and poorer wellbeing for children.  

Not only is inequality tearing apart our societies, but it is also a significant driver of environmental damage. It is well-known that wealthy countries are responsible for most of today’s climate change impacts, contributing disproportionately to global emissions. However, there is now also growing evidence that countries with a bigger gap between rich and poor do more harm to the planet and its climate than countries with lower income inequality levels. In short, people in more equal affluent countries consume less, produce less waste, and emit less carbon, on average, than their less equal counterparts. Indeed, almost everything associated with the environment improves when economic equality is greater. 

It is clear then that inequality is not an abstract issue – it has devastating real-life consequences on all of us. Therefore, addressing it is not only the right thing but also the self-interested thing to do. To protect people and the planet, it is vital that we change course and change it fast. The ‘good news’ is that inequality is neither inevitable nor accidental, meaning it can be tackled and it can be prevented.  

Extreme inequality is a direct result of a deeply flawed economic system in which structural and systemic policy and political choices are deliberately skewed in favour of the richest and most powerful people. Specific and realisable solutions therefore do exist. There is no shortage of money, resources, or vaccines to fix our global problems – they are simply concentrated in the hands of too few. And because the power to act and make decisions is so concentrated too, there is a lack of political will to effectively redirect these resources to the right places, to where they are most needed and to where they will help benefit humanity as a whole. The rich and powerful are able to instead spend billions and hire tens of thousands of lobbyists to exercise undue influence to skew policies in their favour, thus undermining democracy. 

Redistributing power in decision-making and the economy is therefore one of the first steps we must take to tackle inequality. If those who are suffering the brunt of the crises we currently face – whether it be inequality, climate change or Covid-19 (or commonly, a combination of all three) – were given a seat at the table, then we would see decisions about policies and resources being made in a way that works for the many. This is why holding those in power accountable through effective stakeholder engagement is such a central concept to SVI’s work too – this is the starting point, and the only way in which we can bring about real, meaningful change. 

While we dismantle these power imbalances, we can start redesigning our decision-making processes and economies to be centred on equality and the wellbeing of people and the planet. The Oxfam report calls for a number of concrete actions through which we can tackle inequality, including progressive taxation, investing in proven inequality-busting public measures, and providing reparations for historical injustices.  

Permanent taxes on wealth and capital are the lifeblood of healthy economies, but there are also short-term emergency measures that can be taken to immediately claw back extreme wealth into the real economy and save lives. A one-off 99 per cent windfall tax on the Covid-19 wealth gains of just the world’s ten richest men alone, for example, could not only pay to make enough vaccines for the world, but also fill financing gaps in climate measures, increase universal health and social protection, and boost efforts to address gender-based violence in over 80 countries. All this – and these ten men would still be $8 billion richer than they were pre-pandemic. 

In terms of overcoming the pandemic, more specifically, we must immediately put an end to vaccine apartheid. It is about time rich countries stop hoarding their vaccines and donate more of them to developing countries, and for intellectual property rights to be waived so that countries such as South Africa can produce their own jabs. Or, we could just get Bezos to pay for everyone’s vaccines – after all, the increase in his fortune alone during the pandemic would be sufficient (and he would still be left with the rest of his billions)!  

In all seriousness though, we need radical systemic change to combat inequality at its roots. We must pull apart the structures and systems that have not only failed at addressing inequalities but have perpetuated them and allowed gaps to widen to such an extreme extent. This is no easy feat, but it is entirely within our reach. Throughout history, social movements have demanded change and have succeeded – without them, women would not be able to vote, and slavery would not be abolished, to name just a couple. The Covid-19 pandemic has also shown us that governments can mobilise resources and take drastic action to respond to crises when there is enough public pressure and thus political will.  

SVI and our global community strive to be a part of this movement for change, and we are contributing to the solutions by changing the way society accounts for value. Decision-making that goes beyond short-term financial considerations and instead places longer-term societal and environmental benefits at its core will help tackle inequality, protect the environment, and achieve global social justice. On this World Day of Social Justice – and every day – we must remind ourselves that our work is far from over and that positive change will not happen on its own. A fairer, more equitable, and more sustainable world can only be brought about through active, collective efforts in this direction.   

Written by Lukia Nomikos.