Can capitalism and the free market change the world for better or only destroy it in the long-run? When you look around at where the real wealth in this country resides you find some unsettling figures that are hard to digest. The top 1% of Australians, actually, own more wealth than all the bottom 70% of Australians combined. We boast 33 billionaires in this Great Southern Land. In the ten years since the GFC in 2008, the average Australian household has grown its wealth by 12%. Record low wage growth continues to deprive the majority of our population from a share in the wealth of this nation. Conscious consumers in the marketplace are, however, doing their best to make the world a better place.
Inequality in Australia Continues to Rise
An Oxfam Report, recently released, shows that inequality continues to rise in the Lucky Country (lucky if you are born into the right family in the right part of Australia). The IMF agrees that Australia has one of the fastest growing rates of inequality in the world. Home ownership has become an exclusive economic club, that only the well-off and their offspring can be a part of in the 21C. Property prices began their launch into the mega sphere under the stewardship of, then, PM John Howard back in the 1990s. Many Australians became increasingly wealthy as a result of their home ownership during the decades that followed.
Meeting the Demand of Conscious Consumers
Despite the overwhelming reality of economic inequality in Australia for many of its residents and citizens, there are people using the free market to change the world for the better. Peruse this link to see a prime example of a business meeting the demands of conscious consumers in the cruelty free cosmetic sector. There are more businesses like this making a living and doing the right thing at the same time. Economics can be a force for good and moral behaviour in the marketplace. The internet and search engine optimisation have made it possible for these kinds of businesses to reach their markets cost effectively.
Online Marketing Made it Possible
Online marketing has made promotion and advertising much more affordable for businesses of all shapes and sizes. It has, in fact, been the driving impetus for the explosion in online retailing across the board. Businesses can reach their consumers in the comfort of their own homes and on their smart phones.