Covid-19 Widens Inequality Within Our Society

Inequality has increased as a direct result of Covid-19 — it's been unkind to the poor. We need to learn from this, to build a fairer society for all.

Covid-19 Widens Inequality Within Our Society

Happy Sunday!

I was having a conversation with someone this week, where we were discussing inequality. It's a topic I have been thinking about for a few months now, and it's certainly something that has been execrated by Covid-19.

The last time we had a global recession, the financial crisis of '08/'09, everyone in all corners of society was deeply impacted, in broadly equal measure. The rich lost their businesses. The poor lost their homes. The employed lost their jobs. And the unemployed couldn't gain new employment.

But this time, things are very different. The only people losing their jobs are those who are unable to work remotely from home — tending to be the lower-paying jobs (waiters, cleaners, hairdressers, etc.). At the same time, our key workers (nurses, bus/train drivers, supermarket assistants, etc.), are having to continue working to ensure a functioning society; risking their lives every time they step out of their homes to go to work. There is a disproportionately high rate of key workers among those who have died as a direct result of Covid.

At the same time, the wealth of billionaires are soaring and is now at an all-time high. In the midst of what's happening in the wider society, Apple became the first $2 trillion company, while Jeff Bezos added £10bn to his fortune in just one day. The S&P 500 has also hit record highs during this period. A clear indication of rising inequality and a widening gap between the rich and the poor.

It's also possible that Covid is exposing the pre-existing inequality within our society. In which case, we need to work towards building a fair and equal society, where everyone, irrespective of background and socioeconomic standing, can thrive and succeed.

Have an awesome week ahead,

Featured Article

The Common Denominator of Success
We’re raised believing that the secret to success lies in hard work. This is a myth. Several studies have confirmed the secret to success, and it’s not what you think.

The Psychology of Money

I have finished reading Morgan's book with the same title earlier in the week, but thought I should also give his famous blogpost a read. One thing the blogpost and the book have convinced me is that money should be studied in Psychology classes and not Finance.

Read article

Competition Is for Losers

Peter Thiel argues that monopolies are the ideal business model and advises entrepreneurs to avoid competition at all cost. Although monopolies generate supernormal profits for their owners, it goes against all the economics training I have received, as monopolies are generally bad for consumers.

Read article

Elon Musk’s 2 Rules For Learning Anything Faster

Musk believes that most people can learn more than they currently know. His two rules of learning are not revolutionary, but something I'll take more notice of as I begin learning a new topic.

Read article

Tweet of the Week

This Week's Wisdom

"Most of what happens in life is entirely out of your control, and while blind self-belief might disguise that fact for a while, it will eventually prove an anaemic opponent to brute reality."

— In the book Happy, by Darren Brown

I use readwise to resurface content I've previously highlighted. My followers can get an extra month for free by following this link.

Final Word

I’d love for you to share this email with a friend or two. I try to make this the best email you receive each week, and I hope you enjoy it. You can see all the weekly newsletters I have been writing here.

I’m also excited to grow and evolve this newsletter, making sure it remains relevant and helpful for all readers. Ideas, feedback, and suggestions are encouraged. Simply reply to this email, or drop me a DM on twitter @SamuelObe_

Subscribe below to receive new post updates the minute they are published. You will also receive my weekly newsletter, where I share interesting articles, books, quotes and lessons that I have learnt during the past week.