Translation. Region: Russian Federation –
Source: United Nations – United Nations –
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March 5, 2026 Sustainable Development Goals
Why are private companies reaping superprofits while too many people lack access to food, housing, and healthcare? Inequality is becoming one of the main factors determining the lives of millions around the world. This was stated by UN High Commissioner for Human Rights Volker Türk, speaking at the UN Human Rights Council in Geneva on Thursday.
According to him, today, one in four people in the world is at risk of being left without adequate food, and a third of the population lacks access to decent housing. More than half of workers are employed in the informal economy, without paid sick leave, maternity leave, or other forms of social protection. This is especially true for women: almost 60 percent of working women on the planet work in the informal sector.
Global inequality continues to grow. Over the past two decades, the richest one percent of the population has received 41 percent of the world's new wealth, while the share of the other half the poorest population accounted for only about one percent.
The economy must serve people
One of the causes of inequality between countries remains the debt burden. In 2024, developing countries paid a record $415 billion in debt interest – more than double the amount they paid ten years ago. These payments, according to Türk, reduce resources that could be allocated to education, healthcare, and social protection.
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"We cannot accept a future in which only a few prosper and billions are left behind," Türk stressed.
The High Commissioner called for reform of the international financial system, a rethinking of debt policy, and expanded access to social protection. He also noted the need to move away from gross domestic product as the primary indicator of development. According to him, the true measure of progress should be human well-being and the equitable distribution of economic benefits.
Innovation with social benefit
The issue of making economic growth more equitable was also discussed at another event organized by the UN system this week. Mariana Mazzucato, an economist, professor at University College London, and founder of the Institute for Innovation and Public Value, speaking at the International Labour Organization (ILO) Innovation Day, emphasized that industrial policy should be aimed at achieving the public good.
According to Mazzucato, governments spend billions of dollars annually on subsidies, tax breaks, and public procurement, but such investments are often made without clear commitments from companies. She argues that if the private sector receives taxpayer funds, it must commit to improving working conditions, raising wages, using energy-efficient supply chains, and reinvesting profits.
Conditions for innovation
She cited the energy transition in Germany as an example. The state bank provided loans to the steel industry contingent on reducing material intensity in production and transitioning to resource recycling and reuse technologies. According to Mazzucato, these conditions helped spur the development of "green steel" in the country.
The economist emphasized that public procurement can also be a powerful tool for innovation. For example, school meal programs can be used not only to provide lunches but also to support sustainable agriculture, local production, and healthier diets for children.
She also pointed to the US experience in developing legislation to support the semiconductor industry. Companies receiving government subsidies were required to meet a number of conditions, including workforce training plans and providing affordable childcare for workers on major projects. According to her, such requirements help ensure that public investments deliver public benefits.
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