Wowism


Wowism is a new economic system in which the majority of economic benefit is shared with the community. In turn, each member of the community gives back and does good in the world.

Contents

1 Why Wowism was born or the rising trend in income inequality

2 Wowism and other economic philosophies

3 Famous people on income inequality

4 Wowism in practice

5 Apply to be Wowism certified

Why Wowism was born or the rising trend in income inequality


The three aspects that define our society nowadays – Capitalism, Globalization and Technological Advances – generate a strange phenomenon in which most people end up producing wealth for free. For example, every time someone uses the Internet, they produce wealth in some form or another and put in place an economic system that gives this wealth to others, not to those creating it. This causes a rising trend in income inequality worldwide:

  • The 8 wealthiest people in the world own more wealth than 50% of the world’s population combined, that’s 3.75 billion people!!![1]
  • The 1% richest people today have more wealth than all the other 99% of the planet’s population.[2]
  • The wealth of the bottom 50% dropped by 41% between 2010 and 2015, whereas the wealth of the richest 62 people increased by $500 billion to $1.76 trillion, which is half of the world’s wealth!!![3]
  • The United States has the highest income inequality among western industrialized nations[4] and 76% of Americans live paycheck to paycheck.[5] Moreover, the top 0.1% of American households have the same amount of wealth as the bottom 90%.[6]
  • America’s 4 wealthiest households own as much as the bottom 40% (128 million people!).[7]
  • In USA, the share of wealth held by the top 3% rose from 44.8% in 1989 to 51.8% in 2007 and 54.4% in 2013, while the share held by the bottom 90% fell from 33.2% in 1989 to 24.7% in 2013.[8]
  • In the past decade, income concentration returned to the levels of the 1920s[9]  and presently private capital in the hands of billionaires represents 9% of global GDP compared to 3% 20 years ago.[10]
  • 1 in 9 people worldwide doesn’t have enough to eat and more than 1 billion people live on less than $1.25 a day.[11]
  • The average wage of a CEO is 380 times bigger than the average employee wage.[12]
  • In India, the 15 richest people have more wealth than half of the Indian population, that’s 650 million people![13]
  • In Japan, the number of families with no savings grew from 5% in the 1980’s to 30% in 2016![14]
  • In the UK, 6.5 million households don’t have enough savings to last them for 1 month.[15]
  • The annual increase in wealth of the richest 1,000 people in Britain (£28.508 billion) could pay 20 years’ worth of grocery bills for all of the UK’s users of food banks or it could pay a year’s rent for over 3 million households.[16]
  • The richest 1% of Brazil’s population have the same household income as the bottom 50%, that’s almost 80 million Brazilians![17]
  • Russia is one of the most unequal major economies in the world, with 62% of its wealth being held by 127,000 millionaires and 26% by 77 billionaires! This means there’s only 12% of the country’s wealth left for all the rest of Russians.[18]
  • The richest 20% of Romanians earn 8.3 times more than the poorest 20%.[19]
  • According to the World Bank, Colombia has the highest income inequality in the world outside of Africa and is only surpassed by 9 African nations.[20]
  • In China, more than one-third of all wealth is concentrated in the top 1 percent, while the majority of the population remains struggling despite strong economic growth.[21]
  • Almost 60% of the bottom 20% youth population (aged 20–24 years) in sub-Sahara Africa have fewer than 4 years of schooling, whereas in the top 20% youth population only 15% youngsters are in this situation.[22]

Wowism proposes an alternative economy in which companies and people in general share their gains with the community that helps them produce it.

Wowism and other economic philosophies


Wowism stands out in comparison to:

Socialism – an economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole;

Communism – a system with no private property, in which goods are owned in common and are available to all as needed;

Capitalism – an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state;

Freeism – an economic system in which billions of people work, create and contribute for free and all economic benefit goes to very few.

Wowism is based on capitalism as it shares depending on contribution. The more a member contributes through her or his actions, the more the member will earn in return. It is a fair allocation of economic gains. Instead of taking advantage of its community, in Wowism there is a sense of fairness that prevails economic greed.

Famous people on income inequality


  • “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.” (Adam Smith, political economist and moral philosopher)
  • “Our inequality materializes our upper class, vulgarizes our middle class, brutalizes our lower class.” (Matthew Arnold, essayist)
  • “An imbalance between rich and poor is the oldest and most fatal ailment of all republics.” (Plutarch, biographer and essayist)
  • “We must work together to ensure the equitable distribution of wealth, opportunity, and power in our society.” (Nelson Mandela, politician and philanthropist)
  • “Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.” (Thomas Jefferson, politician)
  • “A nation will not survive morally or economically when so few have so much, while so many have so little.” (Bernie Sanders, politician)
  • “The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” (Franklin D. Roosevelt, politician)
  • “As long as poverty, injustice and gross inequality exist in our world, none of us can truly rest.” (Nelson Mandela, politician and philanthropist)
  • “Working for a just distribution of the fruits of the earth and human labor is not mere philanthropy. It is a moral obligation.” (Pope Francis)
  • “The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.” (John Maynard Keynes, economist)
  • “The widening gap between rich and poor around the world is a “ticking time bomb” threatening to explode into social and economic unrest if left unchecked.” (Muhammad Yunus, Nobel Peace laureate)

Wowism in practice


The economic philosophy of Wowism is put in practice by WowApp, the first global solution against income inequality. It is a revolutionary economic platform that allows its members to earn as a result of the daily activities that they were before doing for free: communication, international calls, playing games, shopping online, using the phone and the web. Once members have earned real money with WowApp, they have various options for easily cashing out. Everyday a member generates earnings, a donation occurs for one of over 2,000 charities in over 110 countries. Wealth is distributed to members and charities in real time.

Apply to be Wowism certified


If you have an idea of putting Wowism in practice and thus helping stop the rising trend in income inequality, please send us an email with a short description of your proposed solution at apply@wowism.org.

To truly be Wowism certified, your idea must respect the following criteria:

  • The proposed business model shouldn’t involve any type of financial contribution on part of its members or users;
  • You share 70% or more of net revenues with your members/users;
  • Users can earn and cash out or donate real money based on their activities;
  • There is no minimum for cash out and cashing out is made available as quickly as reasonably possible;
  • All members/users earnings must be kept in separate segregated accounts so earnings can be cashed out without problem at any time.

If you are a press representative and want to learn more about Wowism, contact us at media@wowism.org.


References:

1. Oxfam, 2017 https://www.oxfamamerica.org/explore/research-publications/an-economy-for-the-99-percent/

2. Oxfam, 2016 http://policy-practice.oxfam.org.uk/publications/an-economy-for-the-1-how-privilege-and-power-in-the-economy-drive-extreme-inequ-592643

3. The Guardian, 2016 https://www.theguardian.com/business/2016/jan/18/richest-62-billionaires-wealthy-half-world-population-combined

4. Fortune, 2015, http://fortune.com/2015/09/30/america-wealth-inequality/

5. CNN, 2013 (quoting Bankrate.com) http://money.cnn.com/2013/06/24/pf/emergency-savings/

6. Business Insider, 2016 http://www.businessinsider.com/share-of-us-household-wealth-by-income-level-2016-11

7. Metrocosm, 2016 http://metrocosm.com/wealth-vs-income-inequality/

8. Center on Budget and Policy Priorities, 2016 http://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality

9. Center on Budget and Policy Priorities, 2016 http://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality

10. World Economic Forum, 2016 https://www.weforum.org/agenda/2016/06/a-counterintuitive-solution-to-income-inequality-billionaires/

11. World Hunger, 2015 http://www.worldhunger.org/2015-world-hunger-and-poverty-facts-and-statistics/

12. CNN, 2012 (quoting AFL-CIO) http://money.cnn.com/2012/04/19/news/economy/ceo-pay/

13. World Economic Forum, 2016 (quoting Oxfam India) https://www.weforum.org/agenda/2016/10/inequality-in-india-oxfam-explainer/

14. China Daily Asia, 2016 https://www.youtube.com/watch?v=8ew1nppBbqE

15. The Equality Trust, 2016 https://www.equalitytrust.org.uk/scale-economic-inequality-uk

16. The Equality Trust, 2016 https://www.equalitytrust.org.uk/wealth-tracker-2016

17. Wikipedia, 2011 (quoting Oxfam) https://en.wikipedia.org/wiki/Income_inequality_in_Brazil

18. CNBC, 2016 http://www.cnbc.com/2016/09/01/russia-is-the-most-unequal-major-country-in-the-world-study.html

19. Romania Insider, 2017 http://www.romania-insider.com/eurostat-richest-20-romanians-earn-8-3-times-poorest-20/

20. World Bank, 2014 http://data.worldbank.org/indicator/SI.POV.GINI?locations=CO

21. International Monetary Fund, 2015 https://www.imf.org/external/pubs/ft/sdn/2015/sdn1513.pdf

22. International Monetary Fund, 2015 https://www.imf.org/external/pubs/ft/sdn/2015/sdn1513.pdf

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