Social Justice in an Open World: The Role of the United Nations
3.2.2 Rising inequality in the distribution of assets Although asset distribution is not as well documented as income distribution, there is no question that both have been characterized by the same negative trend. During the past quarter of a century, the distribution of assets, especially capital, has become more skewed in favour of those at the top of the socioeconomic ladder. As labour has lost ground in relation to capital for the remuneration of the factors of production, the share of capital income in total income has increased, and this capital has been more heavily concentrated in fewer hands rather than more evenly distributed. The almost universal trend towards privatization that swept the world during the last part of the twentieth century rarely, if ever, resulted in the spread of "popular capitalism". The main beneficiaries of the shift from a State-controlled, State-dominated, or even State-influenced economy to a more liberalized economy in various parts of the world have been those privileged few in positions of power or influence. Nowhere have employees and small entrepreneurs succeeded in modifying the national distribution of assets to their advantage; few have been given the chance to try. The much freer circulation of capital and the opening up of investment opportunities across national borders, combined with the privatization movement, have led to a global redistribution of assets characterized by the transfer of significant amounts of capital from national to foreign hands. In the mid-1990s, transnational corporations controlled half of the 100 largest companies in Latin America and accounted for 43 per cent of the sales of the region's top 500 companies. Another factor contributing to the uneven distribution of assets is capital flight, which seriously hinders development in many countries. The highest incidence of capital flight occurs in Africa, Latin America and the Middle East; capital flight from severely indebted sub-Saharan African countries was recently estimated to have reached US$ 22 billion. The disappearance of land reform and land redistribution from the development agendas of most countries has further skewed the distribution of assets in the world. Almost everywhere, the position of the "havesf' in society has been strengthened by the evolution of tax systems that benefit the owners of capital.
3.2.3 More work opportunities for a few and increased unemployment and underemployment for the majority Maintaining the distinction between opportunities for work-an important element of which is the capacity for initiative and entrepreneurship-and opportunities for employment, it is likely that the former have improved in a number of countries, particularly those that have abandoned or liberalized their rigid communist or socialist economic systems. While the Forum was not apprised of any studies offering relevant estimates, it is believed that an impressive number of young adults in China have been given the opportunity to employ their entre-