Tue, Nov 20, 2012 - Page 8 News List

Financial policy should benefit all

By Li Shang-jen 李尚仁

Similarly, every time Taiwan encounters an economic downturn, the subsidies and benefits given out by the government are mostly aimed at large corporations and the people who benefit the most from these are people at the top of the wealth pyramid. The economy has continued to grow over the past dozen years, but real salaries have remained stagnant or dropped. This shows that the majority of income earners have not been given a fair share of the benefits of economic growth. How can one expect domestic demand to increase if people are earning less money and their purchasing power keeps weakening?

It is high time that financial policies promoted for so long in Taiwan that prioritize corporations and ignore average people are changed.

Li Shang-jen is an associate research fellow at Academia Sinica’s Institute of History and Philology.

Translated by Drew Cameron

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