COMMENT | An axiom that floats around and is oft quoted these days is that one percent of the world owns 50 percent of the wealth. If that’s true, it holds enormous policy implications, not only for the world but for Malaysia, especially in the coming budget.

For one, it means that wealth distribution efforts are doomed to fail in the short term right from the start given the extent of inequality is in the world today. It is a massive problem that cries out for major tax and other social reforms, the likes of which have never been seen before.

At the most basic level, it means a considerable and inexorable adjustment in wages by much larger amounts than they are currently being adjusted. And it needs a major reform...