Capitalism should be sorted out to halt inequality: Top businessman

ANTALYA

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One of Turkey’s leading businesspeople has recommended interventions in capitalism to “sort out inequality” amid comments from President Recep Tayyip Erdoğan that employers should share their excess income with lower-paid employees.

“Capitalism should be sorted out to stop inequality,” daily Cumhuriyet quoted Koç Group of Companies Executive Board Member Ali Koç as saying on Nov. 14, during the B-20 meetings, a series of meetings bringing together business leaders before the G-20 Summit, which is being held Nov. 15-16 in Antalya.

“I think inequality should be as minimized as possible. The real problem is capitalism,” Koç said, adding that globalization had no humanitarian side.

Speaking at the B-20 and L-20 meetings, sub-meetings of the G-20 Summit on business and labor, respectively, in a hotel in Antalya’s Belek district on Nov. 15, Erdoğan urged employers to share their excess income with their lower-paid workers, Doğan News Agency reported.

“Earn a little bit less. Share what you earn with low-income groups. We all are mortal. Do we take money with us [after death]? Come on and share some of it with your employees,” Erdoğan said.

“A strong social dialogue between employers and workers is needed to efficiently implement economic and employment policies. It is pleasing to see that this is being realized within the G-20 Summit,” Erdoğan said, adding that growth was not only related to numbers, but to the wealth of people from all walks of society.

Erdoğan also sent his condolences to friends and family of the victims of the Paris attacks, which left more than 100 dead and over 300 wounded.