Introduction
This essay explores how global inequalities have evolved over the past two centuries and is acting as a major impediment to sustainable social development. Focusing mainly on the rise of global income inequalities, which is the total amount of inequality that exists within and between countries. This whole phenomenon is leading to an uneven growth in certain parts of the world after the era of globalization and lack of financial inclusion in the developing nations. Since the level of income has been growing in the OECD nations, the Sub Saharan and Asian nations have been way behind, which has caused a dramatic economic gap between countries.
According to Midgley (1995) social development offers a comprehensive macro-perspective …show more content…
(Milanovic, 2006) After the era of globalization, the importance of global inequality trends has also come to the forefront (Milanovic, 2012). To address this issue he also says that, “as the world becomes more integrated the global dimension of inequality is likely to become increasingly relevant. This is for at least two reasons: because of much greater movement of factors of production across borders, and because of greater influence of other people’s (foreigners’) standard of living and way of life on one’s perceived income position and aspirations” (Milanovic, 2012) Global Inequality takes the form of Income Inequality, healthcare inequality, educational inequality and inequality across population …show more content…
We cannot blame globalization alone for the rise in global inequality. Factors like technological boom and advancements, legal, political and socio cultural discrimination based on language, gender, ethnicity also been the contributor to the sharp rise in the level of global inequality. (Bassanini, A. and R. Duval, 2006) There are a number of other reasons pointed out that have lead to the cause and increase of global inequalities between rich and resourceful nations and the poverty stricken poor nations. The Overseas Development Institute director, Kevin Watkins, said that the real reason of global inequality comes from the policy choices that are picked by the government and the policies, which lead to economic globalization at a global level. According to Payne, Geography of a nation plays an important role in ascertaining the global inequality (Payne, 2013) .It has been said that the nations that are underdeveloped have certain “geographic characteristics” (Payne, 2013) that lead to their economic problems. For example, a country that has no water source or is landlocked may have to face more problems than the one with a water body in it and also bear more costs of transportation. Another important factor, which lead to global inequality, is Colonialism. Since, many powerful European countries have been former colonizers and have carried out repressive
This essay explores how global inequalities have evolved over the past two centuries and is acting as a major impediment to sustainable social development. Focusing mainly on the rise of global income inequalities, which is the total amount of inequality that exists within and between countries. This whole phenomenon is leading to an uneven growth in certain parts of the world after the era of globalization and lack of financial inclusion in the developing nations. Since the level of income has been growing in the OECD nations, the Sub Saharan and Asian nations have been way behind, which has caused a dramatic economic gap between countries.
According to Midgley (1995) social development offers a comprehensive macro-perspective …show more content…
(Milanovic, 2006) After the era of globalization, the importance of global inequality trends has also come to the forefront (Milanovic, 2012). To address this issue he also says that, “as the world becomes more integrated the global dimension of inequality is likely to become increasingly relevant. This is for at least two reasons: because of much greater movement of factors of production across borders, and because of greater influence of other people’s (foreigners’) standard of living and way of life on one’s perceived income position and aspirations” (Milanovic, 2012) Global Inequality takes the form of Income Inequality, healthcare inequality, educational inequality and inequality across population …show more content…
We cannot blame globalization alone for the rise in global inequality. Factors like technological boom and advancements, legal, political and socio cultural discrimination based on language, gender, ethnicity also been the contributor to the sharp rise in the level of global inequality. (Bassanini, A. and R. Duval, 2006) There are a number of other reasons pointed out that have lead to the cause and increase of global inequalities between rich and resourceful nations and the poverty stricken poor nations. The Overseas Development Institute director, Kevin Watkins, said that the real reason of global inequality comes from the policy choices that are picked by the government and the policies, which lead to economic globalization at a global level. According to Payne, Geography of a nation plays an important role in ascertaining the global inequality (Payne, 2013) .It has been said that the nations that are underdeveloped have certain “geographic characteristics” (Payne, 2013) that lead to their economic problems. For example, a country that has no water source or is landlocked may have to face more problems than the one with a water body in it and also bear more costs of transportation. Another important factor, which lead to global inequality, is Colonialism. Since, many powerful European countries have been former colonizers and have carried out repressive