Global wealth is progressively being concentrated in the pockets of a small group of the wealthy elite. This is a classic demonstration of the success to the successful archetype. Since the wealthy have more wealth to put toward resources the resources will be able to produce more wealth. This has become a great concern around the world; since it is predicted that the top 1% of the world’s wealthiest people will obtain over half of the world wealth by the end of 2016. This income inequity cannot only cause economic problems (lack of spending power by the majority) but it can also cause political problems (Occupy Wall Street). This income disparity has been growing dramatically over the couple of decades and will continue to grow unless
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It undermines economic growth and it threatens the private sector's bottom line. Now that we know how this large income disparity came about and what problems it causes; we need to know how to fix it. To create the kind of change that is needed, “we need job training programs in our poor rural and urban centers, and not just for low wage jobs” (De Los Santos, 2012). “Both small and large businesses should get tax breaks for putting training programs where needed, and hiring employees from them” (De Los Santos, 2012). With the improved training will comes higher wages, and companies have to be prepared to pay higher wages as well. At the end of the day, people need to spend in order to make our economy work, and higher wages will allow people to spend. The driving force of that spending is the majority, not the few, but our current economic inequality does not provide suitable opportunities to drive the economy in the direction it needs to go, and that needs to change. In addition, OXFAM international had proposed multiple ideas to the governments across the world. Some of these fixes are included in, but not limited to, the following: Make governments work for their inhabitants and take on extreme inequality. “Specific commitments must include: agreement of a post-2015 goal to eradicate extreme inequality by 2030; national inequality commissions; public disclosure of lobbying activities; freedom of expression and a free …show more content…
As it is now “1 in 9 people do not have enough to eat and more than a billion people still live on less than $1.25-a-day” (Hardoon, 2015). If left unchecked the success to the successful will have all the wealth of the world in the hands of a few and leave the rest of us begging for handouts, causing economic downfalls and political unrest. The few wealthy elite have found ways to influence bug business and political organizations that need to be stopped. Extreme inequality is a moral wrong and will continue to undermine economic growth and threaten the private sector's bottom line. In order to stop the success to the successful (the wealthy getting wealthier) government and the private sector will need to work together to make changes to ensure income
It undermines economic growth and it threatens the private sector's bottom line. Now that we know how this large income disparity came about and what problems it causes; we need to know how to fix it. To create the kind of change that is needed, “we need job training programs in our poor rural and urban centers, and not just for low wage jobs” (De Los Santos, 2012). “Both small and large businesses should get tax breaks for putting training programs where needed, and hiring employees from them” (De Los Santos, 2012). With the improved training will comes higher wages, and companies have to be prepared to pay higher wages as well. At the end of the day, people need to spend in order to make our economy work, and higher wages will allow people to spend. The driving force of that spending is the majority, not the few, but our current economic inequality does not provide suitable opportunities to drive the economy in the direction it needs to go, and that needs to change. In addition, OXFAM international had proposed multiple ideas to the governments across the world. Some of these fixes are included in, but not limited to, the following: Make governments work for their inhabitants and take on extreme inequality. “Specific commitments must include: agreement of a post-2015 goal to eradicate extreme inequality by 2030; national inequality commissions; public disclosure of lobbying activities; freedom of expression and a free …show more content…
As it is now “1 in 9 people do not have enough to eat and more than a billion people still live on less than $1.25-a-day” (Hardoon, 2015). If left unchecked the success to the successful will have all the wealth of the world in the hands of a few and leave the rest of us begging for handouts, causing economic downfalls and political unrest. The few wealthy elite have found ways to influence bug business and political organizations that need to be stopped. Extreme inequality is a moral wrong and will continue to undermine economic growth and threaten the private sector's bottom line. In order to stop the success to the successful (the wealthy getting wealthier) government and the private sector will need to work together to make changes to ensure income