Essay about Inequality Is A Characteristic Of The Capitalism

828 Words Feb 12th, 2016 4 Pages
Despite the favorable economic growth witnessed in Africa, poverty and inequality remain rampant. The economic growth should depict the improved well-being of citizens. Nevertheless, a large number of people remain poor in Africa. Income inequality remains one of the keys issues that should be addressed by the African leaders. Truly, the favorable average economic growth recorded by the African countries does depict the actual living standards of the people in those countries. As Byanyima explains, African countries would only realize the actual economic growth if income distribution disparity is addressed through the favorable tax system and controlled expenditure (2016). Karl Marx described poverty and inequality to be products of the capitalism. Inequality is a characteristic of the capitalism. Karl Marx believes that equality would be realized in the absence of the capitalism. In the society characterized by the capitalism, inequality arises due to the fact the there are few people with a monopoly of the factors of the productions (Furseth and Repstad 2006). Their goal is to maximize profit by using labor from many people who cannot obtain the vital factors of productions such as the land, capital, and the entrepreneurial skills. Thus, the economic growth realized would depict the well-being of the few who own major factors of the production in Africa. In a similar way to Byanyima, Marx believes in a society characterized by equality (2016), “It would be a…

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