Income Inequality In Today's Society

The issue with income inequality is not one that is only a state issue, or a country issue, but of an issue that is a global problem in today’s society. It is embedded within our culture and also within the so-called “American Dream” like nothing else in comparison. Our world is ruled by Capitalism, the world’s top heavy weights are of capitalistic ideology and have structured their economies to run in said fashion. It is near impossible to eliminate income inequality in a realistic environment, however it could be done theoretically if everyone were to be on a “same page” basis with regards to how things should be done economically and socially among other things as well. One cannot eradicate income inequality, however one could lower such …show more content…
We would basically have to rewrite what we know about economics from what it was back during the industrial revolution, to what is more rationally thought of today; that people hold more value than just labor. A new wave of economic thinking is already upon us; The Institute for New Economic Thinking is one of the leading movements today that is spear heading this type of progressive movement. “Fiscal austerity and deficit reduction continue to be watchwords of both policymakers and theorists, even as global inequality increases exponentially and unemployment equals or exceeds levels of the Great Depression in many countries. Politics chokes reforms that could bring growth and relief to millions, while the many challenges of sustainable development and environmentally friendly innovation are brushed aside. Traditional economics is failing us. Our goal is to offer hopeful solutions to the key challenges of the 21st century.” One such example of a type of economics that takes people into consideration would be E.F. Schumacher’s Buddhist Economics. “The British economist said that applying Buddhist principles to the way an economy operates would produce an economy designed primarily to meet the needs of people. In accord with the Buddhist concept of “right livelihood,” Schumacher called for jobs that are valued for their psychological and spiritual values, as well as for what they produce. …show more content…
“The disparities in wealth that we term “income inequality” are no accident, and they can’t be fixed by fiddling at the edges of our current economic system. These disparities happened by design, and the system structurally disadvantages those at the bottom.” The only real way one could completely eradicate income inequality would be if the ENTIRE system went through a migration phase to something geared towards people holistically, and for that to happen would take nothing short of a miracle in today’s economic playing