Economic Inequality

1430 Words 6 Pages
In todays ever connected and forever growing society, it has become more socially acceptable for groups of people to be divided by the state of their bank account. Not only is this an issue in the developed world, but also it has a large influence on the developing world. I noticed this on my trip to Ecuador with my school in which I spend a month in both urban society and rural society. The wide range of economic disparity demonstrated through the difference in living conditions was a clear indication of the inequality between the rural and urban people in Ecuador. Not only have I experienced great economic inequality on a personal level but also through research I have learnt of further economic inequality on an international stage, especially …show more content…
Overall the Chinese bridged the gap between the developed worlds and themselves in terms of GDP. The World Bank published that China’s Gross domestic product (GDP) increased from $524 in 1978 to $4,443 in 2010 (Gong, 2013). Due to this citizens are beginning to spend larger amounts than ever before. Average household expenditure was ten times higher in 2011 ($932) than that in 1978 ($90) (Gong, 2013). These figures demonstrate that china not only has become a wealth nation, but that citizens are for the first time spending large amounts of money. However, with this large increase of wealth creates a large amount of economic inequality. The gap between the wealthy and the poor is quite frightening and I personally believe is extremely unfair. The mean income of the Richest percent is on average 25 times greater that those of the poorest percent (Li, 2010). I find these figures quite confronting due to the fact that a rapidly developing nation such as China is leaving so many citizen in the dark with the recent increase in wealth. I believe that China’s progression may be held back with the newly found inequality between citizens. Not only is the huge gap between the wealth and the poor in terms on average income incredibly incorrect, but also the disparity between the elite and poor is astronomical. It is projected that the top wealthiest 10% of the population earns more than 50 times the average income of the poorest of the population (Wang, 2010). Figures like these are astonishing to me. I can’t imagine what this would not only look like in Australia but also how it would affect us as a nation. In the past 10 years china has seen the increase of a growing high-income class, with this large high-income class there has been an emergence of high-income class with strong consumption in power. A report based on the

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