Economic inequality

Economic inequality in the United States has steadily increased throughout the past decades and has consequently led to many social conditions that negatively impact the lower and middle class. The unequal distribution of income and wealth is primarily due to the capitalist government economy as well as globalization and technological advances. Political inequality is similarly another consequence that results from the economic disparity that further affects democracy and political…

Economic, financial, social, cultural and political mechanisms all carry a responsibility for the growing inequality in Australia. This essay will describe these mechanisms and explain how they are related in the context of Australia since the 1970s. Stilwell and Jordan (2007) stress the importance of socio-economic mechanism and its ability to reinforce inequality. This means that the results of injustice often become the cause of injustice as well, forming a vicious cycle of inequality…

Inequality is a concept that has been around for centuries and it applies to many areas of human life such as education, income, and in some cases certain rights. Today many people are concerned about this concept of inequality and how it relates to people economically. There have been countless numbers of initiatives to close the gap between the different socio-economic classes. Having a more progressive tax system and raising minimum wage are the two most common tools that the public look…

disregarding different viewpoints, including Conservatives, Liberals and Independents. Stiglitz shows how the United States has the highest level of inequality of all the modern industrialized countries through the world, while informing that we the people are the “job creators” not the one percent. Joseph Stiglitz provides strong arguments against growing inequality on our democracy, economy and the justice system in place. The promise of the American dream and the land of opportunity has…

Our society runs rampant with all kinds of inequality. Racism, sexism, and xenophobia are just a few of the problems that plague our world. These problems all have the potential to hurt people socially and emotionally. However, there’s another type of inequality whose impacts go beyond social and emotional harms. Income inequality hurts people psychologically and economically, and its implications span a global scale. Andrew Carnegie writes in “The Gospel of Wealth,” “The problem of our age is…

of the key issues that Bernie addresses is the economical inequality that is present in the United States. There are many millionaires in this nation than anywhere else in the world. Even though it sounds like it might be great for our country, it isn’t because very few people are the ones that own most of the wealth. In todays society is has become a very complicated situation because many have suffer from the fact that the income inequality keeps increasing. Bernie has a reasonable idea in…

Capitalist democracy is a political, economic and social ideology that involves the combination of a democratic political system with a capitalist economic system. It is based on a tripartite arrangement of a private sector-driven market economy based primarily on a democratic policy, economic incentives through free markets, fiscal responsibility and a liberal moral-cultural system which encourages pluralism (Novak, 1982). It is an ideology that supports a capitalist economy that is under the…

Response to Oxfam Media Briefing: The Cost of Inequality: How Wealth and Income Extremes Hurt Us All It is widely accepted that economic inequality has reached unacceptable levels and that something must be done to eradicate such extreme inequality (Oxfam, 2013). There is ongoing debate, however, as to how best to tackle this issue. The OECD, IMF and World Bank argue that economic growth is the answer. Granted, they appear to have abandoned the notion that…

between the rich and poor is known as economic inequality, or the disproportion between groups in a select population ranging from a community to a country or even the world. Your typical economist will classify economic disparity in three categories; consumption, income and wealth. Inequality has commonly been noted in studies of economics as a growing social problem. Too much or too little inequality can be destructive to any society, wealth concentration and inequality can hinder the long…

INEQUALITY AND ITS CAUSE AND EFFECTS What is income inequality? It refers to unequal distributions of income. Close to 1 billion people live on less than 1 dollar per day at purchasing power parity and around 2.7 billion (40 percent of world populations) live on less than 2 dollar per day Income inequality is of major concern because it leads to economic inefficiency. This is mostly due to the fact that at higher levels of inequality, smaller fraction of population qualifies for a loan or…