Is economic inequality is good or bad for the general economy? By using information from newspapers and data, I will give the definition, analyze it to find out the reason and it’s affect to the economy and suggest solutions for it. How is economic inequality defined? According to equalitytrust.org.uk – a newspaper about economy and politic, there are three main types of economic inequality: 1. Income inequality Income inequality is the extent to which income is distributed unevenly in a group of people.
A 2010 study considered it beneficial, while other recent studies consider it a growing social problem. While some inequality promotes investment, too much inequality is destructive. Statistical studies comparing inequality to year-over-year economic growth have been inconclusive; There are various numerical indices for measuring economic inequality. A prominent one is the Gini coefficient, but there are also many other methods. Measurement of inequality in the modern world A study entitled "Divided we Stand: Why Inequality Keeps Rising” by the Organisation for Economic Co-operation and Development reported its conclusions on the causes, consequences and policy implications for the ongoing intensification of the extremes of wealth and poverty across its 22 member nations .
What do you learn from these demographics? Question 3 Visit: www.bea.gov The Bureau of Economic Analysis is the National Income Accounting arm of the Department of Commerce. It has the responsibility to calculate the national income accounts (including Gross Domestic Product) and to provide this information. To go directly to the data I want visit:
Many of these outsourced jobs don't pay decent enough wages to lift workers out of poverty. The U.S. economy has suffered significant job loss, especially among lower-income and middle-income workers. Globalization puts increased pressure on natural resources around the world, and it creates a greater amount of environmental damage. Economic growth has resulted in the depletion of tropical rainforests, ocean fisheries, and mineral and fuel reserves. Globalization has increased the flow of trade and investment to countries that often abuse human rights — places where worker abuse is common and where attempts to speak out
This assignment I will outline the concept of an unequal society, in addition I will include prejudice, stereotype, labelling and discrimination. In today’s society a population of individuals are treated unequally or is an individual contributing to unfair treatment, in which they are treating them differently due to their race, gender, social class, sexuality or beliefs. In addition In the UK there is a major gap between the rich and the poor, society is divided and the rich share together and leave the poor with little stash left over. Also social inequality is also identified as when opportunities, different social position or rewards are unequal. Prejudice is when an individual is judged by aspects which do not relate to them at all.
In exploring the relationship between economic inequalities & global security it is also important to define the categories in which countries are classified with regards to their economic standing. 'Advance Industrial Countries' (AIC's) enjoy self-sustained economic growth in all industrial sectors, whereas 'Less Developed Country's' (LDC's) are characterized by low GDP, low per capita GDP, low per capita growth, & low life expectancy, combined with high population growth rates. The aims of this essay is to examine the reasons that cause countries to fall in to such categories & to outline an understanding as to why the issue of inequality has progressively gotten more serious & difficult to control. This is
Causes of inequalities in wealth Income and wealth Income is the money a person earns in a given period. Income is in the form of wages or salaries from employment, as well as interest from savings, dividends from shares, profits from business, and rent from land and property. Wealth is made up of the assets that are owned by people living in a country. Wealth is in the value of a house, the value of a pension, shares and savings. How wealth is held in the UK: • Housing • State pensions • Private pensions • Savings The main sources of income in the UK: • Employment • Pensions • Benefits • Self-employed income • Rent, dividends, interest • Others How wealthy is the UK?
Does globalisation produce global inequalities within and between countries? Word Count (excluding bracketed citations): 2,190 Introduction From a Marxist perspective, globalisation produces inequality, through the ‘new imperialism’ of powerful and developed nations. This essay will argue, from a neoclassical perspective, using the work of Adam Smith, that if inequalities do exist, they are as a result of either market distortions, caused by interventions by the politically powerful, or as a result of other, separate, factors. Therefore, purely economic globalisation leading to a global free market, promotes growth and equality, while interventions from firms, governments and institutions based on power and politics distorts the market and creates inequality. Economic globalisation can be defined as the integration of a nation’s markets with those of other nations across the globe.
Violence, obesity, children’s education, life expectancy, mental illness, teen births, trust- all are major problems for societies across the globe, and according to Wilkinson and Pickett, can be attributed to inequality. In their examination of developed countries, they found that inequality, rather than average income, is a far better indicator of wellbeing. Furthermore, the authors posited that nearly all problems that are more prevalent at the bottom of social hierarchies (many are aforementioned) are more common in unequal societies. They suggest that despite a nation’s apparent affluence, wealthy yet unequal nations are nonetheless “social failures” (18). Wilkinson and Pickett explore two of the most common assumptions about the social gradient that shows people at the bottom of social hierarchies suffer more problems- circumstances and individual tendencies.
A banking crisis in Cyprus sends shares on the world’s stock exchanges lower. Curbs on the importation of gold in India impact on the earnings of Ghanaian and South African gold miners. “- Gill Marcus. Therefor while globalization has developed our world massively in terms of supply chains, technology and finance, these factors have also made the world we live in more complicated and dangerous, specifically for people who have a low income. Globalization is also the cause of inequality in the worlds economy, considering the fact that globalization has benefited the rich much more than the poor.