Globalism And The Growth Of Income Disparity

Global communications, space exploration, and international events are just some of the things that formed the interconnected web between nations and sped up globalization. However, as much as we like to think that the world is making progress, there is still the undeniable fact that some countries citizens are much better off and enjoy a higher standard of living than compared to the people of other nations. Ever since the era of globalization began, the gap between the First and Third World is becoming bigger and bigger.

In response to the article, some the information was new but a lot of it not surprising.  It was surprising, however, to read that although Mr. Naets is somewhat more educated and most likely in a higher tax bracket than his parents were, his standard of living is a lot lower than that of his parents.  That is alarming only because we have a lot more opportunities available to us through networking or technology and on a scale that was never available to our parents. Also in Mr. Naets case, he and his wife earn well above the national average which is also alarming because you would think that someone in such a position would not be as worried as someone of the opposite spectrum. It is discerning to think that no matter how hard we strive to for a better life, we will always feel that is not enough.

The current widening income inequality is due to the substantial income disparity between the top and bottom workers in the U.S. economy. General decline in wage endangered the standard of living for low income family as they struggle with a tightened budget. In order to battle income inequality, policy makers must raise the income of the working poor by expanding tax credit program and increase its effectiveness through major modification.

Globalization has done a lot over the past hundreds of years to influence income and wealth inequality in the United States. Once different nations started to trade goods and services with one another it was a whole new world. Trading with different states is one thing but trading all over the globe became a huge deal. It is the reason some people in the world are as wealthy as they are. Starting years ago during the industrial revolution up until now globalization has caused major changes. Starting back then people who owned small shops and then could trade and invest in larger manufacturing changed their lives. They then became some of the wealthy people during the industrial revolution then the people who used to be their equals now

“The richest 1% of adults in the world own 40% of the planet's wealth, according to the largest study yet of wealth distribution. The report also finds that those in financial services and the internet sectors predominate among the super

Over the past three decades America’s economy has seen continuous growth; but this is accompanied with no increase in purchasing power for poor and middle class citizens. On the other hand, incomes of the richest Americans have dramatically increased, which only furthers the gap between social classes. In 2008, the top one percent of Americans earned over 20% of the national income, which is significantly higher than only 50 years ago. Economists use a strategy called the “Gini Coefficient” to measure the relative equality between nations. Since 1980, the Gini Coefficient for the United States has risen from 0.388 to 0.45. This is a very high rating compared to other egalitarian countries, such as most of Europe and Japan, whose ratings are generally in the high 0.2s and low 0.3s.

Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange. Globalisation over the past hundred years has undoubtedly made the world more interconnected including closer societies, politics, economies, cultures and the environment. Globalisation has increased the production of goods and services. There are those who argue that globalisation creates "winners" and "losers," as some countries prosper, mainly European countries and America, whilst other countries fail to do well. For example, USA and Europe fund their own agricultural industries heavily so less economically developed

Inequality has increased within the most advanced and emerging markets and developing countries (EMDCs), a phenomenon that has garnered considerable attention with President Obama calling widening income inequality the “defining challenge of our time.” Irrespective of culture, religion and ideology, inequality concerns and affects everyone. Inequality can serve as an indication of the shortage of income mobility and opportunity―a reflection of the perpetual disadvantage for certain sectors of society. Increasing inequality also has serious implications for macroeconomic stability and economic growth, it can concentrate political and decision making power in the hands of a few. This in turn results in the inefficient allocation of human resources,

Since World War 2, income has risen and income distributions have been relatively equal in the United State. However, income growth has begun to level off and income inequality has dramatically increased over the last three decades (Moller et al, 2009; McGranahan, 1980). This phenomenon, referred to “Great U-Turn” of inequality, raises a question of why the inequality has increased and what the significant determinants affecting the uneven income distributions are (Nielsen, 1997). For the several decades, social scientists have begun to investigate the cause of rising income inequality with various perspectives (Mouw and Kalleberg, 2010; Peters, 2013; McLaughlin, 2002; Partridge and Rickman, 2007). Main perspectives (or explanations) on U.S. uneven income distribution include changes in economic structures, household characteristics, geography, history, and natural resources.

Depending on the terms in which you look at globalization, it may or may not perpetuate global inequality. Globalization like the PowerPoint states is, “the process of increased interconnectedness.” In terms of globalization in a cultural form, it does not in any way, shape, or form perpetuates global inequality. If more globalization happens in a cultural sense, there would be more diversity and more diversity means that we can embrace differences. However, in terms of economics, globalization is based on status and that is where global inequality might come into play. There is a gap between the poor and rich. According to the PowerPoint, there are people who have to take that extra step to maintain a life that is still not so great by working

What does income and wealth inequality mean? Christopher Ingraham shares his thoughts about what income and wealth mean, “Income is the amount of money you earn from your work or your investments. But wealth is the amount of stuff you own: your house, your car, savings, retirement accounts, etc.” He goes on to say that wealth is infinite as you can invest a certain amount of money into something that yields a certain percentage on its return. Long story short you will have your initial investment plus the amount from the yield of the investment by the year’s end. Merriam-Webster defines inequality as being “an unfair situation in which some people have more rights or better opportunities than other people.” Income and wealth inequality in America is steadily on the rise. There are many shared and individual contributing factors as to the increase of the inequality between the two. Immigration, gender, race, technology, education, and ancestry is just a few of the contributing factors into the increase of the inequalities in America.

Globalization in one of the main driving forces within today 's modern world. It is the historical process and transformational development in the global arena, where growth and establishment of global connections in the international community continues to evolve. It is a widely used phrase, that in different contexts can be used as both the cause and effect of many different things. It is commonly used, since the fall of communism, to refer to a single world economy, where international trade and commerce is borderless. Additionally it can be employed to define the growing integration of the international capitalist system in the post-war period. Economic globalization specifically is defined as the transnational increase in trade and capital transfers across national boundaries. Economic globalisation today, is a complex beast. The intricate system relies upon the interconnected expansion of cooperation between; Transnational Corporations (TNCs), Nation States, Non-Governmental Organizations (NGO) and more. The theory of globalism, that there is a growing collective awareness of the world as a shared social space, and the advancement of the global political arena where; the politics of international social relations are used in the pursuit of power, national

Globalism can be described as, “The operation or planning of economic and foreign policy on a global basis” (www.oxforddictionaries.com). It is a term that has been used, treated and accepted widely in most parts of the world. The movement that is geared mostly towards the economy, foreign trade, financially and through communication. This issue has been going on for quite some time now and still today is at the top of the talking points for many. With the current President of the United States, he is making many changes that a lot of the world leaders did not see coming. There are many angles that people take to allow the global economy to work in their favor, as well as those who do not benefit from it. It is a topic that not only affects cultures, and economies but business as well by distributing their products and goods around the world

Frequently, people are unclear of exactly what Globalization means. Globalization is the tendency of the world's economies to act as a single interdependent economy. It can be described as the increased movement of people, knowledge, ideas, goods and money across national borders to make the world more unified in a sense. Globalization is often thought of in economic terms but as we know there are other components with this idea like, economics, and cultures. There is a huge debate of whether or not globalization is positive or negative.

Globalization is the increasing interdependence and connectedness of the world, its businesses and it markets, as well as flow of goods, ideas, technology, people etc. This phenomenon has increased vastly over the years due to technological advances, telecommunications and internet. As the world becomes a global economy, countries have the opportunity to advance more but with the catch that there is also increased competition. Thus as it becomes more common and powerful a feature, it also has some resistance as well. (InvestorWords, n.d.)