Inequality : Inequality And Inequality

1903 WordsJul 10, 20168 Pages
Inequality In regards to inequality, Bhagwati argues that the inequality, which has further been perpetuated by economic globalization, is not a negative occurrence. . Critics of globalization usually point to inequality as a reason to present objections to globalization, however, Bhagwati argues that inequality is not bad at all. Even though economic globalization via trade and corporations will generally benefit the country and lead to an increased GDP , some individuals will attain significantly way more financial reimbursements than others. Bhagwati is against poverty but not inequality. Bhagwati says “inequality is accepted because it excites not envy but aspiration and hope. Capitalism’s inequalities then become tolerable, not because the rich deny themselves self-indulgence but because they make the poor fancy that these prices may come to them someday too ”. Thus, inequality inspires people at the bottom end of the socio-economic status to work hard and achieve living status mobility. Another reason why Bhagwati supports huge levels of inequality is because it will lead to Altruism, hence a better society . If the inequality gap is not very high, people who have money will spend it on themselves and their never ending desires rather than help poor people members of society achieve class mobility . He referred to Bill gate to illustrate this point. The fact that Bill gate had billions and billions of dollars was what made him give his money back to charity, hence

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