The Pros And Cons Of Income Inequality

It is a commonly accepted that inequality is increasing throughout the globe, with startling statistics such as the recent Oxfam report indicating that the richest 85 people in the world own more wealth than the poorest 3.5 billion people(Oxfam Australia Media, 2014). Inequality is thought of as disparities or gaps, such as the distance between a low income and a high income household, or the ratio of their incomes (Divided We Stand, 2011). Domestic inequality refers to inequality within a country and

The insurgents of globalization are exacerbating income inequality, within developing and developed nations. One of the most powerful country’s in the world the United States an Industrialized nation are allowing large corporations to seek maximize profits without regards for the local

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 their article “The Upside of Income Inequality” authors Gary Becker and Kevin M. Murphy argue that the solution to income inequality is to have more and more students attend and graduate from colleges. Becker and Murphy imply that students from “broken households” earn lower grades and test scores, therefore reducing their chances at entering and staying enrolled in colleges due to subpar cognitive skills. Throughout the article, charts are shown to show promising statistics of students of all ethnicities being successful in colleges. However they later state:

Income inequality is a controversial topic discussed throughout the world. Many feel strongly that income inequality can hinder Americans or benefit them. Although some believe that income inequality helps Americans, it truly hinders them. Throughout the course of 30 years people have been unsatisfied with their income (Pettinger, 2011). Just about everything that is the result of income inequality can be thought of as a hindrance. Regarding Americans and their money, many various disadvantages can be directly related to income inequality.

The Upside of Income Inequality written by both Gary S. Becker and Kevin M. Murphy share their beliefs on the gap of income between people. The authors believe that one major cause of this gap is due to the education, those with a college degree and those with a high school diploma, using this they give reliable points on why this is true with graphs and data. He begins with this topic in foreign countries saying that “despite the widening gap in incomes, rapid economic development dramatically improved the lives of China’s poor”. Saying that even though there is a gap, the upper class has been able to help the poor in ways that they could to one day have a better economic status. This too could come into play

In developed nations income inequality has also drastically increased. For instance just recently in the United States, the richest americans (the top 1%) made 19.3% of all the United States income, which is the most drastic income gap since the twenties. “The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in Internal Revenue Service figures going back a century” (Paul Wiseman). Both developed and developing nations are having major issues dealing with income

There has been a debate about the income inequality. Some people stand by that the rich are richer and the poor are poorer. As the evidence of it, the rich have large part of the social resource than before, so that the poor have less and less part of community resources. On the other hand, the opponents people argue that the poor are richer. Compared to previous, the society has much more resources. Even the poor people have less part of resources then before, they actually have more. The debate has been going on for years, and both side of the argument are justified. The fight will continue, but both side of the debate believe that income inequality is exist. Most people don’t like the income inequality, and thinks it will hurts economic

Furthermore inequality is caused by those “superior nations”. These superior nations put themselves on a high pedestal resulting in the belief they are better than anyone else. Ethnocentrism is cause by imperialism and can sometimes be the motivation behind imperialism. Inequality is then an effect of those nations or races that believe they are better than

In order to better understand the debate surrounding social inequality, one must first understand the three viewpoints. The first viewpoint is one of liberals and many democrats, while the second is that of Republicans and

Since the last paper, I have found that the readings, especially Banerjee and Duflo, Escobar, and Bergeron’s, have extended upon my original beliefs. While the reasoning of my beliefs may have changed I still believe that one thing “wrong” with growing inequality is that it breeds immorality. On the other hand, I believe one thing “right” about growing inequality is that it is created by capitalist globalization. While I still agree with these points, there is no doubt that the arguments throughout the past readings and class discussion have changed my outlook on the statements themselves.

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty. But the opponents general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

Officially humanity appears to be losing its moralities against the discrimination of people who do not share the same race, religion, gender, or political views. The new outbreak of public shaming, defamation of character, and overall atrocious acts committed against an individual’s welfare is ethically appalling. Across the country acts of racial bigotry and monstrous slayings happen in almost every scenario that comes to one’s mind. The Times reports, “Eight people were killed in New York’s Deadliest attack since 9/11 (Reilly, 2017),” in which a man killed eight pedestrians and wounded twelve more in a random act of hatred. In 2017, Ross Ellis of the Huffington Post wrote an article titled, “Public Shaming: We’ve Gone Too Far,” in which she describes the shameless ways people are mistreated through bullying, cyberbullying, racism, and overall just pure repugnance. The current protests natural sparks a world wind of racially motivated attacks on humanity, and destroys the very fabric of that society. Pierre Boulle’s 1957 dramatic film Bridge on the River Kwai, shows that inequality as British Soldiers, who are Prisoners of War, vibrantly work to build a bridge for their Japanese captors to whom they have surrender. Likened to the essayist, Johnathan Swift who in 1729 wrote “A Modest Proposal,” a tell of figurative cannibalism in which he offers a resolution to the English landlords for the devouring of Ireland. Swift reveals the tragedy of living in a poverty-stricken

If we take a look at Cross country studies presented by Harrison we see a different take on globalization. It takes a look at the relationship between poverty, inequality and globalization. Easterly finds that increasing trade integration is associated with Falling inequalities within developed countries and greater

The free market is un-stabilizing both economically and socially. a primary negative result of globalization has been to increase disparity of distribution, both on a world scale and within nations. There are rising inequalities throughout countries, among firms and among individuals. The inequalities are even more obtrusive internationally. Globalization is sealing the gap between rich and poor nations and increasing American domination of the world’s economic and cultural markets. There are statistics that show that in 1985 the average income for each person in the richest country was 76 times that of the poorest and in 1997 it was 228 times greater. In Seattle there have been critics that have argued that highly paid workers are being concerned exclusively with themselves to object the attempt of workers in poor nations to