¬an Inevitable Consequence of Economic Growth Is Increasing Inequality

Decent Essays

An inevitable consequence of economic growth is increasing inequality. Do you agree or disagree with the assertion?
In the world we live in today, it is quite obvious to see that inequality is a growing consequence of economic growth. In this essay I will discuss how inequality affects states and the individuals living in the state. There are increased demands for educated workers; dependence of technology; privatization of markets; and the rise of capitalism which have led people to have drastic socioeconomic differences in wealth and lifestyle.

Inequality in the economic sense is the difference in distribution of wealth and income between the people of a population, or even the difference in wealth between states. Though it is an …show more content…

(Tempest, 1)

Inequality is also abundant in countries that are not integrated into global markets. It is clear to see that, “developing countries that have been open to trade have had the fastest growth, reducing global inequality” (Birdsall, 84), but what about the countries that have not been able to adapt and join commercial links to the outside world? African countries have always remained the poorest economically, as they do not have the means to produce and export goods to countries around the world. These countries vastly differ from those such as Japan who sought out economic relations in other countries through technology licensing, and openness to foreign investment (Birdsall, 84). This widespread development is happening all across Asia, especially in China and India. Although these two countries have surpassed the development speed of developed first world countries over the past 15 years, “it would take them almost a century of constant growth at rates higher than those in today’s industrialized countries” (Birdsall, 80) to even be at par with the current level of income in the United States.

Another inequality of economic growth stems from the rapid increase in technology and the lack of qualified or educated employees to fill these positions. The invention of the computer was one the most life changing developments ever to hit the world as it improved processes,

Get Access