Disparity Between The Wealthy And Poor - 874 Words

Today, unfair treatment gradually emerging due to the rising inequality. It is no doubt that the issues which are brought by the growth inequality should be highly-regarded by the government. To be specific, there are there main challenges for the government that is produced by increasing inequality: it hinders the development of economic, it evokes political concerns, and generates the social issue. As time goes on, widening disparity between the wealthy and poor is one of the greatest challenges, and it seriously impedes economic development. Since widening income gap, the number of poor people will increase, and the poor will become poorer. According to Pomeroy (2014, p.1), the wealthy are becoming more wealthy and have more power on â€Å"economic pie† while the poor are becoming poorer through capital accumulation at an extremely rapid rate. As we all know, the economy like a pie. People who hold wealth can acquire more as increased capital accumulation. In other words, d ue to the size of pie is fixed, a bigger slice from the pie belongs to the wealthy means the smaller slice for the rest poor as time passed. Hence, it generates more inequality. With inequality rising, the poor account for the majority of society. Therefore, the global economic slow down as the consumption of most people dropped. In addition, for a long term, the income gap is a serious issue which causes the economic depression too hard to renew (â€Å"Map: U.S. Rank Near Bottom on Income Inequality,Show MoreRelatedPoverty : A Economic Disparity Between The Rich And Poor1361 Words   |  6 PagesAn impoverished nation forms when there is great economic disparity between the rich and the poor. Adam Smith reflects on the income gap in his quote: â€Å"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.† Due to Saudi Arabia’s vast oil wealth, there is a large amount of the population who live well and fru itful, but more than 20 percent of the population lives in crippling poverty (Baker, 2013). Poverty is usually defined in eitherRead MoreGlobalism And The Growth Of Income Disparity889 Words   |  4 PagesGlobalism and the Growth of Income Disparity Globalism and the Growth of Income Disparity Globalism refers to connectedness and communication networks that span continents and bring the world s people closer together, and globalization refers to how globalism increases or decreases. Digital technology has increased globalism, global marketing and business opportunities, but this growth doesn t mean that everyone gets a share of the wealth. There has been a growing gap between the richest and poorest peopleRead MoreDifference Between Health And Social Class1333 Words   |  6 Pagesthan individuals with high income. This is identified using the obvious example of smoking between the social classes (see Figure 1.1) clearly the disproportionate rates can be seen between these groups. Other explanation for ill health disparity can also be aligned to other forms of â€Å"risk behaviours such as, alcohol consumption, diet and exercise.† Bury M. (1997) However, to give credence to this disparity would be, according to the Black Report (Bury M.1997) emphasising or â€Å"bolstering the ideologicalRead MoreAmerican Capitalism And The Economic System1324 Words   |  6 Pages Wealthy disparity in America is greater than it has ever been, yet nothing seems to be done by the government to fix it. Bridging the wealth gap in America would require government regulation from government, but the American government is controlled by the wealthy. Rich business owners give large sums of money towards political campaigns, thus gaining them political favor. Along with a corrupted government, large corporations have taken up almost all market share in their respective industriesRead MoreEconomic Inequality And Its Effects On Economic Growth1709 Words   |  7 Pagesâ€Å"The rich get richer, and the poor get poorer† is an aphorism elicited from the topic of economic inequality. Over the past decades, economic inequality has been rising an d at an increasing rate, expanding the gap between the rich and the poor. The direct relationship between inequality and poverty has shown that while inequality increases, so too does poverty. Increased inequality is harmful for economic growth and its effects also bear social implications. Although there are arguments on theRead MorePoverty in the U.S.961 Words   |  4 Pagesmeasure of wealth inequality – currently stands at .42, well above that of other nations such as Switzerland and Sweden, which have Gini Coefficients of .31 and .33 respectively. Unfortunately this high level of income and wealth inequality is growing. Between 1979 and 2011, American earners in the top one percent saw wages increase by 113 percent, earners in the 95th percentile saw wages grow 37 percent (Fuller 2014). However, the income growth for the median worker during that same period was a mere sixRead MoreA Perfect World, Economic Inequality1337 Words   |  6 PagesIn a perfect world, econo mic inequality would be nonexistent. There would be no disparities among the races, nor would there separate laws for certain classes of people. The words â€Å"all men are created equal† would truly have meaning and its applicability could not be tampered with or deviated from based on a person’s zip code. If within this perfect world crime did exist, the ramifications of criminal acts would be blind to race, wealth, or family name. Unfortunately, the illustration ofRead MoreUsing Named Examples, Examine the Extent to Which the Development Gap Occurs Within Countries as Well as Globally.735 Words   |  3 Pageswithin countries as well as globally. 1) Introduction The development gap refers to the financial and social disparity between the poorest and wealthiest in society. Where economic indicators are low, social indicators are often also low, whereas the wealthiest countries also enjoy better healthcare and education. This gap has been widening for decades and is at its widest today. The poor are not necessarily getting poorer; in fact nearly everybody has seen an improvement in quality of life overRead MorePoverty And Poor People And The Rich1364 Words   |  6 Pagescrevice between poor people and the rich has extended to its vastest levels since time remembrance. Financial imbalance likewise alluded to as the hole between poor people and the rich, riches uniqueness or wage disparity comprises of the distinctions in the pay and riches appropriation. Ordinarily, the term the hole between poor people and the rich alludes to disparity among gatherings and people in the general public, however can too allude to imbalance among nations. The c revice between poor peopleRead More`` Still Separate, Still Unequal : America s Educational Apartheid Essay1011 Words   |  5 Pagesfull potential of its people. Jonathan Kozol in his article â€Å"Still Separate, Still Unequal: America’s Educational Apartheid†, discusses the drastic difference in the quality of education based on a family’s income. Kozol discusses how economic disparities usually coincide with race, but focuses on the economic gap of education. Malcolm Gladwell’s podcast â€Å"Carlos doesn’t remember†, gives a story and a personal touch, to the issues low income students face. Kozol writing and Gladwell’s podcast, both