The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Inequality of Global Economics
According to a 2017 report published by the New York Times, global inequality is stabilizing after years of rapid acceleration. The percentage of wealth captured by the 1-percent is diminishing since its peak during the last recession, and the lowest income households — although they’re still challenged — are making upward economic gains not seen since the Reagan administration.
Unfortunately, predict analysts, this progress will not last. This is despite the improvements made by nations such as China and India, who’ve made rapid progress in closing the income gap with richer economies. The analysts forecast, however, that around the globe inequality is likely to soon start rising again.
In developed nations where the largest income disparities exist, the income gaps are the widest that they’ve ever been in modern history. According to the “World Inequality Report,” the 1-percent amassed 27-percent of the world’s wealth between 1980 in 2016, while the bottom 50-percent only accrued 12-percent of the globe’s economic opportunity.
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Some view income disparities as the unstoppable outcome of globalization and technology. Despite this sentiment, big data analysis suggests that income disparities are not inevitable, but systematic.
In China and India, for instance, those populations are working hard to emerge from poverty, but regional wealth is mostly consumed by the few
This same circumstance exists in the United States and Canada. Conversely, tax redistributions have spared European citizens from the same fate.
Crafted by the Norwich University online Master of Arts in International Relations program.
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