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Economic inequality

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작성자 김시은 작성일16-01-31 00:05 조회994회 댓글0건

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Majority of modern countries’ economy functions based on the system called capitalism. Capitalism is an economic system based on private ownership of means of production and creation of goods and service. Capitalism is definitely the most successful economic system that benefited the common people the most. However, it has some downsides. And the biggest downside is an economic inequality, also called as the gap between rich and poor. Today, I’d like to talk about seriousness, causes of economic inequality and resolutions.

Economic inequality refers to inequality among individuals and groups within a society, but can also refer to inequality among countries. The fact that inequality exists between nations is seen in the statistic that the world's wealthiest countries have just 13% of the world's population but 45% of its purchasing power while the poorest nations have 42% of the world's population and 9% of its purchasing power. Likewise, wealth is unfairly distributed to not only individuals but also nations. Wealthy people who covers only minority of population own much more than necessary while people in Africa die due to hunger, poverty and disease.

A major cause of economic inequality is the determination of wages by the market. Many imperfect conditions exist in virtually every market. Competition is imperfect, information is unevenly distributed; opportunities to acquire education and skills are unequal. In this imperfect market wage is decided by supply and demand. This causes polarization of wages which significantly lead to economic inequality. Another cause is variation in individuals’ access to education. Those who are unable to afford an education generally receive much lower wages. Unfortunately, an affordability to pay education is not entirely decided by one’s effort but by parents’ wealth and nation’s educational system.

Then what are the solutions? First solution is to improve public schools. Education including college has to be affordable and it has to be equally distributed. Second solution is to raise the minimum wage. All workers should be given enough money to live on. Third, the government should tax the rich at a higher rate. The rich who gain huge income should be paying more taxes and the tax money should be used to give everyone equal opportunity to succeed in an economy. Lastly, the government should give money to the poor. The poor should be given enough subsidies to find a job and overcome the social barrier.

Minimizing the gap between poor and rich is definitely the most urgent task our society has ever faced. I hope our society understands the seriousness of economic inequality and works on solving it. 

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