Inequality in International Economy

For this paper, my teacher wants me to ask 5-7 different people "why are the poorer getting poorer, and the richer getting richer?" My teacher is a very creative individual, he teach this class for 3 different categories (Economics, Global Studies, and Philosophy) so he wants different answers and different viewpoints regarding the answer to that question, and from those different perspectives, you have to write a 2-page analysis and also discuss your own belief (in my case it should lean towards Economics because that's my major). Please make it interesting and plagiarism free.

 

“Why are the poorer getting poorer, and the richer getting richer?”

 


Various peoples have different forms of opinion on this view that poorer are getting poorer and the richer getting richer day by day. Some people say that it is right to say the rich people are getting richer and the poor people are getting poorer because of the various aforementioned reasons:

 


Income inequality:

 

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One of the reasons is the income inequality in the economy which means that economic growth in the economy is not evenly distributed among the people.

 

Political Reasons:

 


There are also numerous political reasons which contribute to this statement as to when richer people get richer then they become very powerful through which they are able to lobby in the governments to make the policies in favor of them which can be referred to as a plutocracy.

 

 

Money makes money:

 


One of the reasons people say that it is the money which makes the money for the richer people because of which they get richer and in this way it is in their destiny to be wealthy.
According to some people the poorer are not getting poorer rather they are becoming richer considerably. According to the United Nations data, the target to make half the number of people living in extreme conditions between 1990 and 2015 but this target is achieved 5 years earlier by 2010. Another factor which is for measuring the inequality is the Gini coefficient and if we look into this at the global level then what we found is that the average of the gain coefficient for countries shows that modest weakening over the period which can be evaluated as income inequality is decreasing according to the World Bank. Another opinion is that it is not correct that the money makes money for the richer people as from numerous researches it was found that it is always not true that wealthy people always remain wealthy rather they also become bankrupt sometimes. Another notion is that one of the main contributing factors in getting poor people richer is education, with the help of education the people who are poor can earn a huge amount of money and gets richer.
According to my own belief, the above-said statement is not true in today’s perspective as various economic measures such as Gini coefficient which is declining, real median household income which shown the upward trend and the literacy rate among the countries are continuously rising which states that poor people are not getting poorer. In today’s global economy, people after getting an education are engaging them in the various types and forms of businesses which are helping them from getting out of poverty and move towards getting richer gradually. So, the above-said statement is only a poor rhetoric today as these people don’t know the actual information and data from various studies and researches made by famous economists.
 

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