Income disparity could be global disparity or within the social classes in countries

Income disparity could be global disparity or within the social classes in countries

Thesis statement

Impact of income disparity on the global economy and the social structure of the society, to understanding the situation of the future learning from the past

Introduction

Many people are dying of hunger daily; at the same time, the other part of the population people spends dollars on a wine glass. The economic statistics of many nations will shock anyone with the amount of economic disparity. According to the recent report from the House of Commons, by 2030, two-third of the world’s wealth will be owned by the top 1 percent rich people in the world. The most disturbing issue in the current century, in past cases of income disparity, have seen revolts and aftereffects,

Specific concepts mostly characterize income disparity in society, the rich grow more productive, and at the same time, the poor get poorer. Come disparity has highly been associated with having positive and negative effects. This is a social problem, and then, it can be attributed that any income disparity in the society could be a global disparity. It will affect the social classes in the community. Although all people cannot be equal in terms of economic wellbeing, it is essential to close the gaps that exist between the rich and poor in society. Any form of economic inequality can negatively affect people’s lives and conditions in life. In the global business perspective, the economic disparity could result in inadequate treatment of the poor by the rich in the society. The issue of being unfair could lead to many differences and conflicts in the nation. Consequently, different classes result from these differences; there is an elite class and the class of the poor Manduca (2019), explaines that ddo exist between the two types in the society, the rich control the organization, makes the decisions on behalf of the society due to their wealth, the poor have no say in the community they do according to the wish in their lives. They are manipulated to do according to the will of the rich in society. Consequently resulting in adverse effects on the business sector, since the same happens in the global business.

Currently, in contemporary society, the global trend shows that global disparity has resulted in a weak and uneven distribution of wealth.In almost every state in the world, we have reports of cases of the accelerating rate of the gap among the community members that results from the economic disparity. The key differs of social inequality is social class. The rich in the society will feel that they have control over everything. Mostly the reach is involved in the large business that determines the economy of their states. They are proud of themselves, and at one time, the rich can even go against the laws of the country in the business. The rich can fail to pay taxes and revenues to the government. This is because they control everything, they manipulate the politicians, and it is hard to advise the elite class.The poor are suffering since most of the decisions made by the rich will not favor the poor.

Consequently, they have no other option rather than laboring to earn. The poor are overworked and mistreated by the rich, and at the end of it all, they gain low wages.This unfairness and underpaying the poor could make the gap widen. Every person in the society has the freedom and wants to achieve the best, earn, and stay a healthy life free from economic disparity.

According to recent statistics, the issue of inequality is increasing all over the world. Disparity ranges from all perspectives of life, starting from the job market, business, and even living standards. It is important to note that imbalance, for instance, in the job market, could result in many consequences. For example, in the modern world, people tend to favor their relatives and close friends, thus offering them the first opportunities in the respective job opportunities. However, these people forget that they are creating incentives for many challenges in society. The poor are not given their rights; they are ignored and not listened to. The main reason why there is an increment of the gap between the rich and poor, the rich will continue being more luxurious, but the poor cannot change anything, rather than suffer without hopes of transforming their lives. The global business activities and programs will also be affected by the increase in inequality.The moment we have a society that has differences and roots of economic disparity, it will be hard for any business investor to runs and operate a business there. The rich are not many; the poor make the daily customers; it will be hard even to fix the prices of the products since the rich want to buy the products at the highest bid. In other words, the rich cannot compete with the poor at the global business; it is essential to rethink and make a wise decision towards ending the is of economic disparity.Iqbal, (2019 ), recent survey in America has indicated that in a few years from now, the wealthy one percent of the American population will have owned approximately 50 percent of the wealth in the world.

Importantly the researchers have identified that ,the intra-national economic disparity captures the attention of the business, political and academic leadership in the rich nations like the united kingdom and America.business sector has been negatively affected by this inequality, for instance, the people and owners of the big business may tend to terminate their business operation in a particular country due to issues of the government or the community decline their offer. Such as the business seeking for government orders to sell the products or operate within a different location, a newly discovered market with opportunities. It is this business that is providing or meeting the needs and expectations of the society or country set standards. They should be run as a solution to bridging the gap that is existing in the community. The poor should be encouraged and empowered by the rich to start and run business; these investments would open the ways of the poor towards the financial ladder(Larking,2019). If the industry perfects well, then the young investors will have the opportunity to enjoy the profits and improve their living status and always remain focused on meeting their business goals and objectives in life. The society must stay focused on empowering young investors and purchasing their products from the local and small business too. Importantly it will make the poor see no gap existing between them and the elites in the society. The overall benefit will be that there will be increased offers of job opportunities to the poor since the people with a humble background understands the situation of the poor and can offer them the best solution on how to make them earn a living. Consequently, mainstreaming poverty eradication ideas and sustainability in any investments in the global community could be a better solution to eliminating and mitigating the economic disparity.

Any state with economic disparity if a lack of peace and order also characterizes it. In global perspectives, it is tough for a foreign or local investor to start a business venture in a country that has no political stability. It is a risk of losing the properties, and the business as a whole may end up making a loss. Considering the current trends, most of the international merchants, use appropriate channels to analyze the best markets to operate run their business. Mostly people prefer regions with peace and order. It will be risky to open a new business in a country that had a political or economic crisis.

The government and the other relevant stakeholder should ensure that there is an action plan put into reducing cases insecurity in the business sector. The traders at the international market will need freedom and opportunity to conduct their business all over the globe, provided that they are selling the most appropriate quality of goods to society. If such is considered, then there will be fewer cases or risks to the business(Indart, 2019).This will result in profits and growth of the market, instantly resulting in changes in social life. The poor could be productive, and the gap between the poor and the rich be shortened. Economic disparity in the society can be mitigated if relevant steps are taken the

The research shows that there are consequences to the financial gap. We have inequality, which can be used as a turning point for improving life.AS part of social progress, it is vital to reduce the gap existing between the rich and poor.The relevant authorities and stakeholder in the society such as the government, the policymakers, and the community members need to set the community development strategies which could help in mitigating the differences. Understanding the economic disparity is essential for the community. It haloes us, improving the quality of life for every member of society(Elenbaas,2019). It aswell gives an absurdity in life such that there will be consideration of all people in the community without discrimination. The minority and poor in the population will be supported, and generally, there will be good advances in the economic growth and reduced cases of social problems.

In the global business context, the issue of economic disparity can be better used to improve the lives of the community members. Empower the poor and make them feel the sensed of belonging and being part of the global community. For instance, the people working in executive jobs in big companies can be used as motives to the low people who find it hard to survive in their labor in positions e.g., the semiskilled workers(De Mooij, 2019).

Wealth disparity can be inevitable in the society, just like in every useful economy we have economic inequality, the fundamental problems and drivers of the economic inequalities need to be identified, considered, analyzed and best solutions provided to change the situation. Interestingly the social classes constructed based on their financial position in the society and the mentality of the rich to always mistreat the poor should be reverted. It is high time that we need to empower the poor and make them feel their roles in the community.Inequality Increases Fairness in the society, interestingly case of economic disparity in the community have driven the interest of having Fairness in society. Interestingly there will be a pronounced economic growth if equal opportunities are given to both poor and rich in the nation.The business sector will get and make a lot of profits since every person in society is playing a role in economic growth and community development. Eventually, there will be a general, equal wealth distribution with a better approach to life and respect for all people in society.

Reducing the economic disparity will require ever one’s efforts; this needs to make a positive influence on the entire society without biasness based on gender, race, or social status and eventually resulting in better economic growth. Research shows that we have a relationship that exists between the economic disparity and crime into eh society. Mostly the poor and less fortunate in the organization could involve themselves in corrupt activities, which could result in affecting the community progress(Estes, 2019).  The culture and entrepreneurs are most likely to suffer after being put in a hostile and resentment condition, their economic position could be affected, jobs affected, and an increase in the propensity for criminal behavior.

The incentives towards committing a crime are increased from the state of having an economic disparity ,(BINAY & ATALAY,2019). The poor may want to get rich but through wicked ways. The reach could factor towards improving their life and difference created between the poor and rich.Economic Inequality Increases Political Inequality and also the economic disparity in the region. The people belonging to the low-income community will not have a role of improving the situation; this will result from increasing to negatively impacting economic life. The business sector is affected by the GDP growth, whether it is high rates of economic disparity, there is decreased or slow GDP growth, not many investors will accept to do business in states with low GDP.

Where there is lower support from the government, there is likely hood of having public consequences,which are causing debates and affecting the wealth distribution. This can affect the rate of economic growth in the state. Generally, even if the easy has highlighted the effects of the economic disparity in the global business, it is essential to note that it has been brought to the public that we have attributed advantages and disadvantages which affect the country’s economic growth and the global business. The investors and the key stakeholder in the worldwide business should factor the economic disparity as a primary contributor and determiner of the way life business should be contacted and doe in the community. There are obvious disadvantages and advantages of the economic disparity among the community members .despite the posing negative impacts economic disparity helps us to think on how to improve our social ways of life and develop strategies aimed at meeting the needs of the society.

References

BINAY, M., & ATALAY, N. (2019). GLOBAL GOVERNANCE: ECONOMIC GROWTH AND INCOME DISTRIBUTION. Journal of Turkish Court of Accounts/Sayistay Dergisi, (112).

De Mooij, M. (2019). Consumer behavior and culture: Consequences for global marketing and advertising. SAGE Publications Limited.

Elenbaas, L. (2019). Perceptions of economic inequality are related to children’s judgments about access to opportunities. Developmental psychology, 55(3), 471.

Estes, R. J. (2019). The ‘Rich’and ‘Poor’: The Widening Income and Development Gap Between Rich and Poor Nations Worldwide. In Wealth (s) and Subjective Well-Being (pp. 463-484). Springer, Cham.

Indart, G. (Ed.). (2019). Economic reforms, growth and inequality in Latin America: essays in honor of Albert Berry. Routledge.

Iqbal, M. H. (2019). Disparities of health service for the poor in the coastal area: does Universal health coverage reduce disparities?. Journal of market access & health policy, 7(1), 1575683.

Larking, E. (2019). Challenging gendered economic and social inequalities: an analysis of the role of trade and financial liberalisation in deepening inequalities, and of the capacity of economic and social rights to redress them. In Research Handbook on Feminist Engagement with International Law. Edward Elgar Publishing.

Manduca, R. A. (2019). The Contribution of National Income Inequality to Regional Economic Divergence. Social Forces.