Income Inequality In Society

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According to the Organization for Economic Co-operation and Development (OECD), the term inequality in the opposite of equity can be defined as evenness or fairness within the social, political, and economic perspectives. Equity forms the core value of both the western democratic tradition and religions. Basing my argument on Ferguson (2012), from the concept of equality, inequality can be described as unfair or uneven treatments of the people within the society or unequal distribution of resources, income, and other factors between different sectors in the society. Inequality can be defined as the unfair or uneven conditions within the society, where some people control more wealth, money, opportunities, income, as well as political favoritism …show more content…

Pay inequality refers to the differences in the employees’ earnings. Income inequality refers to how even income is distributed in the society. Wealth inequality is defined as uneven distribution of different types of assets in the society, where more people control more assets than others (Stiglitz, 2013). In the American society, the richest fifth control 59% of the national wealth and resources while the bottom 40% of the population only control 9%. Likewise, 20% of the top U.S households possess at least 84% of the total wealth. For example, the Walton family controls more wealth than a total of 42% of the American families (Ferguson, 2012). I believe the economic system only favors the rich while undermining the lower class. Most people always work hard to be rich, but due to the influence of the wealthy class, they won’t ever succeed in their struggle easily. Economic inequality has been brought about by structural discrimination, family inheritance and social …show more content…

Inequality of opportunities limits peoples’ ability to earn a better living and incomes. For instance, when a child coming from a poor family is denied access to quality education, it limits him or her from achieving a high level of knowledge which is going to result into high income levels in the future. Other factors that influence inequality of opportunity are gender, geographical location, economic circumstances, and ethnicity. We find that the larger portion of people in the society is trapped in poverty while the smaller portion enjoys all the basic necessities (Clark, 2015).
I think inequalities of opportunities are correlated to the political and economic inequalities. The poor people have fewer opportunities to be employed and become wealthy as compared to the privileged. Lack of equity in the distribution of opportunities is the main cause of poverty and discrimination in the society. Inequality of opportunity has given rise to the social classes where people are defined and relate in accordance with what their own, the influence they have on others, they political influence and economic their political

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