Our society is disrupted by the ever-widening gap between rich and poor. One percent of the world’s population controls half of all global wealth. While a quarter of world’s population struggles to feed themselves daily. Write a response describing the causes and consequences of the situation. What remedies might be effective?
Economic inequality, often known as the rich-poor divide, income inequality, or wealth and income disparities, refers to disparities in the distribution of acquired assets and income. The phrase primarily refers to inequality inside a society, but it can also refer to the disparity between countries. Economic inequality is linked to the concept of equity: equality of outcome and equality of opportunity.
In India, wealth disparity is a major concern. It has been on the agenda of most of the country’s major political parties, and it continues to be on the agenda, but there has been little progress in this regard, although the government and some non-governmental organisations are actively participating in activities that are very beneficial to improving the status of the poor.
In economic terms, the impoverished have less purchasing power, whereas the rich have more purchasing power. A person with less purchasing power suffers greatly since he cannot purchase the goods and services that the wealthy can, and it is safe to argue that he cannot improve his lifestyle or way of living without them. The poor-rich divide can manifest itself in a variety of ways, including educational, income, lifestyle, housing needs, and food needs, to mention a few.
The wealth gap, without a doubt, is widening over time, hurting the economy, producing injustices, and restricting a country’s overall economic prosperity.
As a result, the government and authorities must take the necessary actions and pass legislation to address these serious issues.
To begin with, economic imbalance causes a variety of issues.
The biggest issues induced by rising inequality are school inaccessibility, increased crime rates, and decreasing public health.
High levels of economic disparity are linked to increased crime and poor public health, both of which are costly to the economy.
Because quality education is growing increasingly expensive, it is becoming more difficult for the less fortunate to pursue higher education.
As a result, they are denied job possibilities, resulting in uncleanliness and poverty.
Furthermore, there are many more inequality cases which we encounter in our daily life and affect both psychological and economical equality. It includes inequality in wages and salaries; the income gap between highly skilled workers and low-skilled or no-skills workers, labor markets, technological changes limited to rich, tax divides among citizens, education, policy reforms, gender, racism, culture.
Poor people have long been disregarded by political parties as a strategy, yet dismissing poor people and their demands is not the solution because poverty affects not only the poor but the entire country.
Poverty is a major impediment to the Indian economy.
Poor individuals generally live in villages and towns in quest of work.
However, certain efforts can be made to alleviate these disturbing concerns, such as the government committing additional resources to bridge the economic gap. To begin, the government can provide financial assistance to those who are economically disadvantaged. Second, governments must ensure that people have access to high-quality education and employment possibilities. This will undoubtedly help to reduce poverty and improve the living standards of financially disadvantaged households. Third, wealthier countries should make greater efforts to alleviate global poverty.
The government has indeed made numerous attempts to close this gap, including initiatives that were part of five-year plans and outstanding proposals from highly educated individuals, but due to corruption, they were not implemented as effectively as they could have been.
Apart from market-driven causes, government-sponsored efforts can also raise or decrease pay inequality.
The relative benefits and effectiveness of each technique to limiting inequality are debated by social scientists and policymakers.
Common government actions aimed at reducing economic inequality are
Public education which increases the supply of skilled labor and reducing income inequality due to education differentials, Progressive taxation where the rich are taxed proportionally more than the poor, reducing the amount of income inequality, Nationalization or subsidization of products.
I believe that India should strengthen its human capital; we are still trailing in this area. Human capital is defined as a human who can generate capital in measurable quantities.
Knowledge-based countries are those where the majority of people are educated.
Ireland is characterised as a knowledge-based country because it is skilled at employing education to boost the economy.
We should take notes from them.
Human capital development and programmes to educate the poor about the services that the government provides so that they will come forward and take advantage of them could be a good start. Programs from the government should be organised to motivate the poor.
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