Income Inequality Among Developing Countries Essay

Income Inequality Among Developing Countries and Their Relations To The Affluent World On September 25th of 2015, the United Nations adopted a comprehensive initiative to combat a wide variety of global health issues that currently plague humanity. The initiative, entitled â€Å"UN Sustainable Development Goals† includes a list of seventeen goals to be achieved over the next fifteen years and encompasses measures to end poverty, protect the planet, and ensure prosperity for all. This paper intends to provide an in-depth analysis of the tenth UN Sustainable Development Goal: Reducing income inequalities. Income inequality is a problematic reality of the modern era that slows economic growth, generates political instability, causes health problems and creates severe social inequalities among children. As part of this analysis, determinants of this global issue will be discussed as well as its correlation with globalization. Lastly, suggestions will be provided to the global community with regards to possible solutions to income inequality, as well as a discussion about the potential roles and responsibilities for Canadians in response to the issue. Although many milestones have been reached on the road to eradicate mass poverty, a large disparity still exists, otherwise known as income inequality. The issue currently pertains to the rich and poor. It is illustrated among a macroeconomic level (between countries), as well as a microeconomic level (within countries). TheShow MoreRelatedGlobal Economic Problems1111 Words   |  5 Pagesensure environmental sustainability 8. To develop a global partnership for development. (United Nations 2010, Murphy, 2017, p.2) As of the 2015, while the attainment of the goals remain dubious and doubtful much progress has been made by very few countries, while others are still straggling as empty promises of a better tomorrow (Bartlett, 2017, p.1). Some nations are making enormous progress to lift their citizens from the hollows of poverty. Consequently, billions of people are no longer livingRead MoreImpact Of Globalization On The Social Consciousness Of The Late 20th Century Essay1667 Words   |  7 Pagesassumption has always been that with globalization, developing nations have the opportunity to catch up and be equal to or with developed nations. Hence, as The Economist.com (2014) continues to assert, when developed countries enter global markets, economic inequality is significantly diminished. However, according to Hogan (2012), the ability of developing nations to compete with developed ones is severely reduced in a globalized market due to inequality of skills. Pologeorgis (2010) also mentions thatRead MoreAnalysis Of The Article Spiritual Perspectives On Globalization 906 Words   |  4 Pagesthe homogenization of culture by the countries that undermine others and individual level, which features the consumerism an d boost of consumer values (Rifkin). Still, globalization may reduce or increase inequality by many impacts. For many people, inequality is the process by which unfair disparity is shown to vulnerable and invulnerable groups. Specifically, globalization can impact inequality in some developing countries on the areas of regional inequality, gender wage gap and free trade. OneRead MoreGlobalization And Its Effect On Society1240 Words   |  5 Pagesand how it strengthens or weakens global inequalities Globalization is a very important force in the new world and it continues to impact the lives of individuals as well as groups world over. The role and affect of globalization has broadened over time. It has resulted in the lessening of trade barriers, integration of the economy of the world, increase in opportunities for groups and individuals alike and an increase in the economic well being and income levels of individuals and groups. HoweverRead MoreEffects Of Income Inequality1038 Words   |  5 PagesEquality is one of the biggest concerns in most societies. Independent of philosophy, culture, or religion, the society always care about this growing issue. Inequalities are shown in diverse ways by people’s position in the distribution of wealth or income but could also be related to other characteristics like having a disability, different ethnicity or background or gender. In the 2005 World Development Report elaborated by the World Bank, it is stated: â€Å"We now have considerable evidence thatRead MoreWhy Does Income Inequality Exists?1442 Words   |  6 Pages- - - â€Å"WHY DOES INCOME INEQUALITY EXIST?† Submitted to: - Submitted by: - - - - 4. Why does income inequality exist? Income inequality, also known as economic inequality or wealth and income differences typically refers to inequality among individuals and society, but it can also refer to disparity among countries. There are many reasons for this phenomenon to happen within the societies, most of them are often inter-related. However, we could say that the most importantRead MoreGlobalization Is Not A New Concept1465 Words   |  6 Pagesa new concept. After world war II powerful countries tried to capture free market of developed and underdeveloped countries. That’s how that globalization starts. David Bigman says in his book called â€Å"Globalization and the Least Developed Countries: Potentials and Pitfalls† that Globalization has become one of the most emotional word like communism or capitalism. In some simple language the impact or importance of globalization on poverty and inequality can be explained in many ways. As GlobalizationRead MoreGlobalization758 Words   |  4 Pa gesbetween countries. In economy each nation sets policy to manage its resources to maximize the benefits of trade for its people. Government makes policy not only concerning trade with other but also the degree to which the state is involved. Government try to optimize it’s production level and try to increase GDP with maximum utilization of available resources. In other hand when trade increases between nations, the allocation of resources will redistribute among goods and pricing where countries canRead MoreWhy Does Income Inequality Exists?1427 Words   |  6 Pages- - - â€Å"WHY DOES INCOME INEQUALITY EXIST?† Submitted to: - Submitted by: - - - - 4. Why does income inequality exist? Income inequality, also known as economic inequality or wealth and income differences typically refers to inequality among individuals and society, but it can also refer to disparity among countries. There are many reasons for this phenomenon to happen within the societies, most of them are often inter-related. However, we could say that the most important factor that causesRead MoreEducation Inequality In Education967 Words   |  4 PagesInequality in education is a current global issue and is closely related to economic inequality, which is rising within many nations. In 1948, countries signed the Universal Declaration of Human Rights, which promoted the idea that education is a fundamental human right (M. A., M. D., A. B). Education is a key factor that influences social and developmental outcomes in countries and communities, and because of this reducing education inequality is an extremely important sustainable development