Inequality has increased so much due to very few people relative to the population of the country of residence having most of the that country’s wealth



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first ECON 365 discussion
ECON365 discussion jun15

  1. Inequality has increased so much due to very few people relative to the population of the country of residence having most of the that country’s wealth. Once in that stratum of wealth, it is then easier to maintain themselves in that level and grow richer. Many of which have enough wealth that they can inherit the same lifestyle to their coming generations and create a legacy. Countries like the US have institutions in place that are quite favorable for the ultra-rich, such as opportunities for wealthy firms and individuals to evade taxes or enjoy significant tax-cuts and allow for these firms to outsource labor and resources for cheap rather than employing Americans.

  2. Yes, I think increased inequality between ethnic/racial groups as well as gender inequality is related to overall inequality within a country. When it comes to inequality, such as income inequality, those who are significantly more disadvantaged are women and ethnic/racial minorities. Take Mexico for example, where 80% of the indigenous population is poor compared to 18% of non-indigenous population (Todaro 283).

  3. For a period, I think that many Americans were optimistic of the possibility of moving away from wealth inequality and towards a society with livable wages and/or government subsidies. Whether it was from social welfare systems like unemployment benefits or economic impact payments, many Americans were made aware of the impact that increased aid could have on a household’s ability to overcome severe adversity. However, with the pandemic leaving most of the world’s production and supply chain in shock, leaving countries like Mexico with severe inflation and has impacted the US as well. Generally, those who bear the largest burden from the pandemic are those who were least prepared, typically the poor, who already tend to be a product of inequality.

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