Income Inequality Effects on Political Stability
Added on 2020-05-16
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INTRODUCTION TOSOCIAL SCIENCES
1ContentsINTRODUCTION.....................................................................................................................................2Income inequality as a social issue....................................................................................................2Causes of income inequality..............................................................................................................3Income Inequality effects on political stability..................................................................................4Conclusion.............................................................................................................................................5REFERENCES......................................................................................................................................5INTRODUCTIONIn modern times, gap between economic condition of rich and poor is widening everyday. Rich are getting richer while poor are getting poorer. Report of IMF suggested that 99%
2of the wealth of the world is concentrated in the hand of only 1 % people of the total globalpopulation (Corak, 2013). This is enough to illustrate the income inequality that persists inthe society. With the decline of communist ideology all around the world income equality hasbecome one of the major issues in the society. It is the cause of many other social issueswhich can be harmful for the society. This can be dangerous for maintaining harmony of thesociety. It is one of the major factors on which political stability of the nation also depends.This report highlights the theories from the discipline of sociology that accounts to incomeinequality. It also showcases the ways in which income inequality is affecting politicalstability of the nation.Income inequality as a social issueFrom a very long time income inequality is a social issue in the society and hasbecome one of the major concerns for any nation irrespective of whether they are developedor developing. The development of income inequality in the society is not new; it has been inthe society from thousands of years. But it has stretched its root deeper in the society from thestart of age of industrialisation. In the early 1980’s and 1990’s it was seen in most part of theworld that there was enormous amount of transfer of wealth from poor or middle class to therich section of the society (Milanovic, 2013). This made rich more rich and gave them controlon most of the resource present in any nation. On the other hand poor became poorer who areunable to even fulfil basic life amenities. This increased the gap between different sections ofthe society and has become a challenge for the nation to maintain the life standards ofeveryone (Reardon & Bischoff, 2011). Most of the issues came into existence due to thelarger part of the market being captured by the business of larger firm which gave themenormous wealth.The people that are having larger amount of resources are earning more and the people whoare working for them are having lower amount of income (Bernie, 2018). In between the twolies the middle class whose income didn’t rise as much as inflation in the market did. This notonly increased the income gap in the society but also raised the issue of living standardlifestyle. There were many ill practices that came with such kind of gaps.There are many other kind of social issues that got developed due to income inequality. It isdepleting harmony of the society as most of the people felt themselves as superior or inferiorfrom others. It has reduced the trust of the people on each other. Other than this due to risinginflation many people have gone under poverty line which reduces their chances to avail
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