Relation Between Race and Economic Inequality
Added on 2021-06-17
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Running head: RELATION BETWEEN RACE AND ECONOMIC INEQUALITYRELATION BETWEEN RACE AND ECONOMIC INEQUALITYName of the StudentName of the UniversityAuthor Note
1. IntroductionRacial discrimination is a burning agenda in recent times. The percentage of peoplewho possess the maximum number of wealth belongs to the upper class and are of whiteorigin and very less number of people from different colour possess the same amount ofwealth. The maximum population in today’s time is made up of mixed colour and hence theproblem of economic inequality is on the rise as well (Reich 2017). The problem of racialdiscrimination has been lying in the society for decades and no matter of measures that hadbeen taken by the government have been able to eradicate this problem. In this literaturereview, different sources have been used to describe the problem of racial inequality andwealth gap from various economic perspectives. The review also analyses the key findings ofeach research and the methodology used along with the strength and weaknesses of theresearch being done.2. Literature Review2.1 Racism and HomeownershipAccording to Sullivan et al. (2015), the article that they published on the racial wealthgap, there are various factors which contributes to the gap between the black and Latinopeople and the white household. The main factor that would be discussed in this reviewwould be the factor of homeownership. In United States, homeownership have been a majorreason for racial and ethnic inequality for a long time. The report has displayed the fact thatwhite people are more inclined to receive financial support from families or otherwise topurchase their own household as compared to black or Latino population. According to asurvey done by Survey of Income and Program Participation (SIPP) it has been deduced thatthe homeownership rate for white families is 73% as compared to the 45% and 47% of blackand Latino families respectively. A survey had also been done after equalizing the rates for
homeownership and the results state that an increase of wealth have been observed in boththe black and Latino households. The report contains a detailed survey of the factor ofhomeownership and how it has been affected by the discrimination in race and how theeconomy is also effected due to this issue.2.2 Racism and EducationIt is very important in today’s time that every individual possess a proper educationfacilities to succeed in life and survive the society with dignity. Education leads to gettingbetter employment opportunities and hence a better standard of living. However, the studentsof colour suffer a great deal due to the discrimination that is prevalent in the society. Suchindividuals are unable to pay the huge costs that are present in good universities and areforced to study in low-quality schools or universities (Shapiro, Meschede and Osoro 2013).This leads to a low-quality of education and they are often not paid proper attention in suchschools as well. To get good education student of colour have to often opt for jobs fromwhich they can derive more income and pay for their studies. This stops them from entirelydevoting their time to studies which can lead to poor results. On the other hand, these incomealways do not pay the full fee of the university and often results in debts in the universities.As seen in the database in the article, college education problems contributes to 5% of theracial gap that is widening with time. 2.3 Racism, Poverty and UnemploymentIn the United States, the poverty level of black people are much higher as compared tothat of the white people. According to a primary source of database that have been derivedbetween the years 1978 to 1996, it has been seen that the income generation of blackhouseholds have deteriorated in comparison to white households. This has led to theinequality of income between both the groups. The database shows that in the year 1978, themedian income of a black household was 5 cents for every 1 dollar that a white household
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