Title: Global Economic Inequality–and What Might Be Done About It | Norwich University Online
Headings: Global Economic Inequality–and What Might Be Done About It
Global Economic Inequality–and What Might Be Done About It
Text: Global Economic Inequality
What Is Income Inequality?
The Causes of Income Inequality
Fighting for Income Equality
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Content: As some countries now prefer exports over imports, native workers are being displaced by outsourced labor and income inequality is becoming a bigger issue, with the top 10 percent reaping most of the profits. Fighting for Income Equality
While inequality across the globe is a massive issue, steps can be taken in the effort to redistribute global wealth. Promoting trade policy that is simultaneously democratic and transparent can benefit workers, employee health, public interest and the environment. As trade benefiting only the wealthiest 1 percent of a country could worsen income inequality, executives and corporate lobbyists should strive to be more transparent when drafting international trade agreements. Inhibiting illicit financial outflows can help reduce income inequality. International trade is increasing, and opportunities for illicit financial outflows are increasing as well. These developments can harm workers and governments. Imposing a living wage can force businesses to come up with strategies to help the business profit while helping employees earn a sustainable wage. Implementing a progressive income tax on the wealthy can help decrease income disparities. According to NYbooks.com, inherited wealth accounts for 20 to 25 percent of annual income, so taxing inherited wealth may reduce income inequality.