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: According to Our World in Data, international trade saw an annual growth rate of over 3 percent between 1800 and 1913. By the beginning of the 21st century, global trade has greatly increased. A growing number of countries are becoming more dependent on trade. In 2013, 30.03 percent of the U.S. GDP came from trade. And in 2014, 85.35 percent of Sweden’s GDP, 64.14 percent of Canada’s GDP and 41.54 percent of China’s GDP came from trading with other countries. 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.