Rich, Por and the roots of inequality Academic Essay

For over a period of three decades, different types of global issues have been analyzed and discussed in various forums with the aim of determining the appropriate ways of handling them. Among these global matters, it is evident that the eradication of poverty is one of the most discussed issues, and a collection of efforts have been instituted with the aim of making sure that such global problems are solved appropriately. Despite such efforts in addressing some of the economic-related issues as a way of improving the economic status of all systems and individuals, there are still concerns over the existing gap between the rich and the poor. As reported by the Human Development Report (2014), the current widening income gap that is experienced between the rich and poor is something that should be of much concern. A practical example of how this has happened is in the case whereby the gap between the 20% top earners and 20% bottom earners was 30:1 all over the world in 1960. The number changed to 61:1 by 1990 and 74:1 by 1997 and the current indicator shows that this gap ratio is likely to be higher in the present economic environment (United Nations Development Program 2014). The most astonishing reality is that most of the industrialized countries are experiencing income inequality, and this has been associated with technological progress and the aspect of globalization. These are two practical areas that require a greater deal of expertise from workers. Countries that all along are believed to have a high level of inequality are those that have experienced a significant augmentation in the gap between the rich and the poor. Surprisingly, the current trends indicate that the widening gap is also being experienced in countries that have all along been more equal. This empirical project provides a constructive outlook on the current status of rich and poor in an industrialized country and a developing country, which, in this case, are United States of America and China respectively. Also referred to as a developed country or a more economically developed country, an industrialized nation is a sovereign state that has a highly developed technological infrastructure as well as a developed economy. This is mainly relative to other nations that are considered to be less industrialized, particularly in terms of technological progress and economic growth. A developing country, which is also referred to as a lower developed nation, is considered to have a low Human Development Index (HDI), lower standards of living, and an underdeveloped industrial base. The first section provides the background information about the empirical project with a comprehensive overview of the general issues associated with it, the definition of terms and concepts along with the organization of the empirical project. The second section is the literature review that summarizes the related work done by other scholars. The third economic theory section has addressed the formal theoretical model by looking at the economic issues of the topic under study. The utilized data and their sources along with the empirical model adopted in the project elaborated can be found in the third section. The empirical findings have been analyzed and presented in the fourth section of t PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT

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