Economic Inequality Within The Global Economy - 801 Words

Economic inequality can be defined by the unequal access to economic resources, in the form of opportunities, wealth, capital, land, etc., which determine the individual’s or the group’s level of power. Generally speaking, individuals and groups with high access to resources have high levels of vertical and horizontal power, which in it turn generate more access to resources and power. The unequal access to economic resources is institutionalized within a society. Thus, economic inequality has far reaching effects and manifestations in other social and political institutions. In addition, with increasing role of global economy on national economies, and the increasing inequality in the global market, which is reflecting on increasing inequality in it turn increases inequality within nations. Thus, the interest among political economists has increased in an effort to understand stratification and to create policies which aim to elevate economic inequality globally and na tionally. I will argue that the capitalist economic system is inherently unequal. Farther more, it thrives on creating highly level of economic inequality, where resources and capital is concentrated in the hands of the economic elite, while the rest of the population service to provide cheap labor (specialized on non-specialized) which increase economic, social, and political inequality in a society. For that reason, I don’t believe that economic policies can end inequality globally or national (short fromShow MoreRelatedGlobalization Is Not A New Concept1465 Words   |  6 PagesIntroduction: In this rapidly changing world Globalization has become the way to describe changes in international economy and in world politics. Globalization is not a new concept. After world war II powerful countries tried to capture free market of developed and underdeveloped countries. That’s how that globalization starts. 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