Income Inequality in the Globalized Economy: Causes, Consequences and Solutions
Keywords:
Globalization, Cultural Homogenization, Income inequalityAbstract
In the era of Globalization, Income in quality has become a prominent and complex issue with far-reaching consequences. The causes of this disparity are multifaceted, stemming from factors such a technological advancement, unequal access of education, a systematic flaws in economic structure. As the rich accumulated wealth of an unprecedented pace, the consequences are felt across societies leading to the social unrest, diminished social mobility and strained public services.
This study proves that globalization continues to income inequality as it often benefits skilled workers and capital owners more than unskilled labour. The causes of income inequality also lead to cultural homogenization. For addressing income in inequality in the context of global world a harmonized effort is required internationally. From Micro to Macro Level, from National to International Level and from Local to Global Collaboration is highlighted for studying income inequality.
This study also explains about some solutions regarding to income inequality. Solutions involved implementing progressive taxation, investing in education and skills training and promoting fair trade practices. This study dissects the causes, consequences and potential solutions to income inequality in the context of a rapidly globalizing economy.
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