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Capitalism and Socialism - Assignment Example

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Name: Instructor: Course: Date: Capitalism and Socialism 1. Why has been income inequality and wealth inequality been worsening in the US and around the world during the last three decades? Provide evidence of worsening inequality and then discuss the reasons why (including specific actions, policies of governments) …
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Capitalism and Socialism
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Capitalism and Socialism

Download file to see previous pages... Brooking institutions researched and found out that income inequality in the year 2013 was rising to alarming rates and negatively affected the US social mobility (Nilufer 21-2). For about 30 years now the income disparity has been notably growing this is after some statics have been carried out. The richest that is 1% of the Americans have so much wealth as compared to the greatest of the poor that’s about 90%.this disparity is increasing now for about 25 years down the line (Ebenstein 12). This has not only affected the United States but nations around the world.Some of the reasons and evidences are discussed below. Education has to a great extent contributed to this income disparity, payment for the educated has been increasing since 1969 in every economic sector. This is because in America less skilled personnel are being dismissed from work because of high competition between businesses and also when businesses adopt new technologies the uneducated have no place which can suit them for they lack the required skills and knowledge. This creates a big gap between the poor and the rich. Class struggle has been one of the major reasons for the worsening of incomeinequality, the gap between the poor and the rich has been widening over the last three decades. ...
In 2007 it rose to 24% but for the three decades it fell to 10%. A new system of taxation, unions being strengthened and moderation of the National Labour Board made the income of the low earners and those working to upgrade by reducing that of the highest earners, this policy lasted only for about three decades. In 2009 the income of middle class totaled to $49777 this is according to data collected during census, it then reduced by 4.2% in the years 2007 and 2009 (Ebenstein 29). Neoliberalism advocates that capital and labour which are some of the factors of production should receive payments which are worthwhile. Americans Keynesians support the neoliberal which states that one should be paid what they are worth. This has caused a lot of disparities in income distribution since people work at different rates and have different abilities hence giving out different results in their performances; this automatically leads to income inequality. Outsourcing can be defined as the process where a company works together with an outside company on contractual basis; this is preferred due to the low cost advantages. Most of the US companies have been out sourcing their products and hence gaining comparative advantages. A greater percentage of the investors in US have also engaged in businesses outside their country this has made them earn more than their fellow investors hence the reasons for the income inequalities (Ebenstein 71). Finally, the communal ideology has a role in the economic systems with respect to resource distribution. Ideology can mean beliefs, visions, objectives that can be set by a group of individual or an individual either ...Download file to see next pagesRead More
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