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Impact of Recession on Inequality - Coursework Example

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The researcher of the current paper claims that inequality is defined as lack of equality. It signifies categorization of persons based on circumstances and the degree of certain privileges. Inequality may occur in wealth distribution, expenditures, consumption…
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Impact of Recession on Inequality
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Download file to see previous pages Many populations ended up with little wealth owing to dwindling asset prices. Therefore, the great recession played a significant role in the redistribution leading to falling in social welfare. The United Kingdom had a fair share of these challenges. The coalition government came up with policies during the period. However, whether those policies buffered the impacts of the great recession on several aspects of inequality received wide literature coverage. Therefore, assessing the impact of great recession on inequality within the UK forms the main objective of the essay. The essay illustrated the evidence for inequality in the UK by assessing several elements of inequality. Besides, it examined the impact of the great recession on economic inequality as well as redistribution in the UK and compare the findings with other OCED countries.
The great recession is one historical event that constituted watershed for many businesses. Economic literature reported that careless banking concepts played a significant role in its emergence as well as the entrenched social inequalities (Jin et al., 2014). Inequalities are associated with stagnant consumer income. The most affected level of incomes was the middle and the lower class. The IFS (2015, Living Standards) found that young people had suffered the most in terms of income over the course of 2007-08 to the present day. These were largely due to their reliance on the labor market for their income. However, these were in contrast to older people who saw their incomes rising over that same period. There were substantial changes in the cost of housing because of mortgage interest rates plummeting. The change improved the position of people who own their homes, the middle, and top of the income distribution leaving the lower cadre in jeopardy (Cribb et al., 2012; 2013).
The coalition government took office after the Great Recession, just as household incomes were beginning their subsequent and inevitable decline. ...Download file to see next pagesRead More
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