key term - Increased Inequality

Definition

Increased inequality refers to the growing disparity in wealth, income, and resources among different segments of society. This phenomenon has been influenced by various factors such as economic policies, globalization, technological advancements, and social structures, often resulting in marginalized communities facing greater challenges in achieving economic stability and social mobility.

5 Must Know Facts For Your Next Test

1. Increased inequality has accelerated since the late 20th century due to policies favoring deregulation, tax cuts for the wealthy, and globalization.
2. Technological advancements have contributed to increased inequality by creating a divide between high-skill workers who benefit from new technologies and low-skill workers who face job displacement.
3. The rise of the gig economy has led to more precarious employment situations, exacerbating economic disparities as many workers lack benefits and job security.
4. Increased inequality can lead to social unrest and political instability, as marginalized groups may feel excluded from economic opportunities and decision-making processes.
5. Global health crises, like the COVID-19 pandemic, have disproportionately affected low-income communities, highlighting existing inequalities in access to healthcare and economic support.

Review Questions

• How have changes in economic policies contributed to increased inequality in society?
  • Changes in economic policies, particularly since the late 20th century, have significantly contributed to increased inequality. Policies that favor deregulation and tax cuts for the wealthy have allowed those at the top to accumulate more wealth, while lower-income individuals have seen stagnant wages. Additionally, cuts to social programs and welfare initiatives can further exacerbate disparities, leaving vulnerable populations without necessary support.
• What role does technology play in contributing to increased inequality among different socio-economic groups?
  • Technology plays a crucial role in increasing inequality by creating a divide between high-skill and low-skill workers. High-skill workers benefit from advancements in technology through better job opportunities and higher wages, while low-skill workers often face job displacement due to automation. This digital divide not only limits access to well-paying jobs but also affects educational opportunities for disadvantaged groups, perpetuating cycles of poverty.
• Evaluate the implications of increased inequality on social stability and political landscapes in modern societies.
  • Increased inequality has significant implications for social stability and political landscapes. As wealth becomes concentrated in the hands of a few, marginalized groups may experience feelings of frustration and exclusion, leading to social unrest. Politically, growing disparities can result in polarization as different socio-economic classes advocate for vastly different policies. This can undermine democratic processes as marginalized voices struggle to be heard in decision-making, ultimately threatening societal cohesion and stability.

Related terms

Wealth Gap: The wealth gap is the unequal distribution of assets among individuals or groups, often measured by the difference between the richest and poorest segments of society.

Social Mobility:

Social mobility is the ability of individuals or families to move up or down the socio-economic ladder, which is often hindered by increased inequality.

Redistribution of Wealth: Redistribution of wealth involves policy measures aimed at reducing economic disparities by transferring wealth from the richer segments of society to poorer ones.