Introduction
Economic inequality is one of the most prominent features of the modern world. The fast evolution of business and global corporations led to the emergence of multi-billionaires with access to enormous amounts of resources. The wealth and most money are concentrated in the hands of 5% of the global population, while the majority have either average income or live in poverty. At the same time, there is a tendency for this gap to grow. As a result, the economic inequality observed nowadays becomes a central factor harming societies and their chances for successful development. The phenomenon changes communities, leading to their dysfunction, reducing life expectancy, and impacting wealth distribution patterns, limiting specific groups ‘ ability to access necessary resources.
Main Body
Numerous debates over economic inequality evidence its importance in the modern world. For instance, Richard Wilkinson (2011) is sure that this feature has impacted people’s communities for a long time. At the same time, he claims that the well-being of individuals belonging to the society does not depend on national income or economic growth. This claim describes the situation in the modern world as global corporations earn billions and allow their owners to concentrate power in their hands (Wilkinson, 2011).
They also contribute to the national income; however, ordinary people do not feel the positive effects of it because of being deprived of this source of income. For this reason, wealth distribution patterns existing within communities matter more. As a result, the wealthiest countries, such as the USA, have the highest inequality levels and cannot protect all its citizens.
The Common Issues That Plague Unequal Societies
The unequal societies share some common features that impact the well-being of people belonging to them. Wilkinson (2011) emphasizes the quality and access to education as one of the aspects belonging to this cohort. Young people suffer from the inability to be educated and build a career, which also promotes the further evolution of unequal societies and makes the gap bigger. The research shows that inequality leads to extremely high tuition costs for prestigious establishments and the emergence of a certain group who can study there (Ferreira et al., 2022). The rest of the people have to find other ways of acquiring the skills necessary to survive and have a family.
The Human Cost of Unequal Societies
The human cost of unequal societies is also high, meaning they harm the development of humanity. The lack of access to necessary resources and the constant stress lead to the deterioration of the physical and mental health of individuals (Ferreira et al., 2022). Furthermore, life expectancy is lower because of poorer health and unstable income (Wilkinson & Pickett, 2017). The reduction in the levels of literacy leads to the inability to find a job, higher crime rates, drug abuse, and incidents involving homicide (Ferreira et al., 2022). In such a way, the human cost of unequal societies is high as the unfair distribution of costs impacts all spheres of human activity and affects individuals on different levels.
How Unequal Societies Challenge Authority and Globalization Overall
The scope of the adverse effects of economic inequality makes it a global concern that requires attention. Thus, in terms of globalization and the rise of giant corporations, the problem becomes more complex as actors possessing too much wealth acquire additional power. Intergovernmental organizations (IGOs) were established to address the problem and monitor global cooperation to avoid discrepancies and disbalance (Bensel et al., 2012). However, in unequal societies, the authority of IGOs is limited as communities and governments’ functioning critically depend on the income generated by giant companies (Bensel et al., 2012). As a result, there are numerous difficulties and barriers to executing the regulations established by IGOs to address inequality.
Wilkinson’s Expressions of Social Dysfunction
Finally, the evolution of social inequality leads to the development of social dysfunction. Speaking about the phenomenon, Wilkinson (2011) links it to the rising number of social inequalities that are the result of the critical disbalance in the distribution of costs. He emphasizes that the social system fails to perform the functions it has to perform and becomes unable to ensure that all citizens feel protected and provided with necessary benefits (Wilkinson, 2011).
Social dysfunction is a dangerous phenomenon that strengthens the adverse effects of inequality and contributes to their becoming a part of the system. The higher degrees of social inequality are associated with the more critical forms of social dysfunction observed in them (Wilkinson & Pickett, 2017). It means that in a particular period, a society might collapse and serve to meet the requirements of those with all the money and power.
Conclusion
Altogether, economic inequality is one of the most essential features of modern societies. It emerged because of the fast rise of international businesses, globalization, and the concentration of power in the hands of particular actors. As a result, the majority is deprived of the chance to access benefits necessary for them.
The human cost of unequal societies is high as life expectancy reduces significantly. Moreover, society becomes unable to perform its major functions and protect individuals, which leads to dysfunction. IGOs try to control the problem by establishing specific regulations and measures to avoid unfair distribution of wealth; however, their authority is not enough to impact the work of global corporations, which have too much power nowadays.
References
Bensel, T., Dale, L., & Maniates, M. (2012). Global socioeconomic perspectives. Bridgepoint Education.
Ferreira, I., Gisselquist, R., & Tarp, F. (2022). On the impact of inequality on growth, development, and governance. International Studies Review, 24(1), 1-27. Web.
Wilkinson, R. (2011). How economic inequality harms societies [Video]. TED. Web.
Wilkinson, R., & Pickett, K. (2017). The enemy between us: The psychological and social costs of inequality. European Journal of Social Psychology, 47(1), 11-24. Web.