Sunday, 5 January 2014

Consequences of Inequality

When we talk about inequality,the first form of inequality that comes into our mind is income inequality,
Income inequality refers to unequal distribution of wealth.general notion is that 90% of wealth is owned by 5% of population and remaining 10% wealth is owned by 95% of population..                                   Increase in per capita income of a country is an indicator of development,but development of only those 5% of people, and what about remaining 95% of people whose contribution is very small,
With the increase in globalization in India problem of inequality has also increased since last 30 years, JAYANTI GHOSH an economist pointed out"since 1980-90 per capita consumption of rich population has increased and the bottom population's per capita consumption has declined,. and this is perhaps most dangerous side effect of capitalist society,or free-market economy,. middle class real wage has been declining and upper class profit has been increasing.
actually greater income inequality is somewhat acceptable because it gives incentive to work hard,it promotes innovation but income inequality has some dangerous consequence which i would like to discuss in brief.
first it directly effects democracy by reducing trust in political system ,our democracy ceases to function because some people have so much money they command greater power in policy making to support their preference.
The most commonly voice concerning about income inequality is that it has polluted our politics.
In democratic society like INDIA every person is supposed to be treated in a same way, but  people in largest democratic country are being treated according to their social status (which is measured on the basis of wealth.).
Second most imp factor is that inequality give rise to social hierarchy, gap between rich and poor.,
quality of education,quality of health care,value of life are only for those who generally come under the category of top 5%. . 
remaining 95% struggle for their daily needs,struggle for basic health,struggle for quality of education, for their children, and thanks to growing capitalism with the increase in rent seeking,greater monopoly few giant company accumulates all the wealth.
if India is to perform in long run it must redistribute its wealth to poor,and must not compromise with education and health sector..debate to implement inheritance tax must go on..
and on moral ground at least try giving respect to poor ,you owe to them in many aspect ''they are the one who serves you best dishes,they are the one who take care of your child your home ,. but unfortunately respect which is costless is also not there,and for all these social hierarchy is to be blamed.  
government should also be blamed for Inequality weather in terms of social or income .
instead of giving them food security,unemployment benefits ,govt should focus on creating opportunity for them,providing employment to them ,provide them better health care and quality of education. 
lastly on behalf of poor i would like to say'' i want this to change,i want to move back towards a society where the hardwork of unskilled workers is considered worthwhile in social interaction regardless of how many rupees it brings to home.i want to return back to society where being a good parents or friendly neighbor earns as much as respect as making millions of rupees, 

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