The Context Of Growing Economic Interdependence - 1672 Words

This paper will endeavour to explore the context of growing economic interdependence (globalisation); inequality is both growing within and between nations. In turn, analysing the following the following statement that â€Å"Inequality can undermine economic, social and perhaps even political stability. It can tear the very fabric that holds society together. We now have firm evidence that a severely skewed income distribution harms the pace and sustainability of growth over the longer term. The growing gap between the rich and poor is now at its highest levels due to wealth disparity, income inequality and education. Reference to the term ‘the gap between the rich and the poor’ also refers to inequality among groups in society as well as countries and is related to equality in opportunity and outcomes. Although there is no standard in measuring the gap between the rich and poor, indicators such as wealth disparity, income and education are threats to the growth of economies. The debate on whether the gap is widening between the rich and poor; it is important to understand what causes inequality. For example: whether inequality exists because of opportunity, in other words, those that cannot access education. For those opposing the debate on the widening gap between the rich and poor note that individuals who work hard and receive a higher income are not market failures, that in fact, higher wages are important in encouraging more effort and thus by rewarding hard work thereShow MoreRelated Increased Interdependence in the East Asian Community Essay example1059 Words   |  5 Pagesmultilateral Free Trade and Economic Partnership Agreements. These projects were driven by a shared sense of purpose among East Asian countries to construct a more Asian-oriented community. 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While there are numerous definitions, the one coined by Gao Shangquan fits into context: Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies. Since the beginning of human migration, globalization has been