The article is about research by the OECD think tank that
examined 22 countries that have the world’s leading economies finding income
inequality growing in 17 of them. They
studied data from the 1980’s to the financial crisis of 2008. Chile, Mexico, Turkey and the United states
were the most unequal nations. The UK
had the fastest growing inequality hitting its peak in 2000. Even traditionally egalitarian countries experienced
a growing wealth gap. The OECD found
globally the richest 10 percent of the population is nine times richer than the
poorest 10%. Some countries the
inequality is much worse. The UK The
richest 10 percent are 12 times richer than the poorest 12 percent. The OECD says the changes in the labor market
over the last 30 years are to blame claiming technology has benefited the
highest paid while poorer workers have been forced to take jobs that are
temporary, part-time or badly paid.
I am not surprised by what article discuses. The technological advances has definitely had
an impact on the poorest people in the societies because their jobs are being
taken over by automated machines. If the
owners of the companies purchasing the automated machines no long have to pay
for labor and over time end up making more money with the automated machines
hence a larger income inequality gap. I
speculate that unemployment rates have also contributed to the inequality
gap. The poorest 10% percent of
populations are usually uneducated compared to the rest of the country. People with low education are hit hardest by unemployment
not the Top executives and top 10 percent of the population. This also contributes the Income inequality
growth. I agree with one of the
statements in the article “Without a comprehensive strategy for inclusive
growth, inequality will continue to rise”.
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