Essay On Global Wealth Inequality

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How does globalization aggravate global wealth inequality and what can be done practically to mitigate it?

1. Current situation on global wealth distributions

The planet we are now living in is growing exponentially larger, in economic aspect. Thanks to globalization, it triggers a boost in international trade. According to figures from WTO 2013, the world merchandise trade is 17930 billion US dollars. Comparing to the figure in 2003, just ten years ago, was 7380 billion US dollars. In 50 years ago, the number was only 157 billion US dollars.
So if globalization fosters a tremendous growth in world’s economy, is globalization also helps reducing global wealth inequality?
Sad to say, it is a deplorable fact that nowadays globalization has
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China can be regarded as the most successful player reducing its poverty problem: 90% of population escaping from poverty in the world comes from China.
2. Intra-national income inequality
The chairman of the US Federal Reserve Ms. Janet Yellen warned last month saying, “Rising inequality of wealth and income in the U.S. was impeding the economic mobility at the heart of American values”. Narrowing the income gap has long been the task of presidents in the U.S. for decades. Still, income inequality is exacerbating in the U.S. especially under President Obama. When it comes to confronting inequality, a dilemma appeared: reducing tax will pamper the tycoons; adding tax will hinder the progress of economic recovery.
I believe the ultimate culprit of wealth inequality can be attributed to one cause – low social mobility. This is an inevitable outcome for all developed countries. All short-term fiscal or monetary policies are almost impossible to resolve it. Not to mention issuing more bonds and printing more money to “improve” the social safety net, which would only push the economy into an endless vicious cycle that an ultimate collapse is waiting for us already. Marking the final ending of

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