Income Inequality In Singapore Essay

1. Introduction Income inequality has grown significantly during this past decades and this phenomenon continues to increase over the years. This problem is constantly discussed in the daily news all around the world. Several consequences of this increase of inequality between people leads to economic problems such as high unemployment rates, lack of work for young people, fall of demand for certain product. The gap between rich and poor is increasing, the rich are richer and the poor are poorer as a result politicians and economists try to adopt certain policies in order to reduce this gap.

Neoliberalism is the main cause of the difference between the rich and the poor in the states. It expanded the market efficiency by competitions between individuals, raised a gap between the rich and the poor. Rich people are becoming much richer based on their original properties while poor people are becoming poorer and suffer great economic problems in their lives. This does not only happen between individuals but also between companies. The unemployment rate increased because of neoliberalism.

In the 1860’s new resources were exploited leading to a wider range of improvements and opportunities. These new natural resources caused rapid economic growth, but at a cost. There were many pros and cons, which resulted in a substantial need for change. The industrial revolution aimed to increase the GDP, which it did, and create more jobs for the growing population. The newly made factories came with many jobs, but compelled men to work long hours with low pay in horrid conditions.

According to the article, income inequality has increased over the last 30 years. That number is outrageous for the simple fact that it is now 2017 and people are still being affected by income inequality. The article listed three reason that causes income inequality and those three things are technology, trade and institutions. I can defiantly see how those three factors can lead to an increase in income inequality especially trade and

I also believe it is increasing because in our society today we have a lot of social and economic factors going on that is related to this. Socioeconomic is a economic and sociological combined total measure of a person 's work experience also there individual or their family’s economic and social position in addition to others, based on their income, as well as their education, and occupation. Socioeconomic is increasing because it basically refers to the less fortunate people .It also is for people in poverty and poor health. It still exists in America today it occurs when any resources are given to society which most likely are going to be distributed unevenly which will lead to this . It may typically go through the norms of allocation, that will engender whole lot of specific patterns along socially undefined categories of Americans .

Employers state that the U.S. still lacks enough employable technically skilled workers, and H-1B visas allow American businesses to compete in and increasingly competitive global marketplace. However, with the number of skilled U.S. workers increasing in all areas of the workforce, there is no longer justification for the use of foreign employees to perform jobs so sorely needed by American workers. H-1B visas holders are now displacing American worker by working for lower wages and fewer benefits. The visa holders are being abused by the system as well. Immigrant workers are held virtual prisoners by companies who treat them as little more than indentured servants.

It also causes a nation to not run as a democracy. The United States is already a plutocracy nation because most of the wealth is going to the top of the pyramid and they have the most power to control policies around them. While individuals who are at the bottom are minimum wage workers who don’t have many opportunities to excel in their careers and generate more income. Having a gap between the way wealth is distributed causes health problem for those at the bottom because they have higher levels of stress. It also affects the economy because consumer spending depends on those who are at the bottom end of the spectrum.

Transportation meant more interactions of people and information, but often had devastating effects due to the human folly of wanting to decrease time. Women in the work force increased the production rate, as well as a boom in the economy, but were often treated in inhumane conditions and regarded lowly. Banks allowed vast opportunities for the wealthy investors, but also ended up disabling the poor working force, especially in the depression. As such, while there were evident benefits to the market revolution that heavily boosted the economy and development of the country, the drawbacks still outweighed the positives. Death and people taking advantages of others led to the market revolution being a dark time in American history.

Immigration gives more opportunities for terrorists, drug dealers, and other criminals to enter the country, but to many Americans the most concerning is increased competition for job opportunities. Since immigrants are willing to work for little to nothing the pay wages and job opportunities are decreasing for hard working Americans. Another potential disadvantage on immigration is the cost that it places on government agencies and taxpayers. Immigration creates greater potential costs for Americans especially to support these types of immigrants -- old, poor, uneducated, and those with large families because each of them will need more care, like education or health care, which leads to more taxes on Americans. It also costs taxpayers more money to pay for the Department of Homeland Security (the DHS administers U.S.

Cultural norms of the society have always contributed to the widening of the gender inequality gap. This is because of the belief that one gender is not strong enough to tackle some activities. This has led to limited revenues and inefficient performances due to lack of specific talents. The performance of both genders has also been a factor used to limit one to deliver. Failure to let the other gender show what they are capable of has had effects to the economy.