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Income Inequality In South America Essay

1427 Words6 Pages

Economics 102 Group Project (first draft)
Introduction
The proliferation of income inequality can be attributed to various entities and factors that include the government, firms/market power, and technology. Income inequality is also driven by lack of education and training, discrimination, individual ability, and unequal distribution of wealth. The government is primarily responsible for the well-being of the people for whom the government operates. This point is simply stated according to the Ancient Greek’s definition: “the purpose of a government is to improve the lives of its citizens” (CBSNEWS article 7/12/04). If a government cannot facilitate a proper redistribution of income to ensure the sustenance of the least fortunate of its population, that government is essentially ineffective. Firms that strongly influence markets and governments where they operate are also responsible …show more content…

People have varying mental, physical, and aesthetic talents that can aid or be a hindrance to their standard of living. An individual’s wealth is based on how many factors of production (FOP) they own. Therefore, it is given that the greater the FOP ownership, greater is the ability to amass riches. Unequal distribution of fortune also averts an inclusive growth pattern that Latin America is experiencing. Secondly, income inequality goes hand in hand with unequal access to good things such as education, health and political power—inequalities that violate basic principles of democracy. Third, inequality in Latin America involves widespread poverty: two out of five Latin Americans are poor, even though most of them live in “middle-income” countries. In some countries, taxes and government spending remain “significantly below what is needed to support rapid social and economic development.” (Need

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