Global Income Inequality

What is global income inequality and why is it on a rise?  

        Economic inequality is the difference found in various measures of economic well-being among countries, among groups in a population or among individuals.    

  Income inequality is measured mostly on the country level, Which has a clear rationale: People might be interested in knowing income position of their relatives in comparison to their compatriots: any other fellow national of the country. Redistribution of money from rich to poor is done by Social policies which are the strongest at the country level.

There are alternative thoughts to look at. For example, People living in same village or city might be interested in knowing income position of people living in the neighbor village or city whereas inter country comparison is interesting also. For example, people living in Brazil could be interested in income position of People living in Argentina. If we look more into it, another useful reference group could be of all the People living in Central Asia,European Union or all the people living in the Universe. 

If we look at the 145 countries that have more than 95 % residents of the world,there was a slight decline in income inequality and from there on the decline has accelerated, even the 2007-09 global crisis didn't change this trend and the decline has continued. 

The fall of global income inequality is noticeable and should be welcomed. It shows that Income gap between people from developing and advanced countries is decreasing. Studying,working hard,innovating and venturing into a business are the kind of Individual efforts that need to be appreciated and rewarded. Bulk of inequality is calculated by the social-economic status of parents and the place of birth, which limits poorer people with available opportunities. An intelligent and hard working person from a poorer or remote area in Africa is likely to live much poorer life than an average person living in Europe who doesn't even work that hard. Cross-country gaps in opportunities are decreasing, indicating gradual decrease in global income inequality but a lot has still to be done and its a long way ahead.   

In recent decades,Income inequality has increased in nearly all regions of the world but at very different speeds. The fact that countries almost share similar development levels, highlights great importance of national institutions and policies in shaping income inequality. 

 As per reports in year 2000 the richest 1 percent of the world adults, individuals worth about USD 514K, owned at least 40 percent of the household wealth of the world, a total which is greater than the poorest 95 percent of the world, those adults worth under USD 150K .()  Even by 2017, The richest People who were less than 1% of the over all population had a wealth share of about 46% and the richest 8 % of the World had a wealth share of about 85%. Things aren't really changing, Poor people are getting poorer and rich people are getting richer with time. 

 Unequal Distribution of income doesn't just impact the wealth of nations but Inequality also helps determine the health of nations  

Everything from obesity, infant mortality and life expectancy is linked with the level of economic inequality within any given population. Higher economic inequality leads to terrible health outcomes. Greater inequality doesn't just mean poverty. Poverty and Poor health are closely associated. High levels of inequality affect even the rich people because inequality causes reduction of social cohesion, an attitude that causes insecurity, stress and fear among people. More on health inequalities in later posts. 

Cryptocurrency could be the answer to such income inequalities, giving out similar opportunities to people living all over the globe based only on their interests, hard work and dedication,  irrespective of their economic or social status or the area they live in. 

What is Cryptocurrency ? 

  

Cryptocurrency is digital currency created and managed thorough cryptography: advanced encryption techniques. Cryptocurrency came into reality from being an academic concept to virtual reality with the introduction of Bitcoin back in 2009. Bitcoin captured significant media and investors attention in 2013 and attracted huge following within no time which has been fruitful for all crypto-currencies . 

Employment has been considered a form of slavery where a small sum of People control all the other people leaving very less opportunities for them, Slavery is a system in which principles of property law are applied to people , allowing individuals to buy,sell and own other individuals as form of property. Slave is unable to withdraw from such an agreement and works without remuneration.
Sure, People can quit, but they need another job to do so, We all need money to survive and good work is often hard to find. People work for food, health care and housing giving all their life serving someone else and what do we get in return? Not a lot.
World is going after cryptography and its doing wonders for them, allowing them to have all control over their work and enjoy maximum outcome out of what they do. We just need to understand the trans formative nature of such technologies. We have the ability to create wonders, not just companies that work for their share holders but real world wonders. more about this in later posts

Support, positive criticism and Suggestions will be appreciated . Peace & Love