The growth of extreme poverty in developing countries coincides with an explosion of wealth in developed countries. According to Shapiro (2011), equality arose with socialism and liberalism, which originated from the mid –twenty century, and was a part of the war shaped by the UN in the adoption of the Universal Declaration of Human Rights. The UN has done a lot in bringing all countries to a common platform. Global inequality evokes a transformation from market capitalism to global capitalism.
The world is extremely unequal. About one percent of the world population own over 40% of the world’s wealth, and 85 % of total global assets are also owned by 10% of the total population (Firebaugh, 2006). Thus, it means that the total assets owned by over 3 billion people in the world are owned by the richest 150 individuals in the world. Disparity in the level of economic development is the source of global inequality. Differences between developing countries and developed countries are enormous: the average per capita income is 8 times that of a developing country. Firebaugh (2006) further notes that per capita Gross Domestic Product (GDP) is barely $2500 per a person in the whole of sub-Saharan Africa. Therefore, the income of an average American is greater than that of 20 average Africans combined.
To illustrate further, the economy of the state of California is bigger than that of the whole of Africa. Several reasons explain the international inequality: income distribution among other reasons is poor internationally. Millions of people in developing countries live without access to basic needs: water, electricity, healthcare and education; this hinders their contribution to productive activities in their countries. Another reason of global inequality is political instability that emanates from many developing countries. Economic polarization also leads to social strife and international political problems, and hence expands the gap between the rich and the poor.
The good news about global inequality is that it is decreasing with time. Today the world is less unequal than it was 30 years ago. The Gini co-efficient used to measure inequality has gone down lately. The population of the world living in abject poverty is going down with time too.
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