Equality Essay Example | Topics and Well Written Essays - 1250 words

Equality - Essay Example Moreover, at a larger dimension, wealth equality also addresses the inequalities between different countries around the globe. The predominance of wealth inequality affects different socioeconomic and cultural development among various societies globally. The paper will also look at the genesis of the quest for economic equality, the state of the whole matter and the effects of the same in the attainment of equitable economic growth. This is done in line with an in-depth analysis of the Virginia Declaration, the UN universal human rights and the Bill of rights among other related sources. Need for wealth equity The need to pursue economic equality among individuals and between different countries of the world arose upon the realization of the exploitative nature of humans by their fellow likes. This has been because of the ever-escalating gap between the bourgeoisies and lower class people in the society (Wilkinson and Pickett). In a bid to minimize this gap, there arose a quest for wealth harmonization between individuals and countries hence the origin of the appeal for equitable distribution of wealth for attaining a uniform economic growth across the globe. Much effort has been invested in this quest although always met with a lot of resistance from the high class property owners. In some instances, the appeal has minimally succeeded, for instance, in Russia and Switzerland. Global trends in wealth inequality The recent state of equality with regard to wealth distribution and ownership between different parties in the world has raised eyebrows as the gap between the poor and the rich continue to widen across the board. The rich still continue to earn more as the poor continue receiving diminishing wages in the world economic market. This is the state of the matter in most European countries with the exception of France, Japan and Spain with Israel, Turkey and United States mostly trapped within the vicious circle of an increasing gap between the poor and the rich. On a broader dimension, economic inequality has been majorly experienced in the less developed regions of the world such as the Indian subcontinent as well as in the sub-Saharan Africa. Factors promoting wealth inequality Taxation policies According to UniversityWorldNet, one of the most contributing factors to economic inequality and unequal wealth distribution around the globe is the trend and the nature of taxation in many countries that has not favored development in these regions. A progressive tax system has been adopted by most countries whereby the tax rates progressively increase as the tax base increases in amount i.e. as more money circulates in a country. A sharp economic growth often leads into an equal spread of resources within the entire population. Economists have reasoned that the tax trends in the world after the Second World War has been the major contributing factor for the increasing inequality gap between the rich and the poor countries around the globe as well as between the individual members of a state. Labor market systems Another factor that has hindered the