Summary of Main Ideas on inequality in Given Article Assessment Answer
Answer
| Reading Text 1 Summary of Main Ideas | |
| What is inequality? | Inequality is the difference between income, opportunity and wealth between different classes, generations and regions. |
| How can inequality be calculated? | Inequality can be calculated through the identification of living standards, assets, wealth distribution and opportunities obtained by different classes of people. For example, rich people are becoming rich through investment whereas the middle class is going down with increased debts. |
| Examples to demonstrate inequality with numbers/ data | The income of the top 10 full-time workers has been doubled whereas, for the bottom 10 full-time workers, it is just a quarter between 1978-2008. After the 2008 recession, an extraordinary concentration of rewards is present in the hands of only 1%. |
| Positive consequences of inequality with examples | There are no such positive consequences of inequality though with increased inequality and concentration of wealth among few, wealth tax and council tax can be put and people with lower incomes can abstain from tax. |
| Negative consequences of inequality with examples | The higher level of inequality contribute to financial instability, decreases chances of productive investment, reduces demand and increase debts of common people, especially those last 10 full-time workers. Most importantly, the rich are turning their income into assets and through investment, the assets are getting doubling which is creating greater inequality which is harmful to the society. |
| Total Word Count Must not exceed 200 words | 190 words |
| Reading Text 1 Critical Response | |
| Critical response This section should be written in full sentences, rather than note form or bullet points. Write between 150 and 200 words. | The in-depth discussion of the article regarding inequality is focused on wealth distribution though according to me, inequality is also related to gender and age and social inequality related to ethnicity and culture. However, in the modern capitalist society, other forms of inequality are somewhat directly or indirectly related to income inequality. I believe that due to the progress of the society towards a materialistic and capitalistic one, income inequality has risen which is contributing towards the growth of rich to riches and poor to poorer. This is certainly contributing towards a social inequality by pushing middle and lower middle class in more debt that ultimately leads to financial instability and demand reduction. Agreeing with Cheung and Lucas (2016), I believe that for reducing the inequality, there needs to reform at the social level, unlike the taxation policy mentioned in the article. The proposed taxation policy in the article for decreasing wealth distribution may lead to increased corruption levels as corporate houses will try to find ways of avoiding high taxes. |
| Total Word Count | 173 words |
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