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84-416: This project was started shortly before 2000. Since the project started producing reports, their reports have been cited in a wide variety of academic topics, such as general global social and economic transformation, economic inequality , macromarketing, gender and rural development, organizational change, capitalism , tourism, economic growth , urban sustainability, regionalism and policy and especially in

168-533: A Reducing Inequality Index which measured social spending, tax and workers' rights to show which countries were best at closing the gap between the rich and the poor. The 2022 World Inequality Report , a four-year research project organized by the economists Lucas Chancel , Thomas Piketty , Emmanuel Saez , and Gabriel Zucman , shows that "the world is marked by a very high level of income inequality and an extreme level of wealth inequality" and that these inequalities "seem to be about as great today as they were at

252-446: A "substantial head start". A 2017 report by the IPS said that three individuals, Jeff Bezos , Bill Gates and Warren Buffett , own as much wealth as the bottom half of the population, or 160 million people, and that the growing disparity between the wealthy and the poor has created a "moral crisis", noting that "we have not witnessed such extreme levels of concentrated wealth and power since

336-487: A course on sustainable development, a chapter in a book on transnational education , a chapter in a book on demographic changes and tourism, and a paper on political regimes and education. Some of the major reports from the study describe available indicators on the web to measure quality of life or progress of the world. Reports in 2011 showed that world population growth was slowing, and that inequality in infant mortality rates between developing and developed countries

420-640: A group of officials from major creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. 15 countries in Europe: three countries in the Americas: three countries in Asia: one country in Oceania: Comparative table of countries with a "very high" human development (0.800 or higher), according to UNDP ; "advanced" economies, according to

504-504: A measurable effect on the rising inequality in the United States . He attributes this trend to increased trade with poor countries and the fragmentation of the means of production , resulting in low skilled jobs becoming more tradeable. Anthropologist Jason Hickel contends that globalization and " structural adjustment " set off the " race to the bottom ", a significant driver of surging global inequality. Another driver Hickel mentions

588-584: A race that has experienced discrimination are born into a disadvantaged family from the beginning and therefore have less resources and opportunities at their disposal. The universal lack of education, technical and cognitive skills, and inheritable wealth within a particular race is often passed down between generations, compounding in effect to make escaping these racialized cycles of poverty increasingly difficult. Additionally, ethnic groups that experience significant disparities are often also minorities, at least in representation though often in number as well, in

672-615: A result of the change in tax regime. Additionally, steeper tax progressivity applied to social spending can result in a more equal distribution of income across the board. Tax credits such as the Earned Income Tax Credit in the US can also decrease income inequality. The difference between the Gini index for an income distribution before taxation and the Gini index after taxation is an indicator for

756-431: A single nation, or between and within sub-populations (such as within a low-income group, within a high-income group and between them, within an age group and between inter-generational groups, within a gender group and between them etc, either from one or from multiple nations). Income inequality metrics are used for measuring income inequality, the Gini coefficient being a widely used one. Another type of measurement

840-583: A very high (HDI) rating. The index, however, does not take into account several factors, such as the net wealth per capita or the relative quality of goods in a country. This situation tends to lower the ranking of some of the most advanced countries, such as the G7 members and others. According to the United Nations Statistics Division : There is no established convention for the designation of "developed" and "developing" countries or areas in

924-479: Is a near-universal belief that complete economic equality (Gini of zero) would be undesirable and unachieveable. In 1820, the ratio between the income of the top and bottom 20 percent of the world's population was three to one. By 1991, it was eighty-six to one. A 2011 study titled "Divided we Stand: Why Inequality Keeps Rising" by the Organisation for Economic Co-operation and Development (OECD) sought to explain

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1008-474: Is accompanied by systematically unequal access to education, career opportunities, and poverty relief. This region of the world, apart from urbanizing areas like Brazil and Costa Rica, continues to be understudied and often the racial disparity is denied by Latin Americans who consider themselves to be living in post-racial and post-colonial societies far removed from intense social and economic stratification despite

1092-423: Is also a globally recognized disparity in the wealth, income, and economic welfare of people of different races. In many nations, data exists to suggest that members of certain racial demographics experience lower wages, fewer opportunities for career and educational advancement, and intergenerational wealth gaps . Studies have uncovered the emergence of what is called "ethnic capital", by which people belonging to

1176-453: Is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders). Each of these can be measured between two or more nations, within

1260-444: Is associated with substantial levels of social exclusion, including high levels of income inequality, high relative and absolute poverty rates, poor and unequal educational outcomes, poor health outcomes, and high rates of crime and incarceration. At the same time, the available evidence provides little support for the view that U.S.-style labor market flexibility dramatically improves labor-market outcomes. Despite popular prejudices to

1344-418: Is at the center stage of economic policy debate across the globe, as government tax and spending policies have significant effects on income distribution. In advanced economies, taxes and transfers decrease income inequality by one-third, with most of this being achieved via public social spending (such as pensions and family benefits). While the "optimum" amount of economic inequality is widely debated, there

1428-523: Is considered medium; countries including Vietnam, Mexico, Poland, the United States, Argentina, Russia and Uruguay can be found in this category. A Gini index value lower than 30% is considered low; countries including Austria, Germany, Denmark, Norway, Slovenia, Sweden, and Ukraine can be found in this category. In the low-income inequality category (below 30%) is a wide representation of countries previously being part of Soviet Union or its satellites, like Slovakia, Czech Republic, Ukraine and Hungary. In 2012

1512-823: Is due to women not taking jobs due to marriage or pregnancy. A U.S. Census's report stated that in US once other factors are accounted for there is still a difference in earnings between women and men. A study done on three post-soviet countries Armenia , Georgia , and Azerbaijan reveals that gender is one of the driving forces of income inequality, and being female has a significant negative effect on income when other factors are held equal. The results show more than 50% gender pay gap in all three countries. These findings are because usually employers tend to avoid hiring women because of possible maternity leave. Other reason for this can be occupational segregation , which implies that women are usually accumulated in lower-paid positions and sectors, such as social services and education. There

1596-469: Is either stalling or erasing itself in the newest generation of blacks that seek education and improved transgenerational wealth. The economic status of one's parents continues to define and predict the financial futures of African and minority ethnic groups. Asian regions and countries such as China, the Middle East, and Central Asia have been vastly understudied in terms of racial disparity, but even here

1680-464: Is hard to define. The first industrialized country was the United Kingdom , followed by Belgium . Later it spread further to Germany , United States , France and other Western European countries. According to some economists such as Jeffrey Sachs , however, the current divide between the developed and developing world is largely a phenomenon of the 20th century. Mathis Wackernagel calls

1764-644: Is imperfect; information unevenly distributed; opportunities to acquire education and skills unequal; market failure results. Many such imperfect conditions exist in virtually every market. According to Joseph Stiglitz this means that there is an enormous potential role for government to correct such market failures. In the United States, real wages are flat over the past 40 years for occupations across income and education levels, e.g., auto mechanics, cashiers, doctors, and software engineers. However, stock ownership favors higher income and education levels, thereby resulting in disparate investment income. Another cause

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1848-473: Is measured by Gini coefficient (expressed in percent %) that is a number between 0 and 1. Here 0 expresses perfect equality, meaning that everyone has the same income, whereas 1 represents perfect inequality, meaning that one person has all the income and others have none. A Gini index value above 50% is considered high; countries including Brazil, Colombia, South Africa, Botswana, and Honduras can be found in this category. A Gini index value of 30% or above

1932-499: Is measured by high rates of invention, there is a negative correlation between it and inequality. Countries with high invention rates – "as measured by patent applications filed under the Patent Cooperation Treaty" – exhibit lower inequality than those with less. In one country, the United States, "salaries of engineers and software developers rarely reach" above $ 390,000/year (the lower limit for

2016-417: Is similarly limited by factors like a lack of public transportation, child care, and communication and language barriers which result from the spatial and economic isolation of minority communities from redlining. Educational, income, and wealth gaps that result from this isolation mean that minority groups' limited access to the job market may force them to remain in fields that have a higher risk of exposure to

2100-745: Is that a lack of education leads directly to lower incomes, and thus lower aggregate saving and investment. Conversely, quality education raises incomes and promotes growth because it helps to unleash the productive potential of the poor. Access to education was in turn influenced by land inequalities. In the less industrialized parts of 19th century Europe, for example, landowners still held more political power than industrialists. These landowners did not benefit from educating their workers as much as industrialists did, since "educated workers have more incentives to migrate to urban, industrial areas than their less educated counterparts." Consequently, lower incentives to promote education in regions where land inequality

2184-504: Is the Inequality-adjusted Human Development Index , which is a statistic composite index that takes inequality into account. Important concepts of equality include equity , equality of outcome , and equality of opportunity . Historically , there has been a long-run trend towards greater economic inequality over time. The exceptions to this during the modern era are the declines in economic inequality during

2268-482: Is the debt system which advanced the need for structural adjustment in the first place. In many countries, there is a gender pay gap in favor of males in the labor market . Several factors other than discrimination contribute to this gap. On average, women are more likely than men to consider factors other than pay when looking for work and may be less willing to travel or relocate. Thomas Sowell , in his book Knowledge and Decisions , claims that this difference

2352-642: Is the income per capita; countries with the high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialisation ; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. More recently, another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent. This criterion would define developed countries as those with

2436-406: Is the rate at which income is taxed coupled with the progressivity of the tax system. A progressive tax is a tax by which the tax rate increases as the taxable base amount increases. In a progressive tax system, the level of the top tax rate will often have a direct impact on the level of inequality within a society, either increasing it or decreasing it, provided that income does not change as

2520-457: The COVID-19 pandemic has increased economic inequality substantially; the wealthiest people across the globe were impacted the least by the pandemic and their fortunes recovered quickest, with billionaires seeing their wealth increase by $ 3.9 trillion, while at the same time the number of people living on less than $ 5.50 a day likely increased by 500 million. According to economist Joseph Stiglitz ,

2604-559: The Harvard Business School and Dan Ariely of the Department of Psychology at Duke University found this to be true in their research conducted in 2011. The actual wealth going to the top quintile in 2011 was around 84%, whereas the average amount of wealth that the general public estimated to go to the top quintile was around 58%. According to a 2020 study, global earnings inequality has decreased substantially since 1970. During

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2688-568: The United Nations system. And it notes that: The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process. Nevertheless, the UN Trade and Development considers that this categorization can continue to be applied: The developed economies broadly comprise Northern America and Europe, Israel, Japan,

2772-511: The World Bank ; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. In 2023 , 40 countries fit all four criteria, while an additional 19 countries fit three out of four. Developed countries have generally more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector . They are contrasted with developing countries , which are in

2856-468: The gross domestic product (GDP), gross national product (GNP), the per capita income , level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and

2940-453: The world population over the period 1990–2015. In 2015, the OECD reported in 2015 that income inequality is higher than it has ever been within OECD member nations and is at increased levels in many emerging economies. According to a June 2015 report by the International Monetary Fund (IMF): Widening income inequality is the defining challenge of our time. In advanced economies, the gap between

3024-471: The 2000s and 2010s, the share of earnings by the world's poorest half doubled. Two researchers claim that global income inequality is decreasing due to strong economic growth in developing countries. According to a January 2020 report by the United Nations Department of Economic and Social Affairs , economic inequality between states had declined, but intrastate inequality has increased for 70% of

3108-523: The Gini index for income inequality for whole European Union was only 30.6%. Income distribution can differ from wealth distribution within each country. The wealth inequality is also measured in Gini index. There the higher Gini index signify greater inequality within the wealth distribution in country, 0 means total wealth equality and 1 represents situation, where everyone has no wealth, except an individual that has everything.  For instance, countries like Denmark, Norway and Netherlands, all belonging to

3192-483: The HDI accounts for more than income or productivity. Unlike GDP per capita or per capita income, the HDI takes into account how income is turned "into education and health opportunities and therefore into higher levels of human development." Since 1990, Norway (2001–2006, 2009–2019), Japan (1990–1991 and 1993), Canada (1992 and 1994–2000) and Iceland (2007–2008) have had the highest HDI score. The following countries in

3276-520: The IMF's list of 38 Advanced Economies, noting that the IMF's Advanced Economies list "would presumably also cover the following nine smaller countries of Andorra, Bermuda, Faroe Islands, Guernsey, Holy See, Jersey, Liechtenstein, Monaco, and San Marino[...]". San Marino (2012) and Andorra (2021) were later included in the IMF's list. There are 22 permanent members in the Paris Club ( French : Club de Paris ),

3360-640: The OECD countries, has been driven mostly by increasing inequality in wages and salaries. Economist Thomas Piketty argues that widening economic disparity is an inevitable phenomenon of free market capitalism when the rate of return of capital (r) is greater than the rate of growth of the economy (g). According to an IMF report in 2016, after reviewing four decades of neoliberalism, it had warned that certain neoliberal policies including privatization, public spending cuts, and deregulation, have resulted in "increased inequality" and are stunting economic growth globally. In modern market economies , if competition

3444-591: The Pacific: According to the World Bank , the following 85 sovereign states and territories across are classified as "high income" economies , having a nominal GDP per capita in excess of $ 14,005 as of 2024: Unsovereign Territories are denoted with an asterisk (*) . There are 29 OECD member countries and the European Union —in the Development Assistance Committee (DAC), a group of

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3528-474: The Republic of Korea, Australia, and New Zealand. Terms linked to the concept developed country include "advanced country", "industrialized country", "more developed country" (MDC), "more economically developed country" (MEDC), " Global North country", " first world country", and "post-industrial country". The term industrialized country may be somewhat ambiguous, as industrialisation is an ongoing process that

3612-429: The US national wealth, while in 2019 it is just over 1.5 percent. Mexican-Americans, while suffering less debilitating socioeconomic factors than black Americans, experience deficiencies in the same areas when compared to whites and have not assimilated financially to the level of stability experienced by white Americans as a whole. These experiences are the effects of the measured disparity due to race in countries like

3696-613: The US, the UK, France, Spain, Australia, etc. In the countries of the Caribbean, Central America, and South America, many ethnicities continue to deal with the effects of European colonization, and in general nonwhites tend to be noticeably poorer than whites in this region. In many countries with significant populations of indigenous races and those of Afro-descent (such as Mexico, Colombia, Chile, etc.) income levels can be roughly half as high as those experiences by white demographics, and this inequity

3780-496: The US, where studies show that in comparison to whites, blacks suffer from drastically lower levels of upward mobility , higher levels of downward mobility, and poverty that is more easily transmitted to offspring as a result of the disadvantage stemming from the era of slavery and post-slavery racism that has been passed through racial generations to the present. These are lasting financial inequalities that apply in varying magnitudes to most non-white populations in nations such as

3864-464: The United States for example, African American populations are more likely to drop out of high school and college, are typically employed for fewer hours at lower wages, have lower than average intergenerational wealth, and are more likely to use welfare as young adults than their white counterparts. The racial wealth gap in the US has been maintained throughout history. In 1863, two years prior to emancipation from slavery, Black people owned 0.5 percent of

3948-496: The World Institute for Development Economics Research at United Nations University reported that the richest 1% of adults alone owned 40% of global assets in the year 2000. The three richest people in the world possess more financial assets than the lowest 48 nations combined. The combined wealth of the "10 million dollar millionaires" grew to nearly $ 41 trillion in 2008. Oxfam 's 2021 report on global inequality said that

4032-788: The addition of 7 microstates and dependencies modified by the CIA which were omitted from the IMF version: 29 countries and dependencies in Europe classified by the IMF, 6 others given by the CIA: Plus seven countries and territories in Asia : three countries and territories in the Americas classified by the IMF, one territory given by the CIA ;: two countries in Oceania : The CIA has modified an older version of

4116-409: The area of quality of life . In addition to producing social change reports, staff from the project have written on applied sociology throughout the world, conducted research about China , and reviewed books on various topics such as applied statistics for public policy , democracy and governance and history. Reports from the project have been cited by a number of texts and studies, such as

4200-435: The basic utility of the wealth or income is the expenditure. People experience the inequality directly in consumption, rather than income or wealth. There are various reasons for economic inequality within societies, including both global market functions (such as trade, development, and regulation) as well as social factors (including gender, race, and education). Recent growth in overall income inequality, at least within

4284-457: The binary labeling of countries as "neither descriptive nor explanatory. It is merely a thoughtless and destructive endorsement of GDP fetish. In reality, there are not two types of countries, but over 200 countries, all faced with the same laws of nature, yet each with unique features." A 2021 analysis proposes the term emerged to describe markets, economies, or countries that have graduated from emerging market status, but have not yet reached

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4368-690: The causes for this rising inequality by investigating economic inequality in OECD countries; it concluded that the following factors played a role: The study made the following conclusions about the level of economic inequality: A 2011 OECD study investigated economic inequality in Argentina , Brazil , China , India , Indonesia , Russia , and South Africa . It concluded that key sources of inequality in these countries include "a large, persistent informal sector , widespread regional divides (e.g., urban-rural ), gaps in access to education, and barriers to employment and career progression for women." A study by

4452-408: The contrary, the U.S. economy consistently affords a lower level of economic mobility than all the continental European countries for which data is available." More recently, the International Monetary Fund has published studies which found that the decline of unionization in many advanced economies and the establishment of neoliberal economics have fueled rising income inequality. Contrary to

4536-466: The demand for unskilled labor while increasing the demand for skilled labor. Trade liberalization may shift economic inequality from a global to a domestic scale. When rich countries trade with poor countries, the low-skilled workers in the rich countries may see reduced wages as a result of the competition, while low-skilled workers in the poor countries may see increased wages. Trade economist Paul Krugman estimates that trade liberalisation has had

4620-497: The effects of Western colonization provide similar results to those found in other parts of the globe. Additionally, cultural and historical practices such as the caste system in India leave their marks as well. While the disparity is greatly improving in the case of India, there still exists social stratification between peoples of lighter and darker skin tones that cumulatively result in income and wealth inequality, manifesting in many of

4704-526: The effects of such taxation. An important factor in the creation of inequality is variation in individuals' access to education. Education, especially in an area where there is a high demand for workers, creates high wages for those with this education. However, increases in education first increase and then decrease growth as well as income inequality. As a result, those who are unable to afford an education, or choose not to pursue optional education, generally receive much lower wages. The justification for this

4788-486: The evidence to the contrary. African countries, too, continue to deal with the effects of the Trans-Atlantic Slave Trade , which set back economic development as a whole for blacks of African citizenship more than any other region. The degree to which colonizers stratified their holdings on the continent on the basis of race has had a direct correlation in the magnitude of disparity experienced by nonwhites in

4872-412: The expense of increasing inequality within countries. The United Nations Development Programme in 2014 asserted that greater investments in social security, jobs, and laws that protect vulnerable populations are necessary to prevent widening income inequality. There is a significant difference in the measured wealth distribution and the public's understanding of wealth distribution. Michael Norton of

4956-560: The first gilded age a century ago." In 2016, the world's billionaires increased their combined global wealth to a record $ 6 trillion. In 2017, they increased their collective wealth to 8.9 trillion. In 2018, U.S. income inequality reached the highest level ever recorded by the Census Bureau . The existing data and estimates suggest a large increase in international (and more generally inter-macroregional) components between 1820 and 1960. It might have slightly decreased since that time at

5040-432: The last category (below 30%, low-income inequality) also have very high Gini index in wealth distribution, ranging from 70% up to 90%. In economics , the consumption distribution or consumption inequality is an alternative to the income distribution or wealth distribution for judging economic inequality, comparing levels of consumption rather than income or wealth . This is an important measure of inequality as

5124-455: The level equivalent to developed countries. Multinational corporations from these emerging markets present unique patterns of overseas expansion and knowledge acquisition from foreign countries. The UN HDI is a statistical measure that gauges an economy's level of human development. While there is a strong correlation between having a high HDI score and being a prosperous economy, the UN points out that

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5208-834: The nations that eventually rose from their colonial status. Former French colonies, for example, see much higher rates of income inequality between whites and nonwhites as a result of the rigid hierarchy imposed by the French who lived in Africa at the time. Another example is found in South Africa, which, still reeling from the socioeconomic impacts of Apartheid , experiences some of the highest racial income and wealth inequality in all of Africa. In these and other countries like Nigeria, Zimbabwe, and Sierra Leone, movements of civil reform have initially led to improved access to financial advancement opportunities, but data shows that for nonwhites this progress

5292-437: The nations where they experience the harshest disadvantage. As a result, they are often segregated either by government policy or social stratification, leading to ethnic communities that experience widespread gaps in wealth and aid. Redlining intentionally excluded black Americans from accumulating intergenerational wealth. The effects of this exclusion on black Americans' health continue to play out daily, generations later, in

5376-619: The need for labor across competing suppliers. Market concentration drives down labor's share of the GDP, increasing the wealth of capital and thereby exacerbating inequality. Economists have linked automation to increases in economic inequality, as automation raises the returns to wealth and contributes to stagnating wages at the lower end of the wage distribution. Several economists have suggested that automation has increased income inequality by causing low skill jobs to be replaced with machines operated by technologically skilled workers, thereby reducing

5460-403: The pandemic's "most significant outcome" will be rising economic inequality in the United States and between the developed and developing world. The 2024 Oxfam report found a significant increase in inequality as roughly five billion people have become poorer while at the same time the fortunes of the five richest individuals have doubled. The report warns that current trends are paving the way for

5544-452: The peak of western imperialism in the early 20th century." According to the report, the bottom half of the population owns 2% of global wealth, while the top 10% owns 76% of it. The top 1% owns 38%. The wealth is calculated by various factors, for instance: liabilities , debts , exchange rates and their expected development, real estate prices, human resources , natural resources and technical advancements, etc. Income inequality

5628-402: The platform as an opportunity to increase their income by diversifying their activities outside employment, which tends to restrict the volume of work remaining for the minority of platform workers. In addition, there is an important phenomenon of labour substitution as manual tasks traditionally performed by workers without a degree (or just a college degree) integrated into the labour market in

5712-476: The population in most has risen significantly in the last 30 years, particularly among advanced countries . Research has generally linked economic inequality to political and social instability, including revolution , democratic breakdown and civil conflict . Research suggests that greater inequality hinders economic growth and macroeconomic stability, and that land and human capital inequality reduce growth more than inequality of income. Inequality

5796-400: The present day. The global South is considered to be particularly victimized by this phenomenon, though the exact socioeconomic manifestations change across different regions. While the progression of civil rights movements and justice reform has improved access to education and other economic opportunities in politically advanced nations, racial income and wealth disparity still exists. In

5880-461: The process of industrialisation or are pre-industrial and almost entirely agrarian , some of which might fall into the category of Least Developed Countries . As of 2023 , advanced economies comprise 57.3% of global GDP based on nominal values and 41.1% of global GDP based on purchasing-power parity (PPP) according to the IMF . Economic criteria have tended to dominate discussions. One such criterion

5964-480: The proponents of neoliberalism, trickle-down economics have been proven to not be effective in resolving economic inequalities but have instead worsened it. The growth in importance of information technology has been credited with increasing income inequality. Technology has been called "the main driver of the recent increases in inequality" by Erik Brynjolfsson, of MIT . In arguing against this explanation, Jonathan Rothwell notes that if technological advancement

6048-685: The rich and poor is at its highest level in decades. Inequality trends have been more mixed in emerging markets and developing countries (EMDCs), with some countries experiencing declining inequality, but pervasive inequities in access to education, health care, and finance remain. In October 2017, the IMF warned that inequality within nations, in spite of global inequality falling in recent decades, has risen so sharply that it threatens economic growth and could result in further political polarization . The Fund's Fiscal Monitor report said that "progressive taxation and transfers are key components of efficient fiscal redistribution." In October 2018 Oxfam published

6132-580: The same communities. This is evident currently in the disproportionate effects that COVID-19 has had on the same communities which the HOLC redlined in the 1930s. Research published in September 2020 overlaid maps of the highly affected COVID-19 areas with the HOLC maps, showing that those areas marked "risky" to lenders because they contained minority residents were the same neighborhoods most affected by COVID-19. The Centers for Disease Control (CDC) looks at inequities in

6216-413: The same poverty traps seen elsewhere. Developed country This is an accepted version of this page A developed country , or advanced country , is a sovereign state that has a high quality of life , developed economy , and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are

6300-540: The social determinants of health like concentrated poverty and healthcare access that are interrelated and influence health outcomes with regard to COVID-19 as well as quality of life in general for minority groups. The CDC points to discrimination within health care, education, criminal justice, housing, and finance, direct results of systematically subversive tactics like redlining which led to chronic and toxic stress that shaped social and economic factors for minority groups, increasing their risk for COVID-19. Healthcare access

6384-445: The top 1% earners). Some researchers, such as Juliet B. Schor, highlight the role of for-profit online sharing economy platforms as an accelerator of income inequality and calls into question their supposed contribution in empowering outsiders of the labour market. Taking the example of TaskRabbit, a labour service platform, she shows that a large proportion of providers already have a stable full-time job and participate part-time in

6468-629: The traditional economy sectors are now performed by workers with a high level of education (in 2013, 70% of TaskRabbit's workforce held a bachelor's degree, 20% a master's degree and 5% a PhD). The development of platforms, which are increasingly capturing demand for these manual services at the expense of non-platform companies, may therefore benefit mainly skilled workers who are offered more earning opportunities that can be used as supplemental or transitional work during periods of unemployment. It has also been proposed that information technologies contribute to "winner take most" market concentration, reducing

6552-516: The two World Wars and amid the creation of modern welfare states after World War II. Whereas globalization has reduced the inequality between nations, it has increased the inequality within the population in most nations. Income inequality between nations peaked in the 1970s, when world income was distributed bimodally into "rich" and "poor" countries. Since then, income levels across countries have been converging, with most people now living in middle-income countries . However, inequality within

6636-506: The virus, without options to take time off. Finally, a direct result of redlining is the overcrowding of minority groups into neighborhoods that do not boast adequate housing to sustain burgeoning populations, leading to crowded conditions that make prevention strategies for COVID-19 nearly impossible to implement. As a general rule, races which have been historically and systematically colonized (typically indigenous ethnicities) continue to experience lower levels of financial stability in

6720-465: The world's first trillionaire within a decade and global poverty eradication being postponed for 229 years. According to PolitiFact , the top 400 richest Americans "have more wealth than half of all Americans combined." According to The New York Times on July 22, 2014, the "richest 1 percent in the United States now own more wealth than the bottom 90 percent". Inherited wealth may help explain why many Americans who have become rich may have had

6804-496: The world's major donor countries that discusses issues surrounding development aid and poverty reduction in developing countries . The following OECD member countries are DAC members: 25 countries in Europe: two countries in the Americas: two countries in Asia: two countries in Oceania: According to the International Monetary Fund , 41 countries and territories are officially listed as "advanced economies", with

6888-513: The year 2022 are considered to be of "very high human development": annual growth (2010-2022) According to the United Nations Department of Economic and Social Affairs ' World Economic Situation and Prospects report, the following 37 countries are classified as "developed economies" as of January 2024: 31 countries in Europe: two countries in Northern America: four countries in Asia and

6972-643: Was declining, mainly because infant mortality rates among developed countries had become very low, and so stopped declining. One of the main conclusions from the population trend reports is that from 1950 to 2010, the distribution of world population changed significantly. The largest change was that Africa and Latin America and the Caribbean increased from 17.3% to 25% of the world population while Northern America and Europe declined from 22.7% to 12.4%. Asia changed little, only increasing from 60% of world population to 63%. Economic inequality Economic inequality

7056-536: Was high led to lower levels of numeracy in these regions. John Schmitt and Ben Zipperer (2006) of the CEPR point to economic liberalism and the reduction of business regulation along with the decline of union membership as one of the causes of economic inequality. In an analysis of the effects of intensive Anglo-American liberal policies in comparison to continental European liberalism, where unions have remained strong, they concluded "The U.S. economic and social model

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