Please respond to this below. agree or disagree with this post.
Income inequality in the United States is still a relevant topic today that hasn’t changed too much over the past couple of decades. However, it is rising very fast in other developed countries. As the inequality is rising he Kuznets curve was is increasing. The Kuznets Curve is from a man named Simon Kuznets. He then predicted that as one nation becomes wealthier that their inequality will increase but then will decrease. The main reason this is predicted is that workers transitioned from low paying too high paying jobs but once the lower classes caught up with the higher classes. The OECD reports that income inequality is increasing. The Gini coefficients by county show that the greater the costs indicate the larger inequality.
Karl Marx believed that to be capitalist it meant that everything is the most revolutionary and an advancement for technology and the economy would grow. However, Marx still knew they were problems with capitalism. By definition, capitalism is an economic system that is centered on the secluded possession of capital. In a capitalist economy, the production is owned by individuals. The market deeply depends on the production and the pricing of goods, also known as supply and demand. Some pros include that it indulges economic growth and provides people with good options to raise their income. Some cons are that the economy is fierce and competitive. Capitalism makes the economy based on the values of money. Businesses are able to buy out small companies that can lead to those buyers monopolizing the market.
Many Americans have been affected by globalism as they are waiting for the economy to return to how it used to be in the past. However, that will probably not happen. There are is a never-ending list of open jobs while businesses and wealth are not available. In effect to this, the unemployment rate is rising but also the government debt to increase as well. Globalism is slowly ruining the economy. However, many if not the majority of Americans aren’t realizing any of these problems happening today. The United States is surprised that there aren’t any new jobs available it suggests that Globalism is the main factor of the country’s job crisis.