Suggested Solutions to Solve Global Inequality

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Inequality is a significant problem in the world. Over the years, economists have studied the impact of capitalism on socio-economic growth. Their results have been astonishing. Income inequality has almost doubled in the last 25 years, with the largest increase experienced between 2007 and 2010. According to experts, the inequality gap is likely to grow even further unless drastic measures solve today’s socio-economic problems. In this paper, the author discusses some of the solutions experts have presented to help deal with inequality.
When Karl Marx developed his theory of Marxism, the world was in the midst of its first industrial revolution. The wealthy were investing their capital in large factories that were emerging during this period. The emergence of factories attracted workers who were seeking jobs. However, as Marx would later observe, this employer-employee system in the factory setting created a massive income gap. While the wealthy enjoyed massive profits, the workers had to get by with significantly low wages.
The economic system introduced by the first industrial revolution created the modern class war. Realizing that their precarious state only served to enrich the factory owners, workers began striking and unionizing. Today, workers’ unions still exist in some industries. However, with the second industrial revolution, the capitalist system that existed during Marx’s time has changed. In the present day, factories have been replaced by corporations, and corporations are turning into platforms. This makes it even harder for the proletariat to demand their rights. As the employer continues to distance themself from the employee, the inequality gap continues to widen.
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