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Describe the pattern of income inequality (Essay Sample)
Describe the pattern of income inequality between countries and how it has changed since the Industrial Revolution. Discuss the importance of institutional structure and how specific institutions may affect economic performance.source..
Describe the pattern of income inequality between countries and how it has changed since the Industrial Revolution.
Income inequality refers to an economical unevenness that depicts a difference between individuals /nations in the distribution of their assets, wealth or income. Alternatively it can also be described as the extent to which wealth is distributed in an uneven fashion among individuals or nations. Ideally it's the gap between top and least earners in a particular country or among nations.
Income distribution in traditional societies was almost alike across all the societies however this greatly changed after the occurrence of the industrial revolution. In traditional societies were characterized with subsistence income but this changed after the industrial revolution as stable per capita income took over in most societies. During the industrial revolution period there were massive accelerated growth in both production and population. However in the first half of the 19th century production rates outpaced population growth rates as they were more dramatically accelerated.
Since the industrial revolution did not equally affect all regions this gave breed to 5 groups of countries based on income distribution. The first one involved the English speaking countries which were majorly characterized by sustained growth. The second group was comprised of Japan as an isolated country. North West Europe was another group that was also characterized with sustained growth but not to the level of English speaking countries. The rest of Europe and Latin America formed the fourth group while Asia and Africa were the last group
The income distribution between English speaking countries and Africa widen due to the fact the Europe was undergoing a major industrial and technological revolution while African economies were stagnant due to colonization that they were undergoing. In Europe and America the situation changed further after World War 2 as many smaller economies emerged to the economic heights of their former colonies.
Japan rose from the catastrophe of the war to a major economy and also emergence of the Asian tigers that included Taiwan, Malaysia etc. However the most of the African continent remained in po...
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