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The Effect of Gap between Rich and Poor
In the streets, a person having ragged clothes. His ribs are plainly countable. Malnutrition is only word to describe his condition. He live in a street. Food is a luxury thing to him. His life doesn’t allow for the basic essentials of food, shelter, or clothing. This is picture of a homeless in the street, and there many of them in the world. On the other side, rich people buy a suit of furniture for eight million dollar. The gap between rich and poor is wide, and is getting even wider in many areas of the world. There few people think the issue between rich and poor is not normal and it’s can’t bring any negative effect; however, the gap between the rich and poor widened and the living standards of the laborers went from bad to worse and it can cause many adverse problems.
“In just 20 years, China has gone from having virtually no income gap to having one of the world's biggest,” said Lu Zhiqiang, deputy director of the government's Development Research Center. These days, the wealth gap is evident everywhere in China, Elderly people digging though downtown dustheap for plastic bottles to recycle. Rich people live in luxury villas in Shanghai’s banlieue. A June survey by the National Bureau of Statistics indicates that the richest 10% of Chinese control 45% of the country's wealth, while the poorest 10% control only 1.4%. As you can see the gap between rich and poor issue is real serious in current world.
If the gap between rich and poor is continue to increase, it can aggravate social conflict. "For those working in the bottom half of the pay scale, they're under an enormous amount of pressure," said Mark Zandi, chief economist at Economy.com. Back to 1992, there was a big riot in Los Angeles, and 53 people died during the riots. In addition to the immediate trigger of the Rodney King verdict, the inequities between rich and poor is one of factors reasons for the unrest. In 2005, there was a series of riots and violent clashes in France. One of the reasons for this civil unrest was local police discriminate and overuse violence in slums. The main reason for the slums in the society is the income gap between rich and poor. In short, the gap between rich and poor is one major factor that cause social unsteadiness
Research has shown a clear link between inequality of rich and poor and economic growth. The gap between rich and poor can obstruct economic development in a country. Several recent economists have investigated the relationship between inequality and economic growth using econometrics. In their study for Development Economics Research, They conclude that high levels of inequality negatively impacts growth, due to "incentive traps, erosion of social cohesion, social conflicts, and uncertain property rights". In conclusion, the inequality between rich and poor only have negative effect to the economy of country.
The gap between rich and poor may affect the overall health status of a society. A article in The Washington Post reports that the greater the income gap in a country, the higher the death rates for children and adults and the lower expectation of life—for the whole society, not just the poor people. Because poor people worry only about life basis, they don’t have time and money to worry about health care. “The gap between rich and poor is a key factor in determining the health status of a country—or a state,” reported by Harvard School of Public Health researchers. In short, income inequality appears to exact a societal toll that extends well beyond the economic zone. Its costs to the broad society range from society stabilization, undermining productivity, and educational status to eroding public health.
There some people proclaim that gap between rich and poor is good for the economy because it promotes economic growth. The incomes gap, they say, provide the incentives necessary to guide productive economic decisions by businesses and individuals. If we try to reduce inequality, we'll block economic development. However, these people are absolutely wrong. People will only have the motivation to work hard, and invest wisely if the economic system rewards them for good economic choices and punish for bad ones. The income gap between rich and poor only can stifles economic development.
Some of capitalists believe that the inequality provides incentives that push the society towards economically healthy and efficient behavior, and economic freedom is more important than economic equality. Another argument is that more inequality does not necessarily mean more poverty, and that although poverty is bad, inequality is not bad in itself. Thus, a policy can be considered good if it makes some wealthy people more wealthy without making anyone more poor, even though it increases the total amount of inequality.
There some people still think the inequality between rich and poor is not a primary issue; moreover, they believe the inequality also have positive effect. But, they are wrong, and the inequality already caused a series of negative effect like social unsteadiness, block economic growth, and increase death rate. The gap between rich and poor is growing fast around the world, and it will bring on much more and much serious consequences unless we can find our way out of this inequality trap.