Globalization frames industrial revolution and international trade. Those who are rich or poor in the United States of America should not all live equal lives. If rapid growth is accomplished at the expense of misdistribution of resources, then it will create social tensions or class warfare.
The first measurement for the income inequality in a country is to look at the percentages on households and group them into income categories, called distribution by income category.
The study used data from and for those receiving wage incomes from the large sample NSSO employment surveys conducted in those years.
The literature poses a variety of problems for society and individuals affected by various disparities. Income is defined as money that an individual or business receives in exchange for providing a good or service or through investing capital, while wealth is a measure of the value of all of the assets of worth owned by a person, community, company or country.
Income inequality is the gap between how much money is made by the rich and everyone else in the nation.
Like many working Americans, I never took the time to think about how income inequality affected us and how immense it has become. The purpose of the report is to evaluate the significance of these effects, discuss why this inequality is a critical issue and suggest possible solutions to reduce the negative impacts on society.
But wealth is the amount of stuff you own: your house, your car, savings, retirement accounts, etc.