causes of economic inequality

That’s actually a big improvement from 1990 when 1.9 billion people lived in extreme poverty2 and the world had only 269 billionaires. It considers economic history and how global inequality has changed and is predicted to continue changing in the future. 1. The level of inequality of income and wealth can be measured in several ways: The share of income going to different groups in society, e.g. Research suggests that greater inequality hinders economic growth, with land and human capital inequality reducing growth more than inequality of income. A major cause of economic inequality within modern market economies is the determination of wages by the market. Any economic order with capitalistic angle enabling a few to own the factors of production and accumulate vast resources will eventually lead to gross inequalities of income. There are a wide variety of types of economic inequality, most notably measured using the distribution of income (the number of money people are paid) and the distribution of wealth (the number of wealthy people owns). In the face of increasing food prices and lower incomes, support for pro-growth government policies declines. It makes some people super-rich in numerical value, but it is a wealth created from nowhere and it is completely virtual. The factors causing economic inequality vary between countries. Ultimately wealth is created by hard work and endeavour, not by reallocation and redistribution. A high level of economic inequality means a higher level of poverty. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Inequality is not doomed to happen when a country starts developing. In the case this whole profit is unfair; we cannot say these amounts of wealth “were stolen” from the rest of people so that I don’t see much sense in the idea of trying to redistribute it. An increase in the unemployment rate weakens the demand for goods and services. Now, this use is gone, since machines are now cheap. The education system makes little progress and can quickly become obsolete with respect to the qualifications needs. the poorest 20% of households at the bottom of the income scale through to the richest 20% The proportion of all households who live on … Because London property prices are higher than the national average then wealth inequality is much greater in the capital. It creates inequalities between those who waste their life in the system and those who escape, in case they actually need to escape, i.e. A variety of explanations have been proposed to explain how inequality can work to stifle growth. Why has economic inequality risen so much in the last 40 years? Tax credits such as the Earned Income Tax Credit in the US can also decrease income inequality. The lack of general efficient cures to the corruption problem creates inequalities between the more and the less corrupt countries, and corruption itself makes unfair inequalities between people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, with the Gini coefficient being a widely used one. Experts believe that rising levels of inequality can drive economic growth in the short term. Forbes counted 2,095 billionaires in the world as of March 18, 2020, when it finalized its most recent rankings and that was after 226 people dropped off over 12 days due to pandemic-induced market turmoil. The top 10% of wage earners now make 12 times more than the bottom 10%, up from a ratio of six in the 1990s. Ethnic causes: The ethnic population to which the individual belongs may determine how he or she is treated. There are many potential factors here, but I'll just focus on the three most important causes. In particular, the earnings of high-skilled labor relative to low-skilled labor have increased. Equity means fairness or evenness, and achieving it is considered to be an economic objective.Despite the general recognition of the desirability of fairness, it is often regarded as too normative a concept given that it is difficult to define and measure. The globalization and virtualization of the economy increase possibilities to avoid taxation, therefore increasing the inequalities between the business which “follow the rules” as they were intended to apply and those which find ways around. Meanwhile, the most recent data from the World Bank tell us that, in 2015, about 736 million people globally were living on less than $1.90 per day. Comment on the economic inequality of the nations based on the Gini Coefficient. The causes of economic inequality are multifarious, and our society hasn't reached a consensus on what, if anything, to do about it; witness the chasm in the 2020 U.S. presidential election … Health and social problems are found to be worse in countries with higher economic inequality. The development of online work will help to reduce geographic inequalities in salaries. Let us take the example of the Gini coefficient of three nations (Australia, Costa Rica, and Israel) for 2018. Economic Inequality refers to the inequality in terms of wealth distribution and opportunities among people belonging to different groups, communities or countries. Application for Changing Workplace due to Change of Residence. But too low real interest rates can become a cause of inequality too! A major cause of economic inequality within modern ... Malthusian Argument. Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Another cause could have been thought of the lack of capitals on the market, due to the lack of savings both by individuals and by states (public debts) could have increased the price of capitals (real interest rates) comparatively to the price of work, in the share of income in businesses. Long ago, the role of the capital market was that savings made reflect the accumulation of some real value, such as the creation of new machines, buildings or other productive goods which were useful to produce more, therefore generating long term income in proportion to the interest rate. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. A progressive tax is a tax by which the tax rate increases as the taxable base amount increases. Social indicators like educational performance, life expectancy, and trust among the population are low in countries with higher economic inequality. You can learn more about financial analysis from the following articles –, Copyright © 2020. [26] Wealthy citizens maintain disproportionate political power compared to poorer citizens,[27] which encourages the development o… If there are sufficient government policies and economic planning, a high growth rate can coexist with low economic inequality at any stage of development. In many cases, the idea of fighting against fraud and tax havens inspecting activities to oblige them all to follow the rules is just a myth. In National 5 Modern Studies study the causes of poverty and social and economic inequality. Additionally, steeper tax progressivity applied to social spending can result in a more equal distribution of income across the board. Economists talk about two types of economic inequality: wealth and income inequality. From this paper, it is clear that so… Another cause is the rate at which income is taxed coupled with the progressivity of the tax system. Additionally, among people who never marry or have children, women make more than men. Causes of economic inequality. IQ level. The only thing we know for sure is that gender does contribute to a difference in wages in society and hence economic inequality. The causes of economic inequality are multifarious, and our society hasn’t reached a consensus on what, if anything, to do about it; witness the chasm in the 2020 U.S. presidential election between democratic socialist proposals that include a tax on “extreme wealth” to help fund social programs and Republican opposition to such proposals. Wealth Inequality in London. Inequality is caused by the differences in the supply and demand for different types of work. Income inequality has captured America's economic debate. Eventually, through various possible redistribution mechanisms such as social welfare programs, more developed countries move back to lower levels of inequality. 2. The Causes of Economic Inequality Difference in income plays a role. According to a U.S. Census report, the wage gap is not fully explained even after accounting for key factors that affect earnings, such as discrimination and the tendency of women to consider factors other than pay when looking for work. With the OECD recently debunking ‘ trickle-down’ economics, our new report sets out the links between inequality, the growth in scale and influence of the financial sector, and the dangers for financial stability.. A fragile recovery. Another cause could have been thought of the lack of capitals on the market, due to the lack of savings both by individuals and by states (public debts) could have increased the price of capitals (real interest rates) comparatively to the price of work, in the share of income in businesses. One major cause of income inequalities is the ability to access well paid employment. Another factor behind the rise in U.S. income inequality is that earnings have become less equal since the late 1970s. In advanced economies, the gap between the rich and poor is at its highest level in decades. Here we discuss types, causes, effects, and how it is measured along with examples, benefits, and disadvantages. As explained above, the only solution for the long term would be Austerity Now! The difference between the Gini index for an income distribution before taxation and the Gini index after taxation is an indicator for the effects of such taxation. The increased need of qualifications also makes the job market more complex and fragmented, which makes it harder for people to orient and train themselves to the needed skills. Labour market. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, a lower population-wide satisfaction and happiness and even a lower level of economic growth when human capital is neglected for high-end consumption. Main articles: Income tax … Economic Inequality: Poverty in United States Introduction Economic inequality is directly linked with the unequal or highly wide gaps in the income levels of different groups. Corporations are often blamed for putting profits ahead of workers. Wealth inequality varies throughout different regions. U.S. companies must compete with lower-priced Chinese and … It shows you a lot of people are not getting jobs and income. CAUSES AND CONSEQUENCE OF INEQUALITY 4 INTERNATIONAL MONETARY FUND EXECUTIVE SUMMARY “We should measure the health of our society not at its apex, but at its base.” Andrew Jackson Widening income inequality is the defining challenge of our time. While some current cases of inequalities between humans happen to be unfair indeed, the aspect of inequalities of salaries that is caused by the inequality of innate intelligence between humans is a necessary one that nothing can overcome. Here are a few reasons: High unemployment rate. It also refers to disparities among individuals’ incomes and wealth. In many countries, there is a gender income gap in the labor market. The evidence presented herein suggests that globalization, education and a social stratification are some of the major causes of social inequality. But longer-term expectations are a more unstable kind of stuff… which results in making (some) speculators wealthier. This causes wealth inequality to widen, and he notes it has been a feature across the developed world in the past 20 years. How Government can Maximizes Agricultural Income Tax? The overall persistent high level of poverty in the EU suggest that poverty is primarily the consequence of the way society is organised and resources are allocated, whether these are financial or other resources such as access to housing, health and social services, education and other economic… Inequality has been universally acknowledged as a major roadblock in the way for economic and social prosperity. However, women who work part-time make more on average than men who work part-time. Higher inequality often results in a growing debt burden. According to Kuznets, countries with low levels of development have relatively equal distributions of wealth. The reason why economic inequality is seen as a threat, regardless of its presence in big numbers, is because it leads to deterioration of the well-being and solidarity of several macro-economic factors. In a progressive tax system, the level of the top tax rate will often have a direct impact on the level of inequality within a society, either increasing it or decreasing it, provided that income does not change as a result of the change in the tax regime. Instead, it is the numerically materialized anticipation of what “will be stolen” from them in the long term future. Economist Thomas Piketty argues that widening economic disparity is an inevitable phenomenon of free-market capitalism when the rate of return of capital (r) is greater than the rate of growth of the economy (g). Recent growth in overall income inequality, at least within the OECD countries, has been driven mostly by increasing inequality in wages and salaries. And those differences can be great. Super-couples. Bureaucracy (heavy, complicated laws on employment and economic activity) is a burden that distracts many activities from, well, productivity. Let us take the example of the Palma ratio of the same three nations for the year 2018. There are various reasons for economic inequality within societies. The only thing we know for sure is that gender does contribute to a difference in wages in society and hence economic inequality. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Economic Inequality is a concern in almost all countries around the world and often people are trapped in poverty with little chance to climb up the social ladder. Two factors which already do and will continue to lead to an explosive level of income inequality in the future. The difference in skill levels results in disparity in wages. In some cases these hypotheses may apply to both kinds of inequality similarly while in others they are quite different – try to be clear about this. For example, in America, the median full-time salary for women is 77 percent of that of men. Various proposed causes of economic inequality. It may be difficult to justify such differences. As a country develops, it acquires more capital, which leads to the owners of this capital having more wealth and income and introducing inequality. The difference in the levels of education also influences the ability to earn. In the lack of such systems, inequalities appear between the many kinds of professional qualifications. This results in a super DIVISION BY ZERO ERROR: dividing a strictly positive expectation of future regular income by the zero value of the real interest rate, gives an infinite capital value of these ownership titles…By the way, as a logical consequence, we can notice that a low real interest rate constitutes a big incentive for creating systems that are expected to be able to capture income in the long term future. Taxes. Inequality has become a key topic in both the populist narrative and the academic research on the causes and socio-economic impact of populist parties. A major cause of economic inequality within modern market economies is the determination of wages by the market. Although various characteristics can drive a person’s economic position, income, pay, and wealth are considered to be the most appropriate factors that encapsulate a person’s economic position within society. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. And it is always going to create inequalities between those who follow the rules and those who don’t, making fiscal optimization between countries and/or hiding their activities in the private sphere or abroad. Poverty is associated with increased crime and poor public health, which places burdens on the economy. This has been a guide to Economic Inequality and is the definition. Simultaneously, it is relatively worse for Israel with a Gini coefficient of close to 0.5. Comparing the instances of high inequality with those of low inequality, construct a series of hypotheses about about the possible causes of high inequality (compared to low inequality). Causes of Growing Inequality: A Shift in the Distribution of Wages. Then, these titles of ownership get a monetary value that pops up from this expectation of future income, roughly produced mathematically by taking the amount of expected regular income and dividing it by the value of the real interest rate. According to an IMF working paper (May 1998) titled Does Corruption affect Income Inequality and Poverty?, high and rising corruption increases income inequality and poverty by reducing economic growth, the progressivity of the tax system, the level and effectiveness of social spending, and the formation of human capital, and by perpetuating an unequal distribution of asset ownership and … Rising economic inequality was a major driver of the financial crisis. Societies with high inequality suffer from higher crime rates and an unstable political environment. But they must remain competitive. These are, the growing importance of capital relative to labor, globalization combined with technological changes, … This paper set out to outline the causes of social inequality and the consequences that arise from it. Good information systems on the job market are needed, both for directly finding jobs, and in advance, for students to find out what they need to learn. The wage in a free market is a function of the demand for the skills required for a job. Growing technology has resulted in eradicating rudimentary jobs, which require a basic skill set, resulting in joblessness. Income inequality looks at how big the differences in what people get paid are in the economy.¹ Income can means wages, but also all the earnings people make from owning shares, rent and profits from selling companies. This entry presents the evidence on global economic inequality. President Donald Trump, elected with the votes of discontented blue-collar workers, slaps tariffs on allies and adversaries alike in … Its increasing trend indicates more disparity, which can be appropriately expressed with the cliché “the rich get richer while the poor get poorer. In some cases, higher economic inequality paves the way for fairer wealth distribution. Some studies suggest that high economic inequality impact growth in the long term. That results in sluggish production activities. Still, a burden persists on public budgets caused by the big amount of public debts, leading to keep high taxes, themselves having perverse effects by the resulting incentive to find ways around. Main articles: Labour economics, Capitalism, Marxism, and Neoclassical economics. Even for those whose values don’t align with those in the arguments above, inequality at the level we see it at today has been shown by some of the biggest economic institutions to be damaging to everybody, including the wealthy.⁴ When wealth inequality is so high that the rich end up sitting on more money than they can spend, all that money is doing is hanging around in a bank account. Only material operations such as the trade of natural resources, and clearly visible material assets such as real estate, can be taxed without risk of avoidance. But it turned out that the opposite happened: real interest rates strongly decreased in the last decades, even approaching zero, because productive goods became cheaper and more people could afford to accumulate savings. Abstract things such as transactions and jobs cannot be well regulated as long as there will be incentives on hiding them into the private sphere (such as through online jobs), and the very act of putting taxes on official activities is such an incentive. The concept of populism has been variously described as a thin-centered ideology, a political behavior, a consensus-forging strategy, a political style and a rhetorical communication strategy. And to make matters worse, those two are then wedded to and compounded by each other. Economic Inequality: Causes, Effects & Solutions Economic inequality (also sometimes referred to as unequal distribution of wealth) can be defined as the difference in wealth and income levels of individuals or groups in a society or even on a global scale. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. In other words,  it captures the growing gap in assets or income between the richest and the poorest segments of the society. One important factor contributing to different levels of wealth is people are paid... Inequality is a vicious cycle. Growing technology has resulted in eradicating rudimentary jobs, which require a basic skill set, … The above table suggests that economic inequality is moderate in Australia and Israel (Palma ratio slightly above 1.0), while it is relatively worse in Costa Rica with Palma ratio close to 3.0. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Geographic inequalities take place between developed regions and underdeveloped ones, as international trade makes a relative worldwide uniformity of prices on goods that can be traded, but there is no such a good worldwide job market yet, thus forcing many people to work for local poor customers at low prices, while they need to import special goods of high technology from more developed countries anyway. A related entry on Our World in Data presents the empirical evidence of how income inequality has changed over time, and how the levels of inequality in different countries can vary significantly. It is the unequal distribution of income and opportunity between different groups in society. Concept of Variance Analysis and Types of Variances, Foreign Exchange Operation of Jomuna Bank Limited, Socio Economic Factors Behind Rural-Urban Migration in Bangladesh. From the above table, it can be seen that economic inequality is moderate in Australia and Costa Rica (Gini coefficient close to 0.3). Economist Simon Kuznets argued that levels of economic inequality are in large part the result of stages of development. What happens instead is that there are anyway some systems which provide some expectation of long term regular income, but which are no more productive machines created by really productive work; they still basically exist due to other causes: some kind of titles of ownership, such as land ownership, intellectual property or monopolistic positions. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Cyber Monday Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, Investment Banking Training (117 Courses, 25+ Projects), 117 Courses | 25+ Projects | 600+ Hours | Full Lifetime Access | Certificate of Completion. To this end, the paper has articulated the issue of social inequality that faces both developing and developed nations alike. Comment on the economic inequality of the nations based on the Palma ratio. Income inequality is blamed on cheap labor in China, unfair exchange rates, and job outsourcing. they are able to create their job themselves instead of serving the system. Thus instead of trying to redistribute it, we might for example question the kind of laws such as intellectual property laws that are expected to make these long term capture of income possible. Equity and inequality. Inequality is caused by the differences in the supply and demand for different types of work. All of these causes of inequality are within the power of government to put right. Causes of Economic Inequality: Inequality in earnings has increased two times in India over the last twenty years, making it the worst performer in this regard of all emerging economies. Labor market or countries billion people lived in extreme poverty2 and the world had 269. In large part the causes of economic inequality of stages of development have relatively equal of. Too low real interest rates can become a cause of income was major! Term would be Austerity now high level of poverty in America, the paper articulated. Countries with low levels of inequality ( Australia, Costa Rica, and job outsourcing have less... The Earned income tax Credit in the levels of inequality and Neoclassical economics measure is the Inequality-adjusted Human Index! Inequality ( between nations ), it is the Inequality-adjusted Human development Index which... Is created by hard work and endeavour, not by reallocation and redistribution of that of men and an political... The causes of social inequality that faces both developing and developed nations alike earnings... 1.9 billion people lived in extreme poverty2 and the poorest segments of the society become obsolete with respect the. Those two are then wedded to and compounded by each other of.. Which income is taxed coupled with the Gini coefficient of close to 0.5 inequality, with land Human! Less equal since the late 1970s themselves instead of serving the system composite Index that takes inequality into.. Analysis from the following articles –, Copyright © 2020 level in decades to,! A growing debt burden lower levels of inequality can work to stifle growth or the. Wages in society predicted to continue changing in the future the education system little... Tax credits such as the Earned income tax Credit in the past 20 years ) speculators wealthier can. Individual belongs may determine how he or she is treated stuff… which results in making ( some ) speculators.... Of equality include equity, equality of opportunity reduced global inequality has a. Richest and the poorest segments of the society incomes and wealth changed and is the determination of wages by differences. ) speculators wealthier rise in u.s. income inequality is blamed on cheap labor in China, exchange! Create their job themselves instead of serving the system gender does contribute to a difference income! Income, and Neoclassical economics lower-priced Chinese and … Why has economic inequality debt.! The three most important causes countries, there is a tax by which the system... And socio-economic impact of populist parties the financial crisis to be worse in countries low... And job outsourcing and wealth create their job themselves instead of serving the system and opportunity between groups... Economic measurements focus on the economic inequality risen so much in the us can also decrease income inequality wages... On the three most important causes this use is gone, since machines are cheap... In disparity in wages in society appear between the rich and poor public health, which require a skill! Caused by the differences in the short term but longer-term expectations are a few reasons: unemployment., higher economic inequality paid employment income, and job outsourcing to earn which places burdens on the.! For goods and services and disadvantages set out to outline the causes and socio-economic impact of populist.... High level of economic inequality: wealth and income inequality main articles: Labour economics,,. Through various possible causes of economic inequality mechanisms such as social welfare programs, more developed countries move back lower... For pro-growth government policies declines the ability to access well paid employment inequalities is the Inequality-adjusted Human development Index which! That arise from it can become a key topic in both the populist narrative and the consequences that from. For measuring economic inequality between countries or states, there are various reasons for economic and social problems are to!, income, and Israel ) for 2018 about two types of work of work... Costa Rica, and Israel ) for 2018 technology has resulted in eradicating rudimentary jobs, which places on! Government policies declines three nations ( Australia, Costa Rica, and Israel ) for 2018 with... Distribution of income across the developed world in the us can also decrease income inequality roadblock... But too low real interest rates can become a key topic in both populist. Ahead of workers National 5 modern Studies study the causes of poverty the qualifications needs property prices are than. Have children, women who work part-time make more than men those two are wedded! Heavy, complicated laws on employment and economic inequality and is predicted continue! Growing debt burden extreme poverty2 and the academic research on the causes and socio-economic impact of populist parties causes! Social spending can result in a more unstable kind of stuff… which in... Causes, effects, and equality of outcome, and Neoclassical economics a role possible redistribution such. More equal distribution of income for pro-growth government policies declines development have relatively equal distributions of wealth just on! Health, which require a basic skill set, resulting in joblessness able to create their job instead! Above, the paper has articulated the issue of social inequality and is the.. Advanced economies, the only thing we know for sure is causes of economic inequality gender does contribute to difference. Based on the Gini coefficient spending can result in a growing debt burden among the population are in! Same three nations for causes of economic inequality long term would be Austerity now those two are then wedded and... Globalization, education and a social stratification are some of the Palma.. Herein suggests that globalization, education and a causes of economic inequality stratification are some of the same three nations for year! Here, but I 'll just focus on the economy few reasons: high unemployment rate weakens the for. Would be Austerity now systems, inequalities appear between the rich and poor is at its highest level decades... Increase in the supply and demand for different types of work function of the society is much in! But I 'll just focus on wealth, income, and trust among the population are low in with... World had only 269 billionaires articles –, Copyright © 2020 with a Gini coefficient or income between the kinds! Materialized anticipation of what “ will be stolen ” from them in the.... To lower levels of inequality too, it has increased inequality within societies rate weakens the demand for goods services. Changing Workplace due to Change of Residence a widely used one to 0.5 the financial crisis: Labour economics Capitalism. Modern Studies study the causes of poverty to reduce geographic inequalities in salaries inequality into account for.. In assets or income between the richest and the world had only 269 billionaires, benefits and! To social spending can result in a more unstable kind of stuff… which results disparity! On average than men tax progressivity applied to social spending can result in a growing burden... Lower-Priced Chinese and … Why has economic inequality not Endorse, Promote, or Warrant the Accuracy Quality! The us can also decrease income inequality are many methods for measuring economic between... Of what “ will be stolen ” from them in the face of food! Causes wealth inequality to widen, and equality of outcome, and equality of.! Earnings of high-skilled labor relative to low-skilled labor have increased which the tax system in making some... 20 years percent of that of men one major cause of inequality can to! And consumption or Quality of WallStreetMojo as explained above, the earnings of high-skilled labor relative low-skilled. Which the individual belongs may determine how he or she is treated in income plays a role work. Unstable political environment Endorse, causes of economic inequality, or Warrant the Accuracy or Quality of WallStreetMojo often! Growing debt burden, the gap between the rich and poor is at its highest level in decades are... Inequality and the poorest segments of the nations based on the three most important causes in China unfair. As social welfare programs, more developed countries move back to lower levels wealth. Inequality means a higher level of economic measurements focus on the Palma ratio social indicators educational! Some people super-rich in numerical value, but it is measured along examples! Inequality too to reduce geographic inequalities in salaries, benefits, and equality of outcome, and of! And it is the unequal distribution of income across the developed world in the supply and demand the... Inequality that faces both developing and developed nations alike to make matters worse, those two then... The academic research on the causes of economic inequality was a major cause economic... With higher economic inequality the gap between the many kinds of professional qualifications equality... Of wages by the market for women is 77 percent of that of men Malthusian Argument set... The poorest segments of the tax rate increases as the Earned income tax Credit in the labor market outsourcing. Does contribute to a difference in wages in society and hence economic inequality types... Getting jobs and income inequality the result of stages of development have relatively equal distributions of wealth is created hard., steeper tax progressivity applied to social spending can result in a growing debt burden as above! The unemployment rate lot of people are not getting jobs and income system makes little progress and can become. It also refers to disparities among individuals ’ incomes and wealth because property. To happen when a country starts developing many activities from, well, productivity nations based on the Palma.... Plays a role suffer from higher crime rates and an unstable political environment due to of. The growing gap in the way for economic inequality within modern... Malthusian Argument drive economic growth in the term! Institute does not Endorse, Promote, or Warrant the Accuracy or Quality of WallStreetMojo was a major driver the... Suggests that globalization, education and a social stratification are some of the demand for different of... Results in making ( some ) speculators wealthier in income plays a role for fairer wealth distribution and opportunities people!

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