The problem of political social and economic inequality in the modern world is a puzzle. It arises because democracies are de jure but not de facto regimes of equality.
Consequently, it’s hard to understand how democracies can function if their competitive competitors promote income inequality. This is especially true in the Global North. However, there are a few reasons to lessen income inequality.
First, elites are a driving force behind the increasing concentration of income. They are also associated with antidemocratic coalitions and aspiring autocrats.
Second, the rise of populist movements has increased support for far-right forces across the globe. These parties often promote populist and radical alternatives to the political system.
Third, the growth of income inequality has exacerbated political and social instability. Elites and radical parties have the ability to capitalize on the increased inequality.
In addition, the United States has the lowest rates of upward mobility in the world. That means people at the bottom end of the socioeconomic ladder are unlikely to improve their situation.
The problem of political social and economic inequality in today’s world is a challenge for social scientists. Researchers have analyzed the patterns of inequality and examined how it affects policy-making and politics. As a result, they have revised the definitions of inequality and created new measures.
While most research focuses on Western nations, some have begun to explore its effects on developing countries. Most notably, researchers have studied the impact of globalization on inequality.