With growing economic inequalities and unequal access to resources, it has become increasingly commonplace for nations to struggle with disparate levels of prosperities and opportunities, particularly in regions like Asian and African countries. While this issue can be attributed to the confluence of social and economic reasons, I believe that it is governments and citizens collobaration should take steps to overcome this issue.
Large disparities in economies should be analyzed for several reasons. The first reason is the ineffective operation of financial institutions, which leads governments to make incorrect decisions and causes the checks and balances in the separation of powers to malfunction. As a result, developed countries progress ahead because they make the right decisions while developing countries lag behind. The second, perhaps more important reason, is that the population is not sufficiently covered by quality education, leading them to engage in low-productivity labor or migrate to other countries for work. This, in turn, results in poor countries relying solely on natural resources for their livelihood.
Addressing the issues of decreasing income inequality requires a dual approach involving governmental interventions and individual initiatives. On an organizational scale, governments should implement their economic functions in public administration not individually, but rather through gradual transfers to financial institutions, in coordination with them. Doing so can make a big difference in terms of making financial decisions effectively, where leading the economy forward. From the individual perspective, it is essential for people to take responsibility for getting high quality edication. This can be done by not only obtaining diplomas from prestigious universities or special online educational platforms such as edx and coursera but also training in vocational education. This course of action can help individuals increase the probability of getting well-paid jobs even abroad or freelancer portals, thereby adding high value to its economy.
In conclusion, despite the numerous reasons for widening economic inequality, I contend that governments and individuals can take measures to tackle this issue. Onnly through a collaborative approach from people and executive bodies can we ensure economic growth.