On a Fifty third story sky
scrapper in Manhattan, there is a penthouse that offers beautiful unhindered
views of central park, the Hudson River, and the city skyline. Its price is
about $ 10 million.
A space agency is offering you to
become world’s fortunate few to fly in space just like an astronaut in space
mission . . . for just a few million dollars.
Unfortunately you can not view
Fort Washington Armory in upper Manhattan
from that $10 Million penthouse. It was opened as temporary shelter and it
houses about 1000 men who sleep in one big sized room. Despair, fear of Ads and
other life threatening diseases seems to be their fate.
Inequality and redistribution of
wealth and has remained of main concern for the scientists of Economics for
many decades. Economists are taking this issue as a threat to whole economic
system if not properly discussed. In depth studies and thorough research is
being in this field to analyze it impact on economy to overcome its
consequences.
A recent study released by a
think tank in United States suggest that the gap between Rich and Poor has been
steadily widening in last three decades, as rich are getting more richer and
the poor got a lot poorer.
Although this gap has remained in
play from very start, however it is painful that in last 7 years balance in
distribution of wealth has gone totally in the favor of rich. This gap is
particularly bad because it is representing a consistent decline in the income of
the poor. Studies reveal another unfortunate fact. That the distribution of
poverty by race is very unequal: in United States 12 percent of white families,
31 percent of Hispanic Origin families and 33 percent of black families are
below the poverty level. While in world comparison, Western countries which
account less than 30 percent of world’s population have 90 percent of world’s
wealth in their pockets. This inequality is not only threatening the economic
system but also present great risk for peace of the world. Riots and agitation is expected if current
situation prevails.
Although many attempts are being
made to repair the damages made by this inequality still a lot of work needs to
be done. These attempts are called Income Redistribution Schemes. For example
rich countries like United States
are investing in social sector reforms and uplifting of deprived parts of poor
countries. These countries are not only trying to help governments of such
countries to boost country’s economy, but these also invest directly into
welfare programs and charity services. However despite all these investments
and efforts, the gap between rich and poor is consistently widening. Developed
countries like United States, United Kingdom, Germany, China and France (G8) needs
to rethink where is the problem and put efforts in right direction. Otherwise
outrage would burn all things in world. Arab spring, Capture the Wall Street
and other movements are just indication of turmoil under the surface. Anger can
burn all theories.