Reply to this discussion post Eglitis makes a number of arguments for why the West benefits from global income and wealth inequality, but two jump out as especially important: economic growth, and access to cheap goods and services. Eglitis contends that by supplying low-cost labor and resources from emerging nations, income and wealth inequality promotes economic growth in the West. Western businesses are able to increase their research and development spending, optimize earnings, and maintain their competitiveness in the global market by taking use of cheap labor and resources. This is an important argument since economic growth is sometimes regarded as a major marker of a nation's success, yet it is mostly driven by income and wealth inequality. It's also crucial to note that income and wealth disparities give Western customers access to less expensive goods and services that are made in developing nations. Many individuals in the West now live in higher standards of living thanks to this greater affordability, which enables them to make more money and lead better lives. This is especially important in the current globalized world, when Western consumers can easily find reasonably priced goods from throughout the globe. These arguments are not without rebuttals, though: Concerns about exploitation and human rights violations: According to critics, economic expansion spurred by wealth and income disparities frequently results in abuses of human rights in emerging nations. There may be unequal working conditions, low pay, and restricted rights for workers in various nations, raising moral questions about the viability and justice of the global economic system. Long-Term Economic Instability: Since income and wealth disparity amplify social and political conflicts inside and between nations, it can also result in long-term economic instability. Protests, strikes, and even hostilities can result from high levels of inequality, which can also feed societal unrest and animosity. As seen by past instances of civil unrest and revolutions, this volatility has the potential to impede long-term economic progress and prosperity for both the rich and the poor. Overall, while access to inexpensive goods and services and economic growth may be two benefits of income and wealth disparity for the West, these advantages come with unavoidable ethical, social, and economic trade-offs. In order to address these problems, we must have a more sophisticated grasp of the intricate dynamics underlying global inequality as well as a dedication to advancing equitable and sustainable development for all.

Reply to this discussion post Eglitis makes a number of arguments for why the West benefits from global income and wealth inequality, but two jump out as especially important: economic growth, and access to cheap goods and services. Eglitis contends that by supplying low-cost labor and resources from emerging nations, income and wealth inequality promotes economic growth in the West. Western businesses are able to increase their research and development spending, optimize earnings, and maintain their competitiveness in the global market by taking use of cheap labor and resources. This is an important argument since economic growth is sometimes regarded as a major marker of a nation's success, yet it is mostly driven by income and wealth inequality. It's also crucial to note that income and wealth disparities give Western customers access to less expensive goods and services that are made in developing nations. Many individuals in the West now live in higher standards of living thanks to this greater affordability, which enables them to make more money and lead better lives. This is especially important in the current globalized world, when Western consumers can easily find reasonably priced goods from throughout the globe. These arguments are not without rebuttals, though: Concerns about exploitation and human rights violations: According to critics, economic expansion spurred by wealth and income disparities frequently results in abuses of human rights in emerging nations. There may be unequal working conditions, low pay, and restricted rights for workers in various nations, raising moral questions about the viability and justice of the global economic system. Long-Term Economic Instability: Since income and wealth disparity amplify social and political conflicts inside and between nations, it can also result in long-term economic instability. Protests, strikes, and even hostilities can result from high levels of inequality, which can also feed societal unrest and animosity. As seen by past instances of civil unrest and revolutions, this volatility has the potential to impede long-term economic progress and prosperity for both the rich and the poor. Overall, while access to inexpensive goods and services and economic growth may be two benefits of income and wealth disparity for the West, these advantages come with unavoidable ethical, social, and economic trade-offs. In order to address these problems, we must have a more sophisticated grasp of the intricate dynamics underlying global inequality as well as a dedication to advancing equitable and sustainable development for all.

Social Psychology (10th Edition)

10th Edition

ISBN:9780134641287

Author:Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers

Publisher:Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers

Chapter1: Introducing Social Psychology

Section: Chapter Questions

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Eglitis makes a number of arguments for why the West benefits from global income and wealth inequality, but two jump out as especially important: economic growth, and access to cheap goods and services.

Eglitis contends that by supplying low-cost labor and resources from emerging nations, income and wealth inequality promotes economic growth in the West. Western businesses are able to increase their research and development spending, optimize earnings, and maintain their competitiveness in the global market by taking use of cheap labor and resources. This is an important argument since economic growth is sometimes regarded as a major marker of a nation's success, yet it is mostly driven by income and wealth inequality.

It's also crucial to note that income and wealth disparities give Western customers access to less expensive goods and services that are made in developing nations. Many individuals in the West now live in higher standards of living thanks to this greater affordability, which enables them to make more money and lead better lives. This is especially important in the current globalized world, when Western consumers can easily find reasonably priced goods from throughout the globe.

These arguments are not without rebuttals, though:

Concerns about exploitation and human rights violations: According to critics, economic expansion spurred by wealth and income disparities frequently results in abuses of human rights in emerging nations. There may be unequal working conditions, low pay, and restricted rights for workers in various nations, raising moral questions about the viability and justice of the global economic system.

Long-Term Economic Instability: Since income and wealth disparity amplify social and political conflicts inside and between nations, it can also result in long-term economic instability. Protests, strikes, and even hostilities can result from high levels of inequality, which can also feed societal unrest and animosity. As seen by past instances of civil unrest and revolutions, this volatility has the potential to impede long-term economic progress and prosperity for both the rich and the poor.

Overall, while access to inexpensive goods and services and economic growth may be two benefits of income and wealth disparity for the West, these advantages come with unavoidable ethical, social, and economic trade-offs. In order to address these problems, we must have a more sophisticated grasp of the intricate dynamics underlying global inequality as well as a dedication to advancing equitable and sustainable development for all.

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