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Causes of Income Inequalities. - Coggle Diagram
Causes of Income Inequalities.
Global Influences:
Your countries ability to use exports, and their dependency on those exports impacts their wealth gap
Popualtion Growth leads to a larger disparity in wealth.
Countries with conflicts (both domestic and foreign) have a larger disparity in wealth
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Tax and Policy
Planning Laws
Government Subsidies are needed to help regulate the rich
A livable wage is extremely important when it comes to income equality. If the minimum wage is less than the livable wage, then people with entry level positions will struggle to rise out of poverty.
Market Regulations must be in place to ensure equity
If the governing body does not make active policy to help address income inequality, the issue will never be resolved.
National Economy
When countries fail to properly measure inflation rates for their currency, Income disparity grows
Labor Unions are essential in lessening income gaps. Without labor unions, the gap widens
Income taxes that are based in equality instead of equity have more noticeable gaps
Equality VS. Equity Video
Private trade and unchecked markets make the rich richer, and the poor poorer
Early Opportunity:
Education is one of the largest factors that can determine inequality
The higher the education level, the lower the chances of poverty
Financial Security and Mobility
A person who comes from a two parent household has a lower chance of inequality
Starting Privilege
Your gender matters. Men experience less income inequality than women.
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Your race and ethnicity also impact your income inequality. The following diagram shows income disparity in the US based off of race.
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Your family inheratance also impacts your income. Especially in the UK
Healthy people have less income inequality as well.
