International political economy final homework assignment

QUESTION TWO:
There are huge inequalities in income and wealth in the world between countries. Describe these disparities. In your opinion, what are the reasons for global inequality. (50 points)
It is true that the planet where we live is full of inequality. There is racial inequality, gender inequality, health, education, political inequality, and of course, economic inequality. Some people own a huge amount of money, and some people have a little money to survive. It sometimes seems a really big issue that people have to solve. In my opinion, there are various reasons for this.
First of all, I guess that I should give definition of inequality. So there are two main types of inequality: wealth inequality and income inequality. Wealth means that asset, accommodation, cars, real estates owned by a number of people in a society or in a country. Income inequality is the degree to which total income is given all population unequally.
I think that one of the main reasons is what kind of economy to. If I am not mistaken, in the 20th century, some countries switched to socialism or communism for a several reasons, of course including eliminating income and wealth inequality. And this political and economic changes reduced dramatically economic inequality in two largest countries which did not follow capitalism, Chine and Soviet Union, especially. But, none of these countries strived for the best as much as the world’s leading economies. It was true that people used to earn as much money as their friends or neighbors did. Unfortunately, this caused Soviet Union to collapse in the year 1991. So Chine shifted its economy towards capitalism. While capitalist countries improve their economical states and fill their banks with gold coins, the rate of income and wealth inequality improves year by year.
Every country has its own politics to rule the whole country and this also has a role in income and wealth inequality. For example, some countries are communist, such as China, Cuba, Laos, and Vietnam. In those countries people may be expected to gain same amount of money regardless of how much they work and what kind of jobs they have. However, this kind of government may not develop better that other types of governments even though it distributes same amount of income to its population which is one of the good ways of reducing income and wealth inequality in a country. There are also a number of factors tied to reasons of income and wealth inequality, these include, technological change, globalization, the decline of unions and the eroding value of the minimum wage.
In conclusion, I think we have to find a way which should help eliminate economic inequality and also improve countries’ economy.

BIBLIOGRAPHY

1. 
   David Harvey, A Brief History of Neoliberalism (New York: Oxford University, 2005).
   
2. 
   Robert Jackson., & Georg Sørensen (2013). Introduction to International Relations Theories and Approaches Fifth Edition. Oxford University Press.
   

1^ David Harvey, A Brief History of Neoliberalism (New York: Oxford University, 2005).

2^ Robert Jackson., & Georg Sørensen (2013). Introduction to International Relations Theories and Approaches Fifth Edition. Oxford University Press.