|Type of paper:||Essay|
|Categories:||Money American dream Social issue Essays by wordcount|
In the current world, many economic concerns are making a difference and making the gap between the rich and poor in society to increase from time to time. This has become a problem mostly in developed countries, and Canada is one of the countries which have been affected by this income inequality in so many ways. Canada has got all the classes of people beginning with the top, then the middle, and lastly, the lower class depending on the wealth a particular individual has or the income they get. The dream of America is to make sure that the smaller types of people are assisted in growing to a higher level of income through economic development so that there will once be a time when the gap between the poor and the rich narrows.
However, the biggest problem which has been affecting America generally is that income inequality has continued to become rampant as time goes by. This has made it hard for America to realize this dream of income equalization among its people. Taking a case study of income inequality in Canada as part of America, the analysis here looks at the various ways in which the disparity has continued to increase, the effects it has caused as well as the multiple ways in which it can be dealt with to create a better economy for all the people in Canada and America generally. Income inequality is well defined as the unequal share and or distribution of resources and income among the poor, which ends up making some people poorer as others become richer.
Problems Associated with Income Inequality
From the definition of income inequality, there are so many things that are attached to it as far as the income of an individual is concerned. There are different classes of people found in the Canadian economy, and they are classified according to what they get as income or the property they have. With the limited resources in the economy, there is a lot of struggle for the few resources that are available as everyone wants to get something for themselves. Many factors determine what one gets because of power.
Today, the rich have become the dominants of the market or economy market because they have the power to acquire what they want at the expense of the poor (Smith, 2019). From the earlier social classes of economic welfare that existed, namely, the upper, middle, and lower, a lot has changed.
The middle class of people who are said to be neither poor nor rich has continued to decrease with the gap between the poor and the prosperous, increasing to extreme levels. The poor, in this case, represents the lower class, and the rich are people in the upper class of life as far as their income is concerned.
The power to seize opportunities and use them to create more income is, to a large extent, determined by what one already has. For example, in the competitive economy of Canada today, the rich have had an added advantage over the poor since they can use what they already have to get more. The market is driven by the rich, with no space left for the poor groups of people.
As the poor lack a chance to utilize the few resources available, the poverty levels have been increasing by a higher rate than ever before, with the lower class of people being the biggest (Curtis, 2017). This means that the most significant percentage of people live below the average standard of living and are earning very little. On the other hand, the people at the top exercise capitalism and the fact are that they seize the best opportunities for themselves without having to consider the poor people in society.
The effects of capitalism and inequality of income in Canada have thus affected several other areas. Some of the areas which have been affected by this capitalism and the vise of income inequality are;
In the employment sectors, capitalism has become an issue of great concern as the rich people remain the dominants of the jobs that are available. The best employment deals which have higher pay are always given to the people at the topmost positions in terms of income and financial well-being. Corruption is the cause of all this in employment areas.
An example of this is in a situation where the government advertises a job, and people from all classes of life in society have to apply for the same job altogether. With corruption, the applicants are asked to pay a certain amount of money for them to be considered and prioritized for these positions (McMullin, 2017).
Money power is a big determinant in most activities of the individuals living in Canada. Only those that can pay for the requested amount are given a chance to access the jobs. In most cases, the poor are limited by their finances and cannot afford to pay for such things like jobs, so those who are from the top class take advantage of this and seize such opportunities.
As a result of the above, the rich continue to earn more income through these jobs acquired through corruption, and the poor people in the lower classes become poorer. Income inequality is, therefore, the most significant contributing factor to problems of unemployment among the Canadian people because it offers the available jobs to those who can afford to pay some amount of money for them to be favored for the positions (Smith, 2019).
The same income inequality and capitalism have made the poor be exploited by the rich in work environments for various reasons. For example, there have been so many cases of female lower-class individuals being abused sexually by their bosses just because they need some favor from them, and they have no other option to use to get this favor. Income inequality has thus diluted the ethics and moral behaviors in the working environments for most of people.
Education is another sensitive area that has been associated with the impacts of income inequality among the people of Canada. There are schools meant for the rich people in society only and others for the lower and middle classes in that order. Education has been affected in negative ways when it comes to the determining factor of the income of parents. Children of the rich have schools that are equipped with all the resources they need to acquire the best quality of education (McMullin, 2017).
Turning to the lower classes of people who have very low incomes, they cannot pay for the very expensive schools for their children to access the best educational services. The poor end up taking their children to local schools, which are less developed in terms of resources and the result is that the quality of education they get is not the one to give them effective competitive ability in the competitive world.
The quality of education one acquires consequently determines the kind of job one get. Children of the rich become the first ones to be given the available job opportunities simply because they have had the best educational services and from institutions that offer high-quality education and are recognized. Capitalism comes in at this point because those who have money and power continue rising into positions that give more money and power.
The poor are getting into worse situations every other time (Smith, 2019). Quality of education has, therefore, had adverse effects because it is determined by the income levels of the people meaning that change of America and Canada through education is almost impossible. Only those who have money and power get the best education because they can pay for it with ease, and all the others are left out in this.
Games and Sporting
Income inequality is also taking much effect on games and sports in Canada and America in general. Because most of the players and athletes are hired and paid by their countries or other countries, a lot of discrimination has been realized in Canada's sector of sporting. There are ambitious youths with the ability to use their talent well and give the best performance to national teams if they are allowed to do so.
However, the worst problem is that the rich are always corrupt and pay some fee so that they be given positions in the team to continue earning more income and developing themselves (Block et al., 2019). It has become a routine in the games and sports of Canada for the priorities being given to children of the rich and this is regardless they are talented in sports or not. As long as the people behind them have money power, then it is very easy for them to get to the sports teams they want without any limitations.
The above has led to the loss of so many talents among Canadian youth from poor backgrounds that are neglected and fail to be recognized because they have no good income to push them to the positions they want to be (Curtis, 2017). Others have given up on the talents they have because of discrimination and instead indulged themselves in activities that have negative outcomes to them. Others got into crime because they have no opportunity to do what they like doing.
Politics in Canada have become a game of inheritance for families of the rich and early leaders. Most people believe that no person of a lower class in terms of income can rise to power in Canada. Therefore the leadership in Canada is based on the income of an individual or their status in society. As a result of this, the rich from well up families and backgrounds have dominated over the leadership positions in the country because of the income they have (McMullin, 2017).
They, therefore, have the opportunity to generate more and more income for themselves, yet the poor and lower class of people is left out. This has caused a tremendous increase in the gap between the poor and the rich in Canada. The middle class has almost become extinct through this, and the minority is at the top level of financial well-being and all the others at the lower class.
The increase in the gap between these two classes is a daily process and has a lot of consequences attached to it. The implications of this capitalism and income inequality in Canada affect economic development as well as the social life of the people. The development of the economy has gone down as a result of the big gap between the poor and the rich because of capitalism and income inequality (Curtis, 2016).
Very few people can take part in an active economic building because of the resources they have. The most significant percentage of people are confined in a state where they cannot contribute effectively to the growth and development of the economy, thus, and they draw back the efforts of the country to reduce the gap between the poor and the rich.
Recommendations and Conclusion
Dealing with income inequality and capitalism in Canada requires the creation of awareness among all the people on the importance of the equal distribution of the available resources among the people. The vises like corruption must be fought with a lot of seriousness in any way, the problem of inequality in income is to be eradicated. Effective ways that will help control corruption in all sectors include imposing heavy taxes on any person caught involving themselves in bribery for any service.
The rich should be barred from taking advantage of the poor and using their money power to seize quick opportunities through unjust ways. There is a need to make sure that there are laws and strategies that will help deal with individuals who do not grant equal chances of income generation opportunities to all people. This will be an effective way of ensuring that not only the rich are given access to more opportunities and marginalized the poor people.
A lot has been affected in Canada and America because of income inequality and statistics show that the rate at which this issue is increasing will lead to more adverse effects on the development of the economy.
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